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Gold Loan in elampillai

Elampillai is a small town (about 11000 inhabitants according to the 2001 India census) in the south Indian state district of salem, tamil nadu. It is common with banded magnetite quartzite rocks for silk sarees and associated works such as saree design and jacquard punching, and iron ore. Just about five kilometers from elampillai is a popular temple, siddhar kovil or kanjamalai. The temple is surrounded by numerous herbs famous for their medicinal uses, so much so that kanjamalai's wells are believed to have healing powers because of the herbs. gold loan is quickly made available in elampillai.

Benefits of an online gold loan

The benefits a borrower can reap from an online gold loan are boundless! All you need to do to avail an online gold loan is download the lender's app and place a loan request. One of the best features of a gold loan is that this process can be done online entirely without manual intervention provided that is what the borrower prefers. The borrower also has the flexibility to place a call on the lender's customer care number to avail the same if he/she were to feel like they might need assistance with the process. All this happens right from the comforts of your home. Even when it comes to gold valuation, you do not need to venture out with expensive gold in your pocket! The lender assigns a representative that will visit you at a location and time as stipulated by you. While an online gold loan does require a few basic documents, you can also avail a loan with just your Aadhar card! As a borrower, you are eligible to receive up to 75% of the gold you are pledging. If both parties are in agreement with the loan amount, the loan is disbursed to your account within a matter of 10 minutes. What's more, the entire process takes only an hour end-end!

What is an online gold loan?

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:

  1. Low rate of interest
  2. High-value loans
  3. Minimal paperwork
  4. Flexible repayment options
  5. 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.

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Frequently asked questions

Who can avail Rupeek gold loan?

A gold loan is one of the most flexible sources of funds. That is to say that the borrower doesn’t have to fulfill many criteria to be eligible for the online gold loan. Unlike other unsecured sources of funds, such as a personal loan, the borrower isn’t required to have a stable source of income or a high credit score. The security of the pledged asset opens up several doors of benefits for the borrower. 

The only eligibility criteria that the borrower has to fulfill are listed as follows:

  1. The borrower has to be above 18 years old to qualify for the loan. Usually, minors are not allowed to acquire loans in their name.
  2. The gold that is to be pledged has to be equal to or above 18 karat gold. 18 karat gold is the cheapest and the least pure form of gold that can be pledged before the lender. 
  3. The pledged gold has to be in the form of ornaments or jewelry. Gold, depending on its purity, exists in different forms. The only form of it that can be submitted before the lender is ornaments. 

Can I close the gold loan earlier than intended?

Yes, you can choose to close the gold loan earlier than originally planned if you prefer. Whether or not you have to pay additional charges due to this depends on your lender. Rupeek for instance doesn't levy any lock-in period or prepayment penalties in case of early repayment. Whereas some other lenders might have small penalties ranging up to 200 rupees if you wish to foreclose your loan account before 3 months or 1 month, the lock-in period set upon the respective lender's discretion. The penalty also depends on the loan amount availed.
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