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Gold Loan in indore cloth market

Indore city ranks number 4 among India's smart cities. There are many interesting sites like historic places like rajwada palace and the indore yeshwant club. Often famous for clothing, art and crafts, metal wares, jewelry pieces and shopping for handicrafts, indore cloth market. The indore cloth market for wholesale clothes includes maharaja tukuganj fabric market (mt market), kothari market, sitlamata bazaar, kasera bazaar. In addition to the local markets, there are also several showrooms and branded clothes malls in diverse areas such as c21, malhar mega mall, central mall, and treasure island. gold loan on the indore fabric sector provides a rejuvenating financial boost for indore's flourishing business and service colonies. Besides garments, leather toys, local crafts, and ornate sarees and brocades such as maheshwari & chanderi are also popular on the markets.

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.

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

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

No, online gold companies do not even take into consideration the income of the borrower before approving the loan, let alone offer different schemes based on their income. Unlike an unsecured loan, the lender does not check the financial health of the borrower before approving the loan. All that an online lender looks for is the authenticity of the gold and the validity of the documents (the identitiy proof and the address proof) before sanctioning the amount. The loan amount and the interest rate are determined by various economic factors and by the pledged gold. A gold loan also makes it possible for the lenders to procure the loan even if they are unemployed. 

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 Indore, 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.
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