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

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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What is an online gold loan?

Gold loan is the most flexible and popular source of funds in the Indian financial market. A gold loan is a secured loan, which means that to obtain quick funds or emergency loans, the borrower has to pledge their asset (in this case, their gold) with the lender to obtain funds in return. A secured loan is also known as a collateral-based loan since the funds can be availed only against the asset of the borrower. Gold loans owe its popularity to its attractive features such as:

  1. Low rate of interest
  2. High-value loans
  3. Minimal paperwork
  4. Flexible repayment options
  5. Instant loans etc.

Using a gold loan, the borrower can get up to 75% of the market value of the collateral as the loan amount. In some cases, up to 90% can also be disbursed as the loan. Instant gold loans are so true to their name that the funds get transferred to the borrower’s account within one hour from the loan application.

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

Is there any age limit to avail a gold loan?

Each lender follows a different age limit criteria for people that are applying for a gold loan in Indore. Some lenders require the borrower to be a minimum of 18 years while some others require the borrower to be 21 years of age. Some have a limit of 65 years while others have 75 years as the age limit. However, largely, if you are an Indian citizen, above the age of 18 and possess the required KYC documents and gold amount, you can avail a gold loan. The eligibility criteria for a gold loan is less compared to other sources of funds. As long as you are above 18 years of age, and the gold that you are providing as collateral is above 18 karat gold, you are eligible to get a gold loan. The gold that you pledge as collateral can only be in the form of ornaments or jewelry. 

Will gold items with stones be accepted for gold loan?

If you are looking to pledge or repledge your gold as collateral to avail a gold loan in Indore, you may do so provided you are only pledging gold in the form of jewelry or ornaments as most lenders don't accept gold bars or coins. You can still pledge your gold even if your jewelry is encrusted with stones. It is noteworthy that during gold valuation, the weight of the stone will be calculated separately and deducted from the total weight of your gold. When it comes to gold valuation only the purity of the gold is taken into consideration.
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