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Coimbatore
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Coimbatore
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0.79%*
monthly Interest (9.69% P.A)*

Gold Loan in Coimbatore

The majestic city of Coimbatore, from the state of Tamilnadu, has witnessed the reign of powerful rulers like the Cheras, Cholas and Pandyas. Prior to independence, this was one of the cities which was highly desired by many groups like the British and the Mysore empire and this led to various battles and fights for control. In modern-day, the city prospers in manufacturing various materials like textiles, jewellery, electrical appliances, cotton and auto-components. Companies and individuals highly depend on gold loans in Coimbatore for their requirements. Another speciality of the city is their distinctive quality of wet grinders and cotton, both of which have received GI tags. The place is well recognised for its religious sites, museums and scenic beauty and also the region is spread with several academic and research institutes. The city primarily considers the growth of MSMEs, actively particpating in it. Maruthamalai Arulmigu Subramanya Swami Temple, DhyanaLinga, Singanallur Lake, Siruvani Waterfalls, Gass Forest Museum and Arulmigu Eachanari Vinayagar Temple are some of the celebrated tourist sites in the city.
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We offer the highest per gram rate on our gold loans.

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Gold Loans at the privacy of your home

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What is an online gold loan?

An online gold loan is the most straightforward secured loan you can avail when you require instant cash. The easy eligibility criteria and high loan amount make a gold loan one of the most popular loans in India. Usually, lenders approve up to 75% of the gold's market value; although at times, the upper limit may go up to 90%. The final amount would depend on the previous thirty days' average gold price and the quality and Karat of the gold. To avail an online gold loan, the borrower has to download the lender's app or call the customer helpline. After this, a loan officer would schedule a meeting and visit the borrower's residence or office and value the gold. Generally, the loan amount gets transferred to the borrower's bank account within ten minutes of loan approval. The total time from loan application to loan approval can be anything from half an hour to an hour.

Benefits of an online gold loan

An online gold loan offers unparalleled benefits. To avail a gold loan, you need to register yourself as a borrower and mortgage your gold ornaments. The best feature of an online gold loan is that the entire process of the loan application and approval takes place online. Hence, the location of the borrower does not matter. Usually, the lender sends a loan officer to the borrower within half an hour of getting the loan request, who verifies the gold, and gives a quote. On successful verification and subsequent approval, the lender then sends the amount directly to the bank account of the borrower. With an online gold loan, a borrower can get up to 75% of the gold's average market value. As it is a secured loan, the rate of interest is lower than many other types of instant loans. Additionally, a borrower can apply for a gold loan only with the Aadhaar Card.

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Frequently asked questions

How is the interest rate calculated for gold loans?

Different lenders offer different rates for gold loans. The interest that is calculated by the lender, the loan amount, as well as the loan term, differs from lender to lender. The schemes that the lenders offer are also different from each other. There are several schemes that each lender offers, comprising of different combinations of the loan amount, the loan term, and the loan interest. You can know about the various schemes that the lender offers by visiting their sites. It should be after a careful evaluation of the scheme that the lender offers and of your financial health that you should narrow down to a scheme that is best suited to you.

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

In case a borrower is unable to complete gold loan repayments because of unforeseen circumstances, the borrower will face extra charges with jumping interest rates. The loan manager will also be in touch with you to discuss the issue. If the gold loan in cityname remains unpaid beyond a stipulated date, the gold will be auctioned off. But it is only in rare circumstances that such problems arise. It is to prevent such incidents in the future that the lender provides the borrower with a list of repayment options. This enables the borrower to pick a scheme that can help them manage their EMIs as well as their other personal expenses promptly. 

Can I take a gold loan for my education?

Yes, you can take a gold loan in cityname for your educational purpose. In fact, one of the main reasons why gold loans in ciytname are taken is for educational purposes. A secured loan is one of the easiest and most flexible loans to take. The low-interest rates, the high loan to value ratio, and the flexible repayment schemes available with an online gold loan in cityname makes it one of the best sources of funds. The loan term for a gold loan in cityname can range from 6 months to 12 months. For these reasons, if you are pursuing higher education in India or abroad, a gold loan is one of the best options before you.

Is there any age limit to avail a gold loan?

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. 
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