Located on the west coast of India, Colva is a picturesque village in the state of Goa, in the South Goa region. With its budget lodging choices, beach shacks, hotels, food stalls, cafes, and pubs, Colva is a well-known tourist destination that draws tourists. Although it is Colva Beach that draws visitors more than anything else. This beach of white sand is dotted with coconut palms and offers a stunning sight. There are also two other beaches in the village, known as the Baywatch beach and the Sunset beach. These beaches are less popular than the main Colva Beach, and less crowded. Fishing is also a source of income for the inhabitants of this village, apart from tourism. The residents of this village opt for gold loan in Colva when faced with a sudden need for money.
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:
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.
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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