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

Gold Loan in Hyderabad

Hyderabad is a historic city known for its long line of rulers such as the Mughals, Qutb Shahi dynasty and Nizams. Post-independence, this city was named as the capital of Andhra Pradesh and later the same city was termed as capital for the new state, Telangana. After the discovery of diamonds in Golconda Fort, the city had a powerful history as an economic powerhouse in the world. Subsequently, it became a trade house for diamonds, making the former Nizam an affluent person across the world. The city is predominantly admired for its monuments, which are based out on Mughal culture and it is also renowned for its places of worship. This leads to achieving great amounts of revenue from the tourism sector. Other than this the city also receives benefits from the manufacturing and service sectors. The people mostly prefer taking gold loans in Hyderabad so that they can expand their business. The popular places of sightseeing includes Salar Jung Museum, Chowmahalla Palace, Charminar, Hussain Sagar and Birla Mandir.
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Gold Loans at the privacy of your home

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What is an online gold loan?

An online gold loan is the most straightforward secured loan you can avail when you require instant cash. The easy eligibility criteria and high loan amount make a gold loan one of the most popular loans in India. Usually, lenders approve up to 75% of the gold's market value; although at times, the upper limit may go up to 90%. The final amount would depend on the previous thirty days' average gold price and the quality and Karat of the gold. To avail an online gold loan, the borrower has to download the lender's app or call the customer helpline. After this, a loan officer would schedule a meeting and visit the borrower's residence or office and value the gold. Generally, the loan amount gets transferred to the borrower's bank account within ten minutes of loan approval. The total time from loan application to loan approval can be anything from half an hour to an hour.

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.

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Frequently asked questions

How to apply for a gold loan with Rupeek?

Applying for a gold loan using Rupeek is a very smooth and hassle-free process. The online gold loan owes its popularity to the simplicity associated with acquiring them. The gold loans can be acquired in a few easy steps. With Rupeek, you can place an application for the loan both online as well as offline. The steps are as follows:

  1. Place the loan request – you can visit the lender’s web portal, download their app as well as call up at their customer service to place a loan request.
  2. Schedule of appointment – as soon as the loan request has been placed, an official from the company will get in touch with you. An appointment will be fixed.
  3. Evaluation of the gold and verification of the documents – the authenticity of the gold has to be established and the documents have to be verified.
  4. Loan approval – when the borrower’s document s and the assets have been successfully verified, it will be immediately approved.
  5. Disbursement of the funds – as soon as the loan has been approved, the funds will get immediately transferred into the borrower’s account.

The whole process – from the loan application to the disbursement of funds takes place within an hour. 

Under what cirumstances will my gold loan get rejected?

There are quite a few circumstances under which granting a gold loan can be rejected for the customer. In the very first step which is KYC. If the documentation provided by the borrower is not sufficient or of suspicious authenticity or found to be forged/fake then the gold loan will be rejected. Secondly, your credit score may be too low for the lender to trust your ability to repay the loan and hence will reject your loan. Thirdly, the gold you pledged may not be meeting the standards of purity which have to be a minimum 18 karat to be offered as security.

Can I partially repay the gold loan amount?

Yes, it is possible to make partial prepayment of the loan. This is one mode of repayment of the gold loan in cityname where the borrower pays an amount larger than the fixed EMI and less than the full loan amount. The amount can range anywhere between the EMI and the remaining loan amount with the interest compound. Some borrowers resort to this method to finish off the loan prematurely. However, it has to be noted that the collateral will only be returned by the lender once the whole repayment has been completed. 

What are the things to keep in mind when taking a gold loan?

As far as urgent funds or emergency loans are concerned, as long as you have the collateral, a gold loan is your best bet. This is because gold loans offer the maximum benefits to the borrowers. The security of the asset that has been pledged with the lender enables the lender to offer many benefits to the borrowers. Since a personal loan or a credit card loan is an unsecured loan, as many benefits are not available to those borrowers. A secured loan has a lower interest rate. They also require much more paperwork than a collateral-bases loan. Further, the borrower will also be expected to have a high credit score – over 700 to get a favorable loan. 

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