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Gold Loan in Eloor

Seen as an island, Eloor is among the distributors of the Periyar River, which makes it more of an ideal place for industrial establishments. Because of the number of industries that include Fertilisers and Chemicals Travancore (FACT), India Rare Earths Ltd., Hindustan Insecticides Ltd., among many other chemical and leather manufacturers, it is known as the largest industrial belt. As a part of the local population, this has brought a steady increase in working class classes.The area has also been enclosed by a large number of schools, hospitals and other institutions to promote livelihoods. One such institution is the udyogamandal college, which provides FACT workers with educational facilities. In emergencies, much of the financial assistance and gold loans in Eloor are a blessing to the local community.

What is an online gold loan?

An online gold loan is the most straightforward secured loan you can avail when you require instant cash. The easy eligibility criteria and high loan amount make a gold loan one of the most popular loans in India. Usually, lenders approve up to 75% of the gold's market value; although at times, the upper limit may go up to 90%. The final amount would depend on the previous thirty days' average gold price and the quality and Karat of the gold. To avail an online gold loan, the borrower has to download the lender's app or call the customer helpline. After this, a loan officer would schedule a meeting and visit the borrower's residence or office and value the gold. Generally, the loan amount gets transferred to the borrower's bank account within ten minutes of loan approval. The total time from loan application to loan approval can be anything from half an hour to an hour.

Eligibility criteria for an online gold loan

As far as forms of credit go, online gold loans provide a range of peerless flexibility! Here are some of the basic eligibility criteria that you need to meet if you are looking to avail an online gold loan-

1) Since lenders prefer disbursing loans to borrowers that are domiciled within the same geographic boundaries as theirs, you will have to be of Indian nationality and residing in India to avail a loan.

2) You must be an independent major, that is of the age 18 or above

3) Since, usually, Indian lenders do not approve gold coins or bars, the collateral you are looking to secure your loan with has to be gold in the form of jewelry or ornaments.

4) The jewelry you are looking to pledge must be 18 Karat or above (Karat is the measure of the purity of gold)

It is noteworthy that the loan amount you are eligible to receive is bound to vary from the market gold rate. This is due to the fact that lenders don't go by the current market price and instead arrive at the average gold rate based on the rate from the past 30 days. 

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Frequently asked questions

What purposes can I request a gold loan for?

You can use your gold loan for a variety of purposes. This amount can be used to suit any need that does not entail illegal activities, money laundering, terrorism, or any other activity prohibited by law. Gold loans in Kochi are taken by the people to fulfill a variety of planned as well as unplanned requirements. There are several reasons why in the course of our lives we might be led to acquire a gold loan. It might be to do a home renovation, to sponsor an event, throw a marriage or any other function, to meet a medical emergency, for educational purposes, to start a small business or to clear other debts, 

What can I do if my lender is charging high interest?

After the start of your loan tenure if you realise that your financial institution or lender is charging high interest rate on the loan against your gold, you always have the option of transferring your loan from the existing lender to another lender. Most lenders offer a gold loan transfer facility if you have a consistent history of repaying the loan amount. Certain lenders like Rupeek takes care of the entire transfer process in case you want to process a balance transfer for an existing loan from your current gold loan company to Rupeek. The only work required from the customer's end will be to arrange for the renewal amount. 
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