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Erode
chittode
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0.79%*
monthly Interest (9.69% P.A)*

Gold Loan in chittode

Chittode is a well-connected residential town in the Bhavani Block of the Erode District. It is part of the assembly constituency of Erode (West) and the parliamentary constituency of Erode. The town is crossed by the Salem-Kochi Highway or National Highway 47. People use gold loans in Chittode to build a house or set up a company.Places like Nasiyanur, Bhavani, Lakshmi Nagar, Kavindapadi, Perundurai, and Thingalur surround the village. Arulmigu Sree Selva Vinaygar Aalayam, Selva Vinayagar Temple, Karupannasamy Temple, and Sri Esanya Ganpathi Aalayam are major temples in the town. A few famous schools in Chittode are the Sri K R P Academy, Sri Sathya Sai School, Chittode Govt School, and Government Girls High School.
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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.

Benefits of an online gold loan

When you require emergency funds or urgent loans, a gold loan is one of the most flexible and hassle-free loans that you can acquire. A few of the benefits that are exclusive to gold loans are listed below:

  1. Low loan interest rates - the interest rates are less because of the security of the collateral.
  2. Minimal documents – the only documents that the borrower is expected to submit are the address proof and identity proof
  3. High-value loan – up to 75% of the market value of the gold can be obtained as the loan and in some cases, up to 90%.
  4. No upper limit – the amount that you can obtain is determined by the value of the pledged gold.
  5. No requirement of income proof – the borrower can be unemployed or have an irregular income and still get a gold loan.
  6. No requirement of credit history – the borrower can have a poor credit score or CIBIL score and still be eligible for the loan.
  7. Flexibility – a secured loan is more flexible than other sources of income. The borrower has a variety of repayment schemes to choose from.
  8. Speed – the whole transaction, from the loan application to the disbursement of the funds takes place within an hour.

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Frequently asked questions

Is a gold loan taxable?

Whether or not the gold loan is taxable depends on the reason behind the procurement of the funds and where it is to be invested. If the gold loan is procured for business purposes, it is taxable. On the other hand, if the funds have been obtained for other uses that consittute personal use, such as medical emergencies, house renovation, to sponsor an event or to throw a marriage function, then the borrower cannot claim tax deduction. If the loan has been procured for your personal use, there can be tax deduction. Only as long as it has been procured for business purpose, there is tax deduction.

Can my gold loan be written off?

Written off' is a term used in the CIBIL credit scorecard which means that one has not repaid the loan amount borrowed over 180 days and the lender has to do away with the outstanding amount to be repaid. This can reflect badly on your credit scorecard and prevent further granting of loans. However in the case of gold loan, the lender/financial institution has the right to auction off your gold ornaments if the borrower is unable to repay three consequetive times or more during the loan tenure. Though the value of used gold is lower in the market, the lender settles the losses incurred for granting loan to that customer with the auctioned money.
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