close btn

Service Update- (Covid-19)

In accordance with the respective state government’s directive, we’ve resumed operations in all the cities. However, a few services will remain affected while others will continue as usual. To read about the services or moratorium updates, Click here

Gold Loan in kagal

Kagal is a town in Maharashtra, in the kolhapur district. It sits at the border of the Maharashtra and karnataka provinces. The river dudhganga flows through this city. In this city is situated the chhatrapati shahu sahakari sakhar karkhana, a major sugar factory. Kagal is located about 19 km from the town of kolhapur. The kagal-hatkanangale industrial area (midc) is the venue for many large and small factories and is one of the town's major sources of employment. People also rely on gold loans to meet various miscellaneous expenditures at kagal.

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.

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.

Rupeek ad

Gold Loan Calculator

Frequently asked questions

Why should I take a gold loan with my jewellery?

If you have any short-term goals that need to be financed, you can use the gold jewelry that is lying dormant in your home lockers to encash them, but at the same time reclaiming them as they were. As gold loans are good in a rising market, a lender offering good LTV will get you the most out of your gold jewelry. If the expected appreciation in value is greater than the cost of the loan, it is better to take a loan bearing in mind to keep it short-term and being able to repay the principal. Ideally, you should go for a gold loan in Kolhapur if you are looking for emergency funds.

Is a gold loan taxable?

Whether or not the gold loan is taxable depends on the reason behind the procurement of the funds and where it is to be invested. If the gold loan is procured for business purposes, it is taxable. On the other hand, if the funds have been obtained for other uses that consittute personal use, such as medical emergencies, house renovation, to sponsor an event or to throw a marriage function, then the borrower cannot claim tax deduction. If the loan has been procured for your personal use, there can be tax deduction. Only as long as it has been procured for business purpose, there is tax deduction.
Rupeek ad
gold img
Apply for Gold Loan 30 Minutes Doorstep Service
close
+91
Please enter valid Mobile Number
close
success img

Loan Request Successful

Your request has been received, our customer relationship manager has been notified and will call you shortly