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Gold Loan in dalal street

Dalal Street is downtown in Mumbai. It is known for being Asia’s oldest and India’s first stock exchange, The Bombay Stock Exchange. This neighborhood is a hub of several related prestigious firms and institutions. Being a business area, people often rely on loans and apply for gold loans in Dalal Street. The Bombay Stock Exchange building is situated at the intersection of Hammam Street and Samachar Marg. Other than BSE, the area also houses the Bombay Mutual Chamber, Punjab & Sind Bank, and Zonal Office, Veena Chambers, and branches of IndusInd Bank and Union Bank of India. This street was established in 1874 and often addressed as India’s version of US Wall Street.

What is an online gold loan?

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!

Eligibility criteria for an online gold loan

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.

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Frequently asked questions

Can I take more than one loan at a time?

At Rupeek, it is possible to take more than one loan at a time! It is noteworthy that if you are looking to avail secured loans, the loan amount you are eligible for depends entirely on the value of the collateral. Since according to the norms set by the industry, the borrower can get up to 75% of the market value of the pledged gold as gold loan in Mumbai. As long as your collateral is of a corresponding value, the minimum amount you are eligible to receive is INR 15,000 and the maximum amount is INR 1.5 Crores. 

How does gold loan work?

The reason why gold loans are the most popular in the financial market is the ease associated with acquiring the funds. There are many online gold loan platforms now, using which, quick funds can be obtained. Getting a gold loan is a quick and hassle-free process. First, you have to download the lender’s app to place the loan request online. You can also place the request offline by calling their customer care desk. Within minutes, a company official will get in touch with you. From thirty minutes of placing the loan request, the representative will show up at your doorstep. After the careful gold valuation and verification of your docuemtns, the loan will be approved. Immediately after the loan approval, the amount will get transferred, which then has to be repaid within the loan term.
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