Gold loan in dharavi, Mumbai

Gold Loan

Dharavi is one of the most densely populated areas in the world. This locality in Mumbai, Maharashtra is considered to be one of Asia’s largest slums. This locality has an active informal economy in which numerous household enterprises employ many of the slum residents. The working groups prefer to avail gold loans in Dharavi for sustaining their livelihood. The majority of this locality’s residents practice Hinduism, followed by Islam, Christianity, and Buddhism. Dharavi is a large area situated between Mumbai's two main suburban railway lines, the Western and Central Railways and exports goods around the world. The low-rise building style and narrow street structure of the area make Dharavi very cramped and confined. Dharavi's popularity is because of its proximity to the Western and Central railway lines. Dharavi is surrounded by Mahim, Bandra, Antop Hill, and Matunga. Dharavi was most notably used as the backdrop in the British film Slumdog Millionaire.

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Gold loan is the most flexible and popular source of funds in the Indian financial market. A gold loan is a secured loan, which means that to obtain quick funds or emergency loans, the borrower has to pledge their asset (in this case, their gold) with the lender to obtain funds in return. A secured loan is also known as a collateral-based loan since the funds can be availed only against the asset of the borrower. Gold loans owe its popularity to its attractive features such as:

Low rate of interest
High-value loans
Minimal paperwork
Flexible repayment options
Instant loans etc.

Using a gold loan, the borrower can get up to 75% of the market value of the collateral as the loan amount. In some cases, up to 90% can also be disbursed as the loan. Instant gold loans are so true to their name that the funds get transferred to the borrower’s account within one hour from the loan application.

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:

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

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₹ 2,00,000

Interest Rate

0.89
1.19
1.39
1.69
1.75

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Interest Rate

0.89
1.19
1.39
1.69
1.75

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Total Interest

A gold loan offers better benefits than a personal loan or credit card loan. This is because a gold loan is secured with the gold, and a personal loan and a credit card loan are unsecured. Therefore, gold loans offer may benefits that are not offered by an unsecured loan. For example, gold loans have much lower interest rates and are not as heavy on document work. In fact, gold loans require minimal document work with only KYC needed. Moreover, gold loans do not require a credit score or history and have the highest loan-to-value ratio (LTV). Loans amounts are also disbursed much faster, usually within a few hours, making it a great option for those in need of an emergency loan.

'Written off' refers to the term which implies that the borrower has not repaid the loan amount borrowed over 180 days ago. In such a case, the lender will have to do away with the outstanding amount that needs to be repaid. It is noteworthy that a 'written off' in your record will reflect poorly on your credit score which will not play out in your favor when you are looking to avail subsequent loans. However, in the case of a gold loan in <cityname>, the lender has the right to auction off your jewelry if you fail to make your repayments three or more consecutive times during the tenure of your loan. Though the value of used gold is lower in the market, the lender settles the losses incurred for granting a loan to that customer with the auctioned money.

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Low Interest Gold Loans in India

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