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Gold Loan in faridabad sector 7

Finding Faridabad Sector 7 is a bit tricky because of getting stumbled with Sector 6, 8, 9, and 4. Faridabad Bypass Road and Chennai Kolkata Highway, YMCA Road, and Chaudhary Charan Singh Road are the four important roads connecting the place with the entire country. This region comes under the assembly and parliamentary constituency of Faridabad. Besides road, Metrorail is the second option of travelling. Sant Surdas and Escorts Mujesar are the nearest metro stations. Also, there are some hospitals in the area to provide quality healthcare, like Chauhan Nursing Home, Laroiya Medicare Centre, RC Nigam Hospital, Dr M L Laroiya Memorial Nursing Home, Goyal Hospital, and Ashirwad Maternity Hospital. For the purpose of landmarks, the best options are Gurdwara Singh Sabha, St John's School, Residents Welfare Association Park, Pipleshwar Shiv Hanuman Mandir, KL Mehta Dayanand Public High School, Carmel Convent School, and Nalanda Vidyalaya. Gold loans in Faridabad Sector 7 are prevalent and work as the primary source of an emergency fund.

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.

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

Can my gold loan be written off?

The term written off in the CIBIL credit scorecard means that the borrower failed to make the repayment of the loan in over 180 days. It means that the lender has to do away with the outstanding amount that the borrower had not yet repaid. In the case of non-repayment of the gold loan in Faridabad, the lender has the authority to sell the pledged gold of the borrower to settle the debt. The lender can sell the gold to even the expenses incurred while sanctioning the loan to the lender. As far as the lender is concerned, a written off in the CIBIL score reflects the future loan eligibility of the borrower poorly. The bad mark on the credit history of the borrower can make it difficult for the person to avail of loans in the future.

Are banks or NBFCs better for availing gold loan

There is an array of options in the market when it comes to availing credit causing the borrower to be confused regarding where their gold loan in Faridabad can be availed. Firstly, there are both banks and Non-Banking Financial Companies or NBFCs providing gold loans in Faridabad. Banks in general take longer processing time of the loan for credit, CIBIL score verification, offer lower Loan-To-Value ratio and have a strict EMI model. Whereas, in case of NBFCs offer higher LTV but along with it higher interest rates as well. Hence depending upon your short-term or long-term finances, weigh in your options and choose the lender that fits your bill.
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