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Gold Loan in Burari

Burari in Central Delhi plays a host as a constituency that chooses the representatives to a legislative body. This zone also has a historic legacy to it, given the presence of a temple dedicated to Lord Shiva, stemming down from the times of Mahabharata. The illustrious tale of Arjuna offering his devotion to Shiva to conflagrate Indra Prastha circles around this wondrous geographical location. Connected with a plethora of commuting options like DTC buses, private minibuses, Gramin Sewa Vehicles along with Ola and Uber cabs, this is one of the finest residential zones. It bcomes quite obvious for an individual to seek for gold loan in Burari to meet his or her aspirations.

What is an online gold loan?

Gold loan is the most flexible and popular source of funds in the Indian financial market. A gold loan is a secured loan, which means that to obtain quick funds or emergency loans, the borrower has to pledge their asset (in this case, their gold) with the lender to obtain funds in return. A secured loan is also known as a collateral-based loan since the funds can be availed only against the asset of the borrower. Gold loans owe its popularity to its attractive features such as:

  1. Low rate of interest
  2. High-value loans
  3. Minimal paperwork
  4. Flexible repayment options
  5. Instant loans etc.

Using a gold loan, the borrower can get up to 75% of the market value of the collateral as the loan amount. In some cases, up to 90% can also be disbursed as the loan. Instant gold loans are so true to their name that the funds get transferred to the borrower’s account within one hour from the loan application.

Eligibility criteria for an online gold loan

Since a gold loan is a secured loan, it offers many benefits that the other sources of funds do not offer. Some of the benefits offered by a gold loan include:

  1. Low rate of interest
  2. Minimal documentation
  3. High loan amount
  4. Flexibility in repayment options
  5. Instant loan approval, etc.

The requirement for eligibility for a gold loan isn’t much. To avail a gold loan, the borrower has to fulfill the below-mentioned criteria:

  1. The borrower shouldn’t be a minor
  2. The mortgage loan should be of 18 karat or above
  3. The gold should be in the form of ornaments or jewelry.

The loan amount is then calculated by the lender by multiplying the quality, purity, and weight of the gold. The lender then multiplies it with the average price of gold for the past thirty days. The resultant amount id the loan amount that the borrower can borrow.

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Frequently asked questions

How are gold loans different from other loans like personal or credit card loan?

A gold loan offers better benefits than a personal loan or credit card loan. This is because a gold loan is secured with the gold, and a personal loan and a credit card loan are unsecured. Therefore, gold loans offer may benefits that are not offered by an unsecured loan. For example, gold loans have much lower interest rates and are not as heavy on document work. In fact, gold loans require minimal document work with only KYC needed. Moreover, gold loans do not require a credit score or history and have the highest loan-to-value ratio (LTV). Loans amounts are also disbursed much faster, usually within a few hours, making it a great option for those in need of an emergency loan.

Why should I take a gold loan with my jewellery?

If you are in the lookout to have your short term goals financed, you can always use your gold jewelry that you aren't actively using and exchange it for cash. Once you have repaid your loan, you can reclaim your loan as it was. As gold loans in Delhi are good in a rising market, a lender offering good LTV will get you the most out of your gold jewelry. If the expected appreciation in value is greater than the cost of the loan, it is better to take a loan bearing in mind to keep it short-term and being able to repay the principal. Gold loans in Delhi are the go-to option if you require emergency funds.
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