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Gold Loan in cholapur

The village of cholapur is in uttar pradesh, in varanasi. It is located 21 kilometers from varanasi, which is both cholapur village headquarters district & sub-district. Cholapur village is also a gram panchayat according to data from 2009. The village's gross geographical area is 82.17 hectares and has a total population of 2,913 people. Cholapur village has about 437 houses. Similar to other places in varanasi, females are dominated by the male population on many factors, such as literacy rate and age. This area connects with varansai very well by bus. Economically, in cholapur, the residents rely on gold loans.

What is an online gold loan?

An online gold loan is the most hassle-free form of instant credit. It owes its popularity to the array of flexible features it comes with. It comes with extremely relaxed eligibility criteria, high loan amounts at low-interest rates! Sounds like the perfect package doesn't it? Well, it gets better. There is no set upper limit on your loan amount. This completely depends on the value of your gold. Ideally, lenders approve up to 75% of the market value of the collateral. However, at times it can even go up to 90%! It is noteworthy that this market value does not refer to the prevailing market price. The lender arrives at the gold valuation by taking an average of the gold gram rate from the past 30 days. The borrower can avail the loan right from the comforts of his/her home by downloading the app and placing a loan request using just the Aadhar card as document proof! A lender appointed representative will then visit the borrower's house for gold valuation and post which the loan amount will be transferred within 10 minutes. The entire process end-end takes only about an hour!

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.

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Frequently asked questions

Can I get an interest-free gold loan?

No it is not possible to get zero-interest gold loan in the country as the lenders are in the business to earn some sort of profit. The interest paid by the borrower every month is their profit/charge for borrowing money from them. However various gold loan companies compete in the market for extremely low interest rates to lure customers. The interest rates are calculated based on various factors like loan amount, loan tenure etc., which is upon the discretion of each lender. Banks and NBFCs charge different interest rates and most of them offer a gold loan calculator for customers while applying for gold loan online, where you can calculate the monthly interest amount to be paid.

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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