In North Goa, Caranzalem is a village renowned for its natural beauty and pristine beach. It is situated just 5 km from Panaji, the capital city. A stunning strip of white sand, flanked by blue water, is Caranzalem Beach. The beach provides facilities for water sports and is considered safe for swimming. Since this position draws a lot of visitors, the beach has been reached by many consequences, shacks and hotels. For a quiet life, the village has all of the necessary amenities. During the off season, local residents also use gold loans in Caranzalem, when there is no flood of visitors.
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.
An online gold loan is the most hassle-free form of instant credit. It owes its popularity to the array of flexible features it comes with. It comes with extremely relaxed eligibility criteria, high loan amounts at low-interest rates! Sounds like the perfect package doesn't it? Well, it gets better. There is no set upper limit on your loan amount. This completely depends on the value of your gold. Ideally, lenders approve up to 75% of the market value of the collateral. However, at times it can even go up to 90%! It is noteworthy that this market value does not refer to the prevailing market price. The lender arrives at the gold valuation by taking an average of the gold gram rate from the past 30 days. The borrower can avail the loan right from the comforts of his/her home by downloading the app and placing a loan request using just the Aadhar card as document proof! A lender appointed representative will then visit the borrower's house for gold valuation and post which the loan amount will be transferred within 10 minutes. The entire process end-end takes only about an hour!
A gold loan is a type of collateral-based loan. A collateral-based loan is one that requires the borrower to submit their collateral (in this case, gold) before the lender. This makes their loan secured. The security of the loan also benefits the borrower in many ways, such as:
A secured loan also makes it possible for the lender to disburse more funds. Up to 75% of the market value of the pledged gold can be disbursed in the form of loans. In some cases, the borrower also obtian 90% of the market value of the loans as collateral.
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