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Gold Loan in gtb nagar

The Guru Teg Bahadur Nagar (GTB) was originally formed to support refugee camps in the 1970s. It is located pretty close to Delhi University. Hence, GTB becomes the ideal choice of residence for many students. It is well connected to public transportation centers. Residents are dependent on gold loans in Guru Teg Bahadur Nagar to secure their financial positioning.

Documents required for an online gold loan

A gold loan is the perfect solution when a borrower is looking for urgent loans or emergency funds. With the help of an instant gold loan online, the borrower can receive the required funds in less than an hour. The borrower is eligible to get up to 75% of the market value of the pledged gold as the loan amount. Unlike many other sources of funds, an online gold loan requires minimum paperwork before giving the loan approval. The required documents are:

  1. Identity proof – any document such as voter ID, PAN Card, Aadhaar Card, Passport, or driving license can act as the identity proof of the borrower.
  2. Address proof – the same documents as mentioned above, except for voter ID and PAN card can act as the address proof of the borrower.

Some lenders also approve the loan against just the Aadhaar Card of the borrower. The Aadhaar card is the most important document for an Indian, which has all the details regarding name, father’s and mother’s name, address, biometric information, iris scan, etc. Therefore, it can function as the identity proof as well as the address proof.

Eligibility criteria for an online gold loan

Since a gold loan is a secured loan, it offers many benefits that the other sources of funds do not offer. Some of the benefits offered by a gold loan include:

  1. Low rate of interest
  2. Minimal documentation
  3. High loan amount
  4. Flexibility in repayment options
  5. Instant loan approval, etc.

The requirement for eligibility for a gold loan isn’t much. To avail a gold loan, the borrower has to fulfill the below-mentioned criteria:

  1. The borrower shouldn’t be a minor
  2. The mortgage loan should be of 18 karat or above
  3. The gold should be in the form of ornaments or jewelry.

The loan amount is then calculated by the lender by multiplying the quality, purity, and weight of the gold. The lender then multiplies it with the average price of gold for the past thirty days. The resultant amount id the loan amount that the borrower can borrow.

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Frequently asked questions

Is it risky to take a gold loan?

Gold loans in Delhi are the best avenue to source immediate funds, not only in terms of flexibility but also in terms of speed. Under certain circumstances where you need quick money and do not possess the necessary assets that can be pledged as collateral, gold loan can be a useful avenue. However, it is advisable to refrain from taking a gold loan in Delhi if you believe you will not be able to repay the demanding interest amount along with the pricipal. Additionally, if the gold prices drop drastically during the tenure of loan you might be required to pledge more gold to make up for the difference in amount. 

What is gold loan renewal and how is it done?

Most of the schemes of gold loans in Delhi are of short tenure, generally ranging from anywhere between 3 to 6 to 12 months. Some lenders give the customers the option of extending the loan tenure through gold loan renewal if they are in need of fresh funds. However, renewal fees may be charged by some lenders. A borrower usually opts for a renewal of their gold loan in Delhi when they are still in need of funds. By opting for a second loan from the same lender by repledging the same gold ornaments, the borrower can meet the emergency fund requirement.
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