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0.79%*
monthly Interest (9.69% P.A)*

Gold Loan in Guntupalli

Guntupalli is a census town in the Krishna district of Andhra Pradesh. To be precise, it belongs to the Ibrahimpatnam mandal (town) of the Vijayawada Revenue Division. There are many private and government-aided schools in this area. As of the 2011 census, the average literacy rate exceeded the state's average. Vijayawada is the nearest city and can be reached by APSRTC buses and Rayanapadu Railway station. Rayanapadu Wagon Workshop or the Wagon Workshop is 12 km away from the station. The workshop belongs to the Indian Railways, one of the largest employers in India, and helps ensure smooth running of wheels, bogies and other parts of freight trains. This calls for financial assistance and for this purpose, people usually choose gold loans in Guntupalli.

Gold Loans at the privacy of your home

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Benefits of an online gold loan

An online gold loan offers unparalleled benefits. To avail a gold loan, you need to register yourself as a borrower and mortgage your gold ornaments. The best feature of an online gold loan is that the entire process of the loan application and approval takes place online. Hence, the location of the borrower does not matter. Usually, the lender sends a loan officer to the borrower within half an hour of getting the loan request, who verifies the gold, and gives a quote. On successful verification and subsequent approval, the lender then sends the amount directly to the bank account of the borrower. With an online gold loan, a borrower can get up to 75% of the gold's average market value. As it is a secured loan, the rate of interest is lower than many other types of instant loans. Additionally, a borrower can apply for a gold loan only with the Aadhaar Card.

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 a CIBIL score required for a gold loan?

No, a CIBIL score is not required when availing of a gold loan. The eligibility criteria for a gold loan does not include a credit score or credit check of any sorts - only the KYC documents required for a gold loan should be submitted. When the loan is obtained by pledging an asset of the lender as collateral, the paperwork associated with the transaction is minimal. The only documents that the borrower has to submit before loan approval are their identity proof and their credit score. In some cases, the lender also makes provisions for the borrower to obtain a loan against just their Aadhaar card. On the other hand, in the case of an unsecured loan, the borrower has to submit their CIBIL score as a mark of their financial health.

How is gold appraisal done at home for online gold loan?

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