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Gold Loan in chiyyaram

Chiyyaram is on the outskirts of the city of Thrissur. It is known for goldsmiths and gold artistry. It is popular for the religious shrines here for example, Vijayamata Church, Mudipliiavu Krishna Temple, Chiyyaram Dhanuvanthari temple, Ollurkavu Bhagavathi Temple and Karamukku Temple. Ollur is the closest railway station while it also connects to the NRI locations around the area. This has made gold loan in Chiyyaram a preferred crediting scheme among the locals to upgrade their lifestyle.

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

Are banks or NBFCs better for availing gold loan

When it comes to taking a gold loan there are a plethora of options in the market and it is easy to get confused where to avail the best gold loan from. Firstly, there are both banks and Non-Banking Financial Companies or NBFCs providing gold loans in the country. Banks in general take a longer processing time of the loan for credit, CIBIL score verification, offer lower Loan-To-Value, and have a strict EMI model. Whereas, NBFCs offer higher LTV but along with its higher interest rates as well. Hence depending upon your short-term or long-term finances, weigh in your options and choose the perfect lender for yourself. 

What are the things to keep in mind when taking a gold loan?

As far as urgent funds or emergency loans are concerned, as long as you have the collateral, a gold loan is your best bet. This is because gold loans offer the maximum benefits to the borrowers. The security of the asset that has been pledged with the lender enables the lender to offer many benefits to the borrowers. Since a personal loan or a credit card loan is an unsecured loan, as many benefits are not available to those borrowers. A secured loan has a lower interest rate. They also require much more paperwork than a collateral-bases loan. Further, the borrower will also be expected to have a high credit score – over 700 to get a favorable loan. 
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