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.
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!
As far as forms of credit go, online gold loans provide a range of peerless flexibility! Here are some of the basic eligibility criteria that you need to meet if you are looking to avail an online gold loan-
1) Since lenders prefer disbursing loans to borrowers that are domiciled within the same geographic boundaries as theirs, you will have to be of Indian nationality and residing in India to avail a loan.
2) You must be an independent major, that is of the age 18 or above
3) Since, usually, Indian lenders do not approve gold coins or bars, the collateral you are looking to secure your loan with has to be gold in the form of jewelry or ornaments.
4) The jewelry you are looking to pledge must be 18 Karat or above (Karat is the measure of the purity of gold)
It is noteworthy that the loan amount you are eligible to receive is bound to vary from the market gold rate. This is due to the fact that lenders don't go by the current market price and instead arrive at the average gold rate based on the rate from the past 30 days.
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