Located on the banks of Cauvery and Bhavani rivers, the city of Erode showcases a perfect blend of serene environs and growing industries. The city is well- connected to other major cities of Tamil Nadu such as Chennai and Coimbatore. Erode is one of the largest manufacturers of knitwear, handloom and turmeric but that’s not all. Erode is also popularly known as the Loom City of India. Erode’s success in the agriculture and BPO sector is the icing on the cake. Purchase of the yellow metal is common in this part of Tamil Nadu and thus a lot of people are dependent on gold loans. Popular sightseeing spots in Erode include Thindal Murugan Temple, Natadreeswarar Temple, Sangameswarar Temple, Vellore Birds Sanctuary and Sankagiri Fort.
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.
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
2) Address Proof- Documents that serve as identity proof include but are not limited to:
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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