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Gold Loan in chembur

Chembur is an upmarket large suburb in eastern Mumbai, Maharashtra. The neighborhood is fast becoming a hub for foodies and travelers with its amazing food joints. As the businesses are at a booming phase, the need for monetary support is quite understandable too. For this reason, residents often rely on gold loans in Chembur to meet their financial needs. The Trombay Industrial Area and Tata Thermal Power Plant are located within half an hour from the locality. You can also get a slice of culture in Chembur at The Fine Arts Society. This theatre is known for its plays, performances & cultural classes. The locality enjoys connectivity with some of the major roads across Mumbai, including Sion Trombay Road, Eastern Freeway, Mumbai Pune Highway, Kolwada Borla Road, and Ramakrishna Chemburkar Marg.

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. 

Benefits of an online gold loan

The benefits a borrower can reap from an online gold loan are boundless! All you need to do to avail an online gold loan is download the lender's app and place a loan request. One of the best features of a gold loan is that this process can be done online entirely without manual intervention provided that is what the borrower prefers. The borrower also has the flexibility to place a call on the lender's customer care number to avail the same if he/she were to feel like they might need assistance with the process. All this happens right from the comforts of your home. Even when it comes to gold valuation, you do not need to venture out with expensive gold in your pocket! The lender assigns a representative that will visit you at a location and time as stipulated by you. While an online gold loan does require a few basic documents, you can also avail a loan with just your Aadhar card! As a borrower, you are eligible to receive up to 75% of the gold you are pledging. If both parties are in agreement with the loan amount, the loan is disbursed to your account within a matter of 10 minutes. What's more, the entire process takes only an hour end-end!

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Frequently asked questions

Does gold loan affect CIBIL?

All gold loan lenders do not consider the credit score before sanctioning a loan. Some lenders take into consideration the CIBIL score. Rupeek does not require the CIBIL score of the borrower before giving the loan approval. In that case, your CIBIL score is of no concern when you obtain a loan from Rupeek. But on the other hand, what can affect your CIBIL score is your repayment of the loan. If you have made all the repayment of the gold loan in Mumbai on time, your CIBIL score will take a boost. On the other hand, if your repayment has been poor, your CIBIL score will be adversely affected. This will, in turn, affect your eligibility of loans in the future.

Are banks or NBFCs better for availing gold loan

There is an array of options in the market when it comes to availing credit causing the borrower to be confused regarding where their gold loan in Mumbai can be availed. Firstly, there are both banks and Non-Banking Financial Companies or NBFCs providing gold loans in Mumbai. Banks in general take longer processing time of the loan for credit, CIBIL score verification, offer lower Loan-To-Value ratio and have a strict EMI model. Whereas, in case of NBFCs offer higher LTV but along with it higher interest rates as well. Hence depending upon your short-term or long-term finances, weigh in your options and choose the lender that fits your bill.
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