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Gold Loan in colvale

In North Goa, Colvale is a town that is famous for being a part-destination. The city is situated similar to other Goa 's top party regions, such as Calangute, Baga, and Candolim. The town is flanked on one side by the Chapora Dam. Colvale has acted as an important trading centre for Portuguese, Maratha, and Dutch trade in the past. Even today, through the Murdoshi (lady fish) and Cashew Liquor (feni) trade, the city earns a large part of its revenue. The town provides people with all manner of facilities. Gold loans in Colvale are readily accessible to locals who want to satisfy their criteria for personal and commercial funds. The Church of Colvale dates back to 1591 and is one of the town's biggest attractions.

Eligibility criteria for an online gold loan

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:

  1. Low rate of interest
  2. Minimal documentation
  3. High loan amount
  4. Flexibility in repayment options
  5. 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:

  1. The borrower shouldn’t be a minor
  2. The mortgage loan should be of 18 karat or above
  3. 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.

Documents required for an online gold loan

A gold loan is the perfect solution when a borrower is looking for urgent loans or emergency funds. With the help of an instant gold loan online, the borrower can receive the required funds in less than an hour. The borrower is eligible to get up to 75% of the market value of the pledged gold as the loan amount. Unlike many other sources of funds, an online gold loan requires minimum paperwork before giving the loan approval. The required documents are:

  1. Identity proof – any document such as voter ID, PAN Card, Aadhaar Card, Passport, or driving license can act as the identity proof of the borrower.
  2. Address proof – the same documents as mentioned above, except for voter ID and PAN card can act as the address proof of the borrower.

Some lenders also approve the loan against just the Aadhaar Card of the borrower. The Aadhaar card is the most important document for an Indian, which has all the details regarding name, father’s and mother’s name, address, biometric information, iris scan, etc. Therefore, it can function as the identity proof as well as the address proof.

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Frequently asked questions

Is a gold loan taxable?

Even though borrowers have the flexibility to spend their loan amount as per their choice, whether or not this amount is taxable essentially relies upon the purpose for which it is being capitalized. Not only are gold loans that are utilized for business purposes are taxable, but the interest component is also eligible for a tax rebate. The same does not apply to gold loans that are availed to be spent on personal reasons such as weddings or academic fees in which case the loan amount will be taxable.

Can I get immediate cash with gold loan?

Yes, you can get immediate cash with a gold loan in Goa with the help of Rupeek. One of the most attractive features of all online gold loans in Goa, including Rupeek is that the gold loans can be obtained instantly. Within minutes from the approval of your loan, the loan amount will get disbursed into your account. If you are looking for immediate funds or emergency loans, then applying for a gold loan in Goa is your best bet. The security associated with a collateral-based loan such as a gold loan allows the lender to provide the borrowers with many benefits. The whole process when acquiring an online gold loan in Goa, from the loan application to the disbursal of the amount, does not take more than an hour. 
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