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Gold Loan in chitvel

Chitvel is a big village in Andhra Pradesh, in the kadapa chitvel mandal district. It is classified within the revenue division of rajampet. The village's central governing body is governed by a sarpanch. Chitvel has a 67.75% literacy record. A very small number of the people living in this village earn their living by working as farmers. while many people in the village do jobs during the year, a small part of the population continues to make a living for fewer than six months a year. Such people also rely on gold loans to sail through the months of no job and financial crisis in chitvel.

Documents required for an online gold loan

When a borrower needs urgent cash, an online gold loan acts as a blessing. With an online gold loan, you can get up to 75% of the gold's average value as the loan, instantly. Before approving the loan, the lender might ask you to submit a few documents, which the lender uses to determine your eligibility. The first document that you need to submit is an identity proof, like voter ID, PAN Card, Aadhaar Card, Passport, or driving license. The second document you need to submit is an address proof. Except for the PAN and Voter ID, all other documents mentioned above function as the address proof. Many reputed lenders also offer the facility to apply for a gold loan only with the Aadhaar Card. As the Aadhaar card contains all your personal details, like name, date of birth, father's/mother's name, address, and biometric information and iris scan, it functions as both 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

What is an LTV?

An LTV abbreviated as Loan-to-Value ratio is a financial term used by the lenders to basically assess the risk before approving a loan to the customer. It determines the relationship between the loan amount to be granted and the value of the asset pledged, in the case of gold loans, the value of the gold ornaments. Lenders can obtain up to 75% of the value of the pledged gold as the loan amount. The gold valuation is done by the lender and the amount that can be obtained can be calculated online, on the web portal of the lender, including Rupeek.

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

One of the main occurrences that the lender, as well as the borrower, try to avert before sanctioning a gold loan in Kadapa is a failure of repayment in the future. The borrower is provided with an array of repayment options from which the best suited and the most convenient one can be picked, keeping in mind the financial status as well as the personal expenses of the borrower. But even with these precautionary measures, it is still probable for the borrower to meet with an unprecedented financial emergency in the future. If the borrower fails to make the EMI payment on time, a penalty charge will be added to the next EMI. If the problem persists and the borrower defaults his repayment again, the loan will be auctioned off. The credit score of the borrower will also be adversely affected. It is advised that as soon as the borrower meets with a financial emergency, the lender has to be immediately contacted. 

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