Gold loan in Chuna Bhatti, Bhopal

Gold Loan

Flanked to the west by the kaliasot dam and to the east by the shahpura canal, chuna batti is a much sought after location for people to live in bhopal. It also draws a lot of visitors. Hence it is reasonably easy to get an gold loan in this area. If you want to visit temples then there are quite a few in this location including maa kali bijasen temple, durga devi temple and hanuman mandir. If you have college going children then they have to choose to graduate from the university of Madhya Pradesh bhoj and the renowned national institute of fashion technology. If you believe in homeopathy or ayurveda then the homeopathic medical college and hospital of the country, and the pt. In this place too is the kushialal sharma ayurvedic hospital. The pollution management board of Madhya Pradesh is also headquartered at chuna batti.

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Gold loan is the most flexible and popular source of funds in the Indian financial market. A gold loan is a secured loan, which means that to obtain quick funds or emergency loans, the borrower has to pledge their asset (in this case, their gold) with the lender to obtain funds in return. A secured loan is also known as a collateral-based loan since the funds can be availed only against the asset of the borrower. Gold loans owe its popularity to its attractive features such as:

Low rate of interest
High-value loans
Minimal paperwork
Flexible repayment options
Instant loans etc.

Using a gold loan, the borrower can get up to 75% of the market value of the collateral as the loan amount. In some cases, up to 90% can also be disbursed as the loan. Instant gold loans are so true to their name that the funds get transferred to the borrower’s account within one hour from the loan application.

Since a gold loan is a secured loan, it offers many benefits that the other sources of funds do not offer. Some of the benefits offered by a gold loan include:

Low rate of interest
Minimal documentation
High loan amount
Flexibility in repayment options
Instant loan approval, etc.

The requirement for eligibility for a gold loan isn’t much. To avail a gold loan, the borrower has to fulfill the below-mentioned criteria:

The borrower shouldn’t be a minor
The mortgage loan should be of 18 karat or above
The gold should be in the form of ornaments or jewelry.

The loan amount is then calculated by the lender by multiplying the quality, purity, and weight of the gold. The lender then multiplies it with the average price of gold for the past thirty days. The resultant amount id the loan amount that the borrower can borrow.

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₹ 2,00,000

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0.89
1.19
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1.75

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0.89
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1.39
1.69
1.75

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Each lender follows a different age limit criteria for people that are applying for a gold loan in <cityname>. Some lenders require the borrower to be a minimum of 18 years while some others require the borrower to be 21 years of age. Some have a limit of 65 years while others have 75 years as the age limit. However, largely, if you are an Indian citizen, above the age of 18 and possess the required KYC documents and gold amount, you can avail a gold loan. The eligibility criteria for a gold loan is less compared to other sources of funds. As long as you are above 18 years of age, and the gold that you are providing as collateral is above 18 karat gold, you are eligible to get a gold loan. The gold that you pledge as collateral can only be in the form of ornaments or jewelry.

To avoid default in payments or arrears, most lenders charge a penalty fee. This will be collected along with the next month's payment. If any defaults or arrears occur in next month's repayment as well, your lender will escalate the issue to loan managers. Stringent action will be taken to ensure that you repay your loan along with the corresponding interest on-time. To avoid such dire consequences, borrowers must make on-time repayments and it must be considered as the number one priority. Negligence of timely payment reflects poorly on the borrower's credit score which affects the borrower's future scope of credit.

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