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Gold Loan in Justice SB Marg

Justice SB Marg is a popular road that is often taken to commute to the Delhi High Court located at India Gate, New Delhi. The route is dotted with some of the most important institutions in the country such as the National Gallery of Modern Art, Ministry of Home Affairs, Major Dhyan Chand National Stadium and National War Memorial. It is one of the most sought- after places in the city by businessmen. However, expanding business in this area is expensive. Businessmen often invest in gold by taking gold loans in Justice SB Marg which is later used for investing in real estate.

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.

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

Can I avail EMI facility on gold loan?

Yes, EMIs are available for a gold loan in Delhi. EMI stands for Equated Monthly Installment where a fixed amount is paid every month towards the repayment of the loan. The EMI consists of both the principal amount as well as the compound interest. EMIs are fixed and consistent and make sure that the repayment of the loan does not burn a hole in the pocket of the borrower. Before you place an application for a loan, using the online gold calculator, it is possible for you to check the amount you will have to pay as EMI for your gold loan in Delhi.

Can I take a gold loan for my education?

One of the most flexible features of a gold loan is that you can spend it as per your discretion provided it is not with the intent of laundering money, terrorism, gambling, or any other such illegal activities. This implies that you can very well avail a loan for educational purposes. Easy repayment terms where you only have to pay interest each month and a flexible loan tenure ranging anywhere between 6 months to 12 months depending on your repayment capacity makes gold loans in Delhi one of the most favorable loans to opt for while pursuing higher education.
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