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Gold Loan in Chanakya Puri

Chanakya Puri serves residence to several foreign embassies in New Delhi, thereby indicating the posh structure of the area. Initially engineered to pander to the residential needs of the givernment officials and civil servants, it has upped its game to provide housing for all. Its beauty is enhnaced with quality roads and ample parking space. In fact people love whiling away at Nehru park, indulging in healthy exercises and even relishing short family picnics that keep them uplifted. Considering the national salience of the place and also the fame of the local tribes, this place garners a good visit by people who are fond of buying handicraft. That is more of a reason that why you should opt for an gold loan in Chanakya Puri.

Eligibility criteria for an online gold loan

As far as forms of credit go, online gold loans provide a range of peerless flexibility! Here are some of the basic eligibility criteria that you need to meet if you are looking to avail an online gold loan-

1) Since lenders prefer disbursing loans to borrowers that are domiciled within the same geographic boundaries as theirs, you will have to be of Indian nationality and residing in India to avail a loan.

2) You must be an independent major, that is of the age 18 or above

3) Since, usually, Indian lenders do not approve gold coins or bars, the collateral you are looking to secure your loan with has to be gold in the form of jewelry or ornaments.

4) The jewelry you are looking to pledge must be 18 Karat or above (Karat is the measure of the purity of gold)

It is noteworthy that the loan amount you are eligible to receive is bound to vary from the market gold rate. This is due to the fact that lenders don't go by the current market price and instead arrive at the average gold rate based on the rate from the past 30 days. 

What is an online gold loan?

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!

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Frequently asked questions

What is KYC? Why is it necessary to avail gold loan?

KYC in the KYC documents stands for Know Your Customer. This is a customer identification process where the lender obtains a couple of documents from the borrower to get some personal details about them. These document, which can consist of their PAN card, Aadhaar card, driving license, voter id and passport act as the identity proof and the address of the borrower. The lender has to have a copy of these documents for securlty reasons and to prevent unscrupulous behaviour by the borrower. Although the above listed documents were sufficient before, now it is mandatory for the borrower to present their Aadhaar card since it consists of all of their details, including their finger print and retina scan. These cannot be fabricated and it is also possible to get a gold loan against just your Aadhaar card today.

Is there any maximum and minimum limit for availing gold loan?

If you are looking to avail a high loan amount at low-interest rates, a gold loan would be your best choice. At Rupeek, the minimum and maximum amount that you can avail are as follows:

1) Minimum Loan Amount- The minimum loan amount you can avail is 15,000 Rupees. This implies that the market value of the gold you are pledging needs to be a minimum of 20,000 INR because as per the standard norms set by the industry the borrower is eligible to receive about 75% of the market value of the collateral. In some cases, this can go up to about 90%.

2) Maximum Loan Amount- The maximum loan amount that can be availed is 1.5 crores.

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