Candolim is a small town in North Goa, located on the shores of the Arabian Sea. It is famed for the pristine beach of Candolim, which lies south of Calangute Beach. Together with many shacks and bars to enjoy local food and drink, a less busy beach and a vibrant nightlife makes it a popular destination for visitors. During the peak tourist season, the economy of the town primarily relies on tourists. Many locals rely on gold loans in Candolim during the off-season to cover their costs. The magnificent Aguada Fort, which dates back to the early 17th century, is another major attraction in the region. Designed by the Portuguese, a lighthouse, a church, and the Aguada Prison cells are located in the castle.
When a borrower needs urgent cash, an online gold loan acts as a blessing. With an online gold loan, you can get up to 75% of the gold's average value as the loan, instantly. Before approving the loan, the lender might ask you to submit a few documents, which the lender uses to determine your eligibility. The first document that you need to submit is an identity proof, like voter ID, PAN Card, Aadhaar Card, Passport, or driving license. The second document you need to submit is an address proof. Except for the PAN and Voter ID, all other documents mentioned above function as the address proof. Many reputed lenders also offer the facility to apply for a gold loan only with the Aadhaar Card. As the Aadhaar card contains all your personal details, like name, date of birth, father's/mother's name, address, and biometric information and iris scan, it functions as both the identity proof as well as the address proof.
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:
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:
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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