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Gold Loan in Chennai

The vibrant city of Chennai, affectionately called as ‘Namma Chennai’ (Our Chennai), is adored by its masses. It formerly functioned as a fishing town where the British tactically established their trading hub of South India in Fort St. George. It then subsequently evolved as the British's administrative capital of the Southern India. In today’s times, Chennai is vividly known for its divine temples and colonial establishments. The city specializes as the manufacturing centre for automobile and shipping industries. In order to establish businesses, the people opt for gold loans in Chennai. The localites of this place are too proud of their traditions, cuisine, and language-Tamil. Pongal is a festival, which is popularly celebrated in Chennai and in the state of Tamilnadu for more than 3 days. Some of the best sites in chennai are the High Court, Chepauk Palace, Armenian church, Fort St.George, Kapaleeswar temple, Parthasarathi temple and Santhome church.

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!

Eligibility criteria for an online gold loan

As a secured loan, the online gold loan offers unparalleled convenience, like easy eligibility, minimal documentation, high loan amount, long tenure, flexible repayment options, low rates of interest, and instant loan approval. Because of its simple eligibility criteria, virtually any Indian citizen can avail a gold loan. To avail a gold loan online, your age must be above 18. The purity of the gold you want to mortgage should be 18 Karat and above. The third and the last eligibility criterion is that the gold should be in the form of jewellery or ornaments. Generally, Indian lenders do not accept gold bars or coins for approving the gold loan. To calculate the loan amount, the lender evaluates the quality, weight, and purity of the gold and multiplies it with the previous thirty days' average price of gold. The figure that comes out as a result of the gold evaluation is the loan amount a borrower becomes eligible for.

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Frequently asked questions

What happens if the loan amount is not repaid on the due date?

In case a borrower is unable to complete gold loan repayments because of unforeseen circumstances, the borrower will face extra charges with jumping interest rates. The loan manager will also be in touch with you to discuss the issue. If the gold loan in Chennai remains unpaid beyond a stipulated date, the gold will be auctioned off. But it is only in rare circumstances that such problems arise. It is to prevent such incidents in the future that the lender provides the borrower with a list of repayment options. This enables the borrower to pick a scheme that can help them manage their EMIs as well as their other personal expenses promptly. 

What can I do if my lender is charging high interest?

The terms of your loan will be discussed in detail and the lender will only proceed if both the borrower and the lender agree with the terms. However, if you feel like you have been taken for a ride, you always have the option of transferring your loan from your current lender to another lender. Most lenders offer the facility to transfer the gold loan transfer facility if you have a consistent history of repaying the loan amount. Certain lenders like Rupeek takes care of the entire transfer process in case you want to process a balance transfer for an existing loan from your current gold loan company to Rupeek. Check out our loan transfer page for more details.
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