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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

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

The benefits a borrower can reap from an online gold loan are boundless! All you need to do to avail an online gold loan is download the lender's app and place a loan request. One of the best features of a gold loan is that this process can be done online entirely without manual intervention provided that is what the borrower prefers. The borrower also has the flexibility to place a call on the lender's customer care number to avail the same if he/she were to feel like they might need assistance with the process. All this happens right from the comforts of your home. Even when it comes to gold valuation, you do not need to venture out with expensive gold in your pocket! The lender assigns a representative that will visit you at a location and time as stipulated by you. While an online gold loan does require a few basic documents, you can also avail a loan with just your Aadhar card! As a borrower, you are eligible to receive up to 75% of the gold you are pledging. If both parties are in agreement with the loan amount, the loan is disbursed to your account within a matter of 10 minutes. What's more, the entire process takes only an hour end-end!

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Frequently asked questions

Are there any charges levied for late payment of interest?

Lenders usually do tend to charge a penalty fee in case of default of payment or arrears. This charge is usually carried over to the next monthly payment. In case of default of payments or arrears of the next payment as well, the lender is left with no other choice but to hand over the issue to the respective loan managers. Stringent action will be taken against the borrower to ensure that the repayments are done on time. In order to avoid any such circumstances in the future, the borrower has to take care not to miss out on payments or delay the payments. As a borrower your number one priority has to be prompt repayment of loans.

What is a gold loan?

A gold loan is a loan in which the borrower offers a certain amount of gold against a loan amount (called loan-to-value or LTV) for a certain period of time. This works like a normal secured loan in which the gold acts as collateral or asset. A secured loan is also known as a collateral-based loan. A secured loan is one of the best sources of funds available in the market, thanks to the flexibilty that it offers. Acquiring a gold loan is a very simple and smooth procedure. Usually, it doesn’t take more than an hour for the funds to get disbursed. Its flexibilty allows the borrower to obtain funds even when they have a poor credit history, if they have an irregular income or even if they are unemployed.
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