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Gold Loan in Dayanand Nagar

Dayanand nagar is a district in jalandhar, punjab. Recognized for hosting a variety of social infrastructures; it acts for all as a single-in-all environment. Given the existence within its proximity of the auditorium of dav college, mehr chand polytechnic college, and dayanand ayurvedic college & hospital, the location of the girls' hostels works in its favour. Temples, gurudwaras, banks, general stores, boutiques, vegetable markets, and restaurants stretch throughout the zone; making daily operations dependent on the inhabitants. These companies can need instant cash flows as part of their operations. In such situations, proprietors tend to apply in dayanand nagar for gold loans.

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.

Benefits of an online gold loan

An online gold loan offers unparalleled benefits. To avail a gold loan, you need to register yourself as a borrower and mortgage your gold ornaments. The best feature of an online gold loan is that the entire process of the loan application and approval takes place online. Hence, the location of the borrower does not matter. Usually, the lender sends a loan officer to the borrower within half an hour of getting the loan request, who verifies the gold, and gives a quote. On successful verification and subsequent approval, the lender then sends the amount directly to the bank account of the borrower. With an online gold loan, a borrower can get up to 75% of the gold's average market value. As it is a secured loan, the rate of interest is lower than many other types of instant loans. Additionally, a borrower can apply for a gold loan only with the Aadhaar Card.

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Frequently asked questions

Can I get an interest-free gold loan?

No, a zero-interest gold loan does not exist in the country. This is because, like any other financial institution, a gold loan lender is also looking to earn profits out of the business. The interest that is charged by the lender on the gold loan in Jalandhar is what constitutes their profit. Lower interest rates are what attract a borrower towards a lender and for this reason, lenders compete to offer the lowest interest rates in the market. The interest rates depend on a variety of factors that include the loan term, the loan amount, etc. Since different lenders offer different interest rates mist online gold loan lenders provide a gold loan calculator online where the borrower can calculate the interest rates and make an informed decision regarding the procurement of the gold loan in Jalandhar.

What are the benefits of a gold loan?

Gold loans require the borrower to pledge their gold against the loan. The value of this gold needs to be at least 30% more than the loan amount being availed. In case of an arrear or a failure to repay the loan, the lender assumes full and permanent ownership of the collateral. Owing to this, availing an online gold loan comes with a lot of benefits that include but arent limited to:

1) Speedy Disbursal

2) High LTV (LOan-Value Ratio)

3) Low-Interest Rates

4) Minimal Documentation

5) Relaxed Eligibility Criteria

6) Waived Processing Fee

7) 100% Insurance Cover

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