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Gold Loan in Dr. Ambedkar Nagar

Dr. ambedkar nagar, widely known as mhow, is a cantonment in the indore district of the Indian state of Madhya Pradesh, and is adjacent to nagpur airport. In common literature some papers say that 'mhow' stands for military headquarters of war. In 2003 dr. ambedkar nagar was renamed to the town in honor of b. R. ambedkar, who was born here by the Madhya Pradesh government. This is where army training command is also issued and where artrac was born. This town is the renowned telecommunication engineering military college, and the army war college. Other attractions are the shrine of bhim janmabhoomi, the patalpani waterfall, and the temple of janapav hill. gold loan in dr. ambedkar nagar is a big support for many people who want to financially and economically develop themselves.

Documents required for an online gold loan

When a borrower needs urgent cash, an online gold loan acts as a blessing. With an online gold loan, you can get up to 75% of the gold's average value as the loan, instantly. Before approving the loan, the lender might ask you to submit a few documents, which the lender uses to determine your eligibility. The first document that you need to submit is an identity proof, like voter ID, PAN Card, Aadhaar Card, Passport, or driving license. The second document you need to submit is an address proof. Except for the PAN and Voter ID, all other documents mentioned above function as the address proof. Many reputed lenders also offer the facility to apply for a gold loan only with the Aadhaar Card. As the Aadhaar card contains all your personal details, like name, date of birth, father's/mother's name, address, and biometric information and iris scan, it functions as both the identity proof as well as the address proof.

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

Is there any age limit to avail a gold loan?

Each lender follows a different age limit criteria for people that are applying for a gold loan in Nagpur. Some lenders require the borrower to be a minimum of 18 years while some others require the borrower to be 21 years of age. Some have a limit of 65 years while others have 75 years as the age limit. However, largely, if you are an Indian citizen, above the age of 18 and possess the required KYC documents and gold amount, you can avail a gold loan. The eligibility criteria for a gold loan is less compared to other sources of funds. As long as you are above 18 years of age, and the gold that you are providing as collateral is above 18 karat gold, you are eligible to get a gold loan. The gold that you pledge as collateral can only be in the form of ornaments or jewelry. 

Can I increase my loan amount after taking the loan?

It is possible to increase the loan amount after a loan has already been obtained by pledging the gold of the borrower to get a gold loan in Nagpur. The borrower will be able to get funds based on the current rate of gold. As the borrower submits the remaining collateral with the lender, the lender will disburse the rest of the funds to the borrower’s bank account. Rupeek offers much flexibility for the gold loans that it offers. If there is any adjustment that the borrower would like to resort to, Rupeek will make sure that it sees to it. 
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