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Indore

Low Interest Gold Loans in India

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Low Interest Loans

Get a New Gold Loan
flash Instant 30 minuntes
Shift your Existing Gold Loan
save Save ₹37,131*

Gold secured by
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lender banks
max LTV

We offer the highest per gram rate on our gold loans.

We offer the highest per gram rate on our gold loans.

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Today’s max loan value/gm: ()
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Gold secured by
Trusted Bank Partners

lender banks

Gold Loan in Indore

The city of Indore, which priorly functioned as a princely state underneath the Holkar dynasty, is renowned for its archaeological essence and breathtaking scenery. The Holkar dynasty continue to reside in the historically famous Lal Bagh Palace, but they are not involved in governing the city. This place is celebrated for its historic monuments and scenic waterfalls. Festivals like Ahilya Utsav are enjoyed by the people with immense love and they all come together to live in harmony irrespective of their ideologies and religious differences. Being one of the highest producers of cotton in our country, this city is very much admired for its fabric materials. It also specialises in running various other industries like metals, automobiles and IT. People often choose gold loans in Indore to pursue their business ideas. The places of interest in the city include the Indore Museum, Rajwada, Geeta Bhawan, Lal Bagh Palace, Annapurna Temple, Bada Ganapati, Indore White Church, Kanch Mandir, Royal Museum and Tincha Falls.
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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.

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.

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Frequently Asked Questions

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

Gold loans come equipped with several benefits. One of the most important factors that make gold loans so flexible is the fact that it only requires minimal documentation to be eligible for a gold loan. The only KYC documents required are any form of proof of identification and address proof. This includes:

1) Aadhar Card

2) PAN Card

3) Voter's ID

4) Passport

5) Utility Bill

6) Lease/Rental Agreement

 This minimal documentation requirement makes it easy to avail gold loans. Unsecured loans demand several documents to prove your income profile whereas a secured loan can be obtained with just the Aadhaar card.

Is there a Rupeek branch which I can visit? How do I find the nearest one?

Rupeek has over 3000 locations spread over 11 cities in India, that include Bangalore, Mumbai, Delhi, Chennai, Kolkata, Ahmedabad, Pune, Hyderabad, Surat, Jaipur, and Coimbatore. Lender branches have been set up with partnered banks to ensure that are branches within three kilometers from the main areas of the cities. Rupeek has a network of regional offices and bank branches spread across the country. If you wish to visit a branch, first you have to find out the branch that is closest to you. You can make a visit after you identify the branch. Rupeek will be more than happy to see to your requirements.

How will gold rate affect my gold loan amount

The loan amount you are eligible to receive is contingent on the value of the collateral you pledge. Usually, the loan amount you receive is about 75% of the market value of the gold you pledge. The value of the collateral however is ascertained by taking an average of the daily gold gram rate from the past 30 days. If the gold rate has been on a constant high, then the loan amount goes up and the borrower receives a higher amount of loan against their gold. But at the same time if gold hasn't been performing well, then the average gold gram rate will also not come up too much and hence, the loan amount the borrower is eligible to receive will also be correspondingly low.

Is a gold loan taxable?

Though gold loans can be spent as per the discretion of the borrower, whether or not your gold loan is taxable primarily depends on the purpose for which it is being availed. For instance, gold loans that are availed for business purposes are taxable. Additionally, a tax rebate can be claimed on the interest component as well. However, this is not the case if the gold loan is being availed for personal use. That is if the loan is being availed to be spent on educational purposes, a wedding, medical emergencies, purchase a vehicle, or remodel your house, then the borrower cannot claim a deduction.

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