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Gold Loan in chawinda devi

The village of chawinda devi in amritsar district in the Indian state of punjab spreads over an area of 405 hectares with a population of 5,118. It is situated just 25 km from the amritsar sub-district headquarters and 227 km from the state capital, Chandigarh. The village falls under the assembly of majitha and parliamentary constituency of amritsar. Other villages near chawinda devi include darike, bhilowal, sadhpura, jhande, alkare, sehnewali and so on. The village does have several commercial banks from which the villagers in chawinda devi can conveniently apply for an gold loan. The closest railway station is less than 5 km away in chawinda devi.

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. 

Documents required for an online gold loan

A gold loan is the perfect solution when a borrower is looking for urgent loans or emergency funds. With the help of an instant gold loan online, the borrower can receive the required funds in less than an hour. The borrower is eligible to get up to 75% of the market value of the pledged gold as the loan amount. Unlike many other sources of funds, an online gold loan requires minimum paperwork before giving the loan approval. The required documents are:

  1. Identity proof – any document such as voter ID, PAN Card, Aadhaar Card, Passport, or driving license can act as the identity proof of the borrower.
  2. Address proof – the same documents as mentioned above, except for voter ID and PAN card can act as the address proof of the borrower.

Some lenders also approve the loan against just the Aadhaar Card of the borrower. The Aadhaar card is the most important document for an Indian, which has all the details regarding name, father’s and mother’s name, address, biometric information, iris scan, etc. Therefore, it can function as the identity proof as well as the address proof.

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Frequently asked questions

Do online gold companies offer different schemes for different income groups?

No, the schemes are the same with most online gold companies. Any borrower that meets the basic eligibility criteria and minimum age requirement can avail of a gold loan, even if they are currently unemployed. The gold loan schemes vary by loan tenure and amount.and not by income groups. Unlike unsecured sources of funds, loan approval is not given after the evaluation of the borrower’s financial health, in the case of a secured loan. The schemes are the same for all the borrowers irrespective of the income. The schemes are chosen by the borrower, depening on the loan interest rate, loan term, as per their convenience.

How long will it take for me to get my gold loan?

Aside from the range of flexibility available, another important feature of a gold loan is the speed at which these loans are approved and disbursed. Once the loan request has been placed, a Rupeek executive will arrive at a location of your preference to verify your KYC documents and value your gold. Once the executive has determined your eligible loan amount, the amount will be credited to your account within 10 minutes! The entire process from the point of submission of the loan application to loan disbursal takes approximately just about an hour! 
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