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Amritsar
butala
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Amritsar
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0.79%*
monthly Interest (9.69% P.A)*

Gold Loan in butala

Butala is a village in tehsil baba bakala in the amritsar district in the punjab Indian province. It is distributed over a 644 hectare area with a total of 569 households. Some of butala's neighboring villages are tapiala, sattowal, pallah, bedadpur, gaggar bhana and kammonke. It is also conveniently linked to other major cities in the state within 10 km from the village, through a railway station. It also operates various public and private bus services. The village was previously named butan-wala, and was built by bal jatt zamindars. In and near the city there are various commercial banks from which the locals can apply for an gold loan in butala. There are also many atm available in the village when they need some fast cash from the locals.
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We offer the highest per gram rate on our gold loans.

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Gold Loans at the privacy of your home

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Eligibility criteria for an online gold loan

As a secured loan, the online gold loan offers unparalleled convenience, like easy eligibility, minimal documentation, high loan amount, long tenure, flexible repayment options, low rates of interest, and instant loan approval. Because of its simple eligibility criteria, virtually any Indian citizen can avail a gold loan. To avail a gold loan online, your age must be above 18. The purity of the gold you want to mortgage should be 18 Karat and above. The third and the last eligibility criterion is that the gold should be in the form of jewellery or ornaments. Generally, Indian lenders do not accept gold bars or coins for approving the gold loan. To calculate the loan amount, the lender evaluates the quality, weight, and purity of the gold and multiplies it with the previous thirty days' average price of gold. The figure that comes out as a result of the gold evaluation is the loan amount a borrower becomes eligible for.

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.

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Frequently asked questions

What kind of repayments can I do?

Borrowers have the flexibility to choose from different types of gold loan repayment schemes. These include Interest payments, Closure payments, and Part payments.

1) Interest payment: Interest payment is the method of repayment in which the interest you need to pay on your principal is paid on a monthly basis.

2) Closure payment: Closure payments is the method of repayment in which the jewelry you have pledged is returned once the closure payment is made.

3) Part-payment: Part payment is the method of repayment in which you can make at any point in time which is more than the interest payable for that month 

My payment has failed, what do I do?

If you have applied for an online gold loan, the lender will send you regular reminders before your payment is due. If you have set up an auto-debit from your account and if due to some unfortunate circumstance, if the incorrect amount gets debited from your account, it should automatically be reversed within 72 hours or according to your bank’s guidelines. In case your choice of payment method was NEFT, the refund process may take longer. If you require further assistance, you can always reach out to the lender's support team. We at Rupeek especially are just a call away and always happy to help!
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