Gold Loan in dalal street

When you require emergency funds or urgent loans, a gold loan is one of the most flexible and hassle-free loans that you can acquire. A few of the benefits that are exclusive to gold loans are listed below:

1. Low loan interest rates - the interest rates are less because of the security of the collateral.
2. Minimal documents – the only documents that the borrower is expected to submit are the address proof and identity proof
3. High-value loan – up to 75% of the market value of the gold can be obtained as the loan and in some cases, up to 90%.
4. No upper limit – the amount that you can obtain is determined by the value of the pledged gold.
5. No requirement of income proof – the borrower can be unemployed or have an irregular income and still get a gold loan.
6. No requirement of credit history – the borrower can have a poor credit score or CIBIL score and still be eligible for the loan.
7. Flexibility – a secured loan is more flexible than other sources of income. The borrower has a variety of repayment schemes to choose from.
8. Speed – the whole transaction, from the loan application to the disbursement of the funds takes place within an hour.

As a secured loan, the online gold loan offers unparalleled convenience, like easy eligibility, minimal documentation, high loan amount, long tenure, flexible repayment options, low rates of interest, and instant loan approval. Because of its simple eligibility criteria, virtually any Indian citizen can avail a gold loan. To avail a gold loan online, your age must be above 18. The purity of the gold you want to mortgage should be 18 Karat and above. The third and the last eligibility criterion is that the gold should be in the form of jewellery or ornaments. Generally, Indian lenders do not accept gold bars or coins for approving the gold loan. To calculate the loan amount, the lender evaluates the quality, weight, and purity of the gold and multiplies it with the previous thirty days' average price of gold. The figure that comes out as a result of the gold evaluation is the loan amount a borrower becomes eligible for.