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Gold Loan in jugsalai

Jugsalai is a township adjacent to tatanagar railway station, jamshedpur, and purbi singhbhum municipality in jharkhand province, India. It's also referred to as a jamshedpur wholesale market. The key areas in the jugsalai township are the gouri shankar road, marwari para, panchhi mohallah, gwala para, chaparia mohallah, millatnagar, islamnagar, chuna shah colony, rahbar lane and habibnagar. It is centrally located and is well connected to every part of town. It is not a big city and most of the main schools and hospitals are within 3-5 kilometers of this location. It is nearby wholesale market along with station market selling fresh produce, local supply fruits and good restaurants, best town hotels and restaurants are within 3-5 km again. In jugsalai residents opt for gold loans to randomly use currency.

Eligibility criteria for an online gold loan

As far as forms of credit go, online gold loans provide a range of peerless flexibility! Here are some of the basic eligibility criteria that you need to meet if you are looking to avail an online gold loan-

1) Since lenders prefer disbursing loans to borrowers that are domiciled within the same geographic boundaries as theirs, you will have to be of Indian nationality and residing in India to avail a loan.

2) You must be an independent major, that is of the age 18 or above

3) Since, usually, Indian lenders do not approve gold coins or bars, the collateral you are looking to secure your loan with has to be gold in the form of jewelry or ornaments.

4) The jewelry you are looking to pledge must be 18 Karat or above (Karat is the measure of the purity of gold)

It is noteworthy that the loan amount you are eligible to receive is bound to vary from the market gold rate. This is due to the fact that lenders don't go by the current market price and instead arrive at the average gold rate based on the rate from the past 30 days. 

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 are the gold items I can pledge

You can pledge gold in any form as long as it isn't gold bars or gold coins. Any form of gold which with purtiy ranging between 18 Karats - 22 karats can be pledged. It includes gold ornaments such as:

1) Chains

2) Necklaces

3) Haraam

4) Mangalsutra

5) Rings

6) Bracelets

7) Bangles

8) Earrings

9) Anklets

10) Hip chains

11) Cufflinks 

The purity of the gold item is what will determine your loan amount. In that case, gold bars and coins have higher levels of purity and might fetch higher loan amounts. However, most of the lenders in the market don't accept gold bars. 

In case of default, when will the gold jewellery be auctioned off?

In case of default of payment or arrears, the gold that you have pledged as collateral will be put up for auction about 30 days after the end of the loan term. To avoid such unfortunate consequences after your loan has been sanctioned, make your EMI payment as a primary priority. If the lender plans to auction your gold, it will be processed only after informing the borrower. Borrowers are requested to self evaluate if they are capable of handling the weight of EMI as well as personal expenses before opting for the loan scheme.

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