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Gold Loan in Jodhpur

Popularly known as the ‘Blue City’, Jodhpur is the second-largest city in Rajasthan. The capital of the Kingdom of Mawar, Jodhpur is one of the most popular cities in the state and is well connected by the means of air, road, and railway networks. The Indian Air Force, the Indian Army and BSF have their base on the city. One of the largest in Asia is the South Western Air Command in Jodhpur. It is through agriculture and other industries that deal with chemical, electronics, electrical, wooden toys, industrial gases, cement, handicrafts, and motion pictures that the city gets its revenue. IIT Jodhpur, AIIMS Jodhpur, NIFT Jodhpur, ISRO, DRDO are the major academic and research institutions that are located in the city. Mehrangarh Fort, Jaswant Thada, Umaid Bhawan Palace, Balsamand Lake, Machiya Safari Park, and Mandore Gardens are the major tourist attractions of the city. The city also boasts about some of its street foods, such as Makhaniya Lassi, Miorchi Bada, Mawa ki Kachori, and Pyaaj Ki Kachori. It is on gold loans in Jodhpur that people depend to meet their financial needs.

Documents required for an online gold loan

If you are looking to source immediate funds at short notice, online gold loans are your go-to avenue! The eligibility criteria are relaxed, it requires only minimal documentation, you are eligible for a higher loan amount (though the upper cap is contingent on the value of your gold), you can choose from a range of flexible repayment options, the benefits are endless! The documentation requirement can be split into two parts:

1) Identity Proof- Documents that serve as identity proof include but are not limited to:

* Voter's ID

*PAN Card

*Aadhaar Card

*Passport

*Driving License

2) Address Proof- Documents that serve as identity proof include but are not limited to: 

*Aadhar Card

*Passport

*Driving License

When it comes to gold loans, most lenders allow the borrower the latitude to avail a loan using just the king of all documents- The Aadhaar Card. Since it contains almost all the necessary information including Name, DOB, Name of parents/spouse, Address, Biometric information, and Iris Pattern Scan it acts as an all-rounder when it comes to documentation!

Benefits of an online gold loan

When you require emergency funds or urgent loans, a gold loan is one of the most flexible and hassle-free loans that you can acquire. A few of the benefits that are exclusive to gold loans are listed below:

  1. Low loan interest rates - the interest rates are less because of the security of the collateral.
  2. Minimal documents – the only documents that the borrower is expected to submit are the address proof and identity proof
  3. High-value loan – up to 75% of the market value of the gold can be obtained as the loan and in some cases, up to 90%.
  4. No upper limit – the amount that you can obtain is determined by the value of the pledged gold.
  5. No requirement of income proof – the borrower can be unemployed or have an irregular income and still get a gold loan.
  6. No requirement of credit history – the borrower can have a poor credit score or CIBIL score and still be eligible for the loan.
  7. Flexibility – a secured loan is more flexible than other sources of income. The borrower has a variety of repayment schemes to choose from.
  8. Speed – the whole transaction, from the loan application to the disbursement of the funds takes place within an hour.

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Frequently asked questions

What happens if the loan amount is not repaid on the due date?

In case a borrower is unable to complete gold loan repayments because of unforeseen circumstances, the borrower will face extra charges with jumping interest rates. The loan manager will also be in touch with you to discuss the issue. If the gold loan in Jodhpur remains unpaid beyond a stipulated date, the gold will be auctioned off. But it is only in rare circumstances that such problems arise. It is to prevent such incidents in the future that the lender provides the borrower with a list of repayment options. This enables the borrower to pick a scheme that can help them manage their EMIs as well as their other personal expenses promptly. 

Can I take a gold loan for my education?

Yes, you can take a gold loan in Jodhpur against your collateral gold and use it for your educational purposes. The easy repayment schemes where you only have to pay interest each month and a flexible loan tenure ranging from 6 months to 12 months make it one of the most favourable loans to opt for while pursuing higher education either in India or abroad. A secured loan is also attractive as it offers a high Loan to Value ratio against one of the lowest interest rates in the financial market. Further, gold loans in Jodhpur are one of the most flexible sources of funds which also offers a range of flexible repayment schemes.
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