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Gold Loan in devanahalli

In the north-eastern portion of Bangalore, a locality named Devanahalli is situated approximately 40 km from the city centre. It is considered to be a new home for the Kempegowda International Airport. The area would be experiencing a huge amount of change coming up in near future as a multibillion-dollar Devanahalli business park as there would be two IT Parks being set up near the Airport. Other than that, a $140 million Financial Park, Science Park, and an Aerospace Park are also going to come up in the vicinity. Plenty of people are attracted towards Devanahalli due to several new employment openings and infrastructures coming up. Various retail shops and small businesses are emerging too. In this developing region, people will need a handsome amount of money for satisfying their personal as well as business needs. Due to this reason, people often end up taking a gold loan in Devanahalli.

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

If you are looking to source immediate funds at short notice, online gold loans are your go-to avenue! The eligibility criteria are relaxed, it requires only minimal documentation, you are eligible for a higher loan amount (though the upper cap is contingent on the value of your gold), you can choose from a range of flexible repayment options, the benefits are endless! The documentation requirement can be split into two parts:

1) Identity Proof- Documents that serve as identity proof include but are not limited to:

* Voter's ID

*PAN Card

*Aadhaar Card

*Passport

*Driving License

2) Address Proof- Documents that serve as identity proof include but are not limited to: 

*Aadhar Card

*Passport

*Driving License

When it comes to gold loans, most lenders allow the borrower the latitude to avail a loan using just the king of all documents- The Aadhaar Card. Since it contains almost all the necessary information including Name, DOB, Name of parents/spouse, Address, Biometric information, and Iris Pattern Scan it acts as an all-rounder when it comes to documentation!

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Frequently asked questions

Is part withdrawal of gold Jewellery allowed post part closure of gold loan?

No, it is not possible to withdraw the gold ornaments that you have pledged after part payment. The gold that you have pledged with the lender is what acts as a security. It is the collateral that guarantees the repayment of the gold loan in Bangalore by the borrower. It is also this collateral that enables the lender to provide the borrower with various benefits, such as flexibility and lower interest rates. Although part payments are an option for the borrower, the gold ornaments can only be withdrawn after the entire loan amount, which is comprised of both the principal amount and the interest amount have been repaid. It is only after the close of the loan account and after the entire debt has been cleared that the lender will release the gold collateral of the borrower.

Can I transfer my loan from my existing lender?

Yes! You can transfer your existing loan from another lender to Rupeek. There are several reasons why a borrower might choose to transfer their loan. It could be because of lower interest rates, higher per gram rates, enhanced gold security, or more flexible repayment options. If you are looking to transfer your existing loan, all you'll have to do is request for the renewal amount and Rupeek will take it from there. If you transfer your loan to Rupeek, rest assured it entails maximum security for your gold and flexible repayment options. Please visit our loan transfer page for more details
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