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

Gold Loan in harjinder nagar

Harjinder nagar is a famous kanpur settlement in uttar pradesh, India. It is a rural area with the majority hindi speaking inhabitants. Several inhabitants of this region include people from various areas of kanpur who have flocked here. These residents do not own any land in this city but remain in apartments for rent. This area offers a range of decent services like access to public and private hospitals and schools. Some of this region's neighboring cities include jajmau, unnao, and chakeri. This region enjoys a strong financial standing and provides nationalized and private banks with entry. gold loan is very conveniently and readily accessible in harjinder nagar, kanpur.

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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

What are the documents that I need to submit while applying for a gold loan?

A gold loan only requires you to submit KYC documents for verification before the loan can be processed and disbursed. This includes ID proof and address proof, which can be a driver’s license, Aadhar card, voter ID, PAN card, or passport. Along with this, a utility bill or lease agreement must be provided. One of the main advantages of a secured loan is the minimum documents that it requires. It means that the loans are easy to procure as well as flexible, thanks to the relaxed eligibility criteria. While other sources of funds, such as unsecured loans demand several documents to prove your financial health, a secured loan can be obtained with just the Aadhaar card.

Do online gold companies offer different schemes for different income groups?

Any major of Indian nationality that meets the basic eligibility criteria will be able to avail a gold loan, even if they don't have a steady source of income. Now, different online gold companies offer different schemes. While these schemes are bound to differ in terms of loan tenure and loan amount but not by income groups. These gold loans don't require the borrower to have a healthy credit score. Every borrower is considered equal irrespective of his or her income profile. The borrower has the latitude to choose a loan interest rate, loan term, and repayment scheme as per his or her convenience.

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