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monthly Interest (9.69% P.A)*

Gold Loan in kakkanad

The Cochin Special Economic Zone and Infopark are the icons of Kakkanad, renowned for being a major economic zone. Kakkanad has developed as the industrial base of Kochi from being a historically important location where economic activities are very prevalent. Given the economic upswing, there are a number of residential developments in the locality that invite the nearby working sector to do so.Personal loan companies are interested in the varied population in this area, which needs gold loans in Kakkanad for multiple modern day activities. The people of this town, being a part of a diverse society, go in the direction of a promised future.

Gold Loans at the privacy of your home

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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.

Documents required for an online gold loan

A gold loan is the perfect solution when a borrower is looking for urgent loans or emergency funds. With the help of an instant gold loan online, the borrower can receive the required funds in less than an hour. The borrower is eligible to get up to 75% of the market value of the pledged gold as the loan amount. Unlike many other sources of funds, an online gold loan requires minimum paperwork before giving the loan approval. The required documents are:

  1. Identity proof – any document such as voter ID, PAN Card, Aadhaar Card, Passport, or driving license can act as the identity proof of the borrower.
  2. Address proof – the same documents as mentioned above, except for voter ID and PAN card can act as the address proof of the borrower.

Some lenders also approve the loan against just the Aadhaar Card of the borrower. The Aadhaar card is the most important document for an Indian, which has all the details regarding name, father’s and mother’s name, address, biometric information, iris scan, etc. Therefore, it can function as the identity proof as well as the address proof.

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Frequently asked questions

How is the market value of gold determined?

Gold is one of the most precious commodities in the world today. Throughout its existence for over 3000 years, its value has remained consistent, never dipping below zero. There are many factors on which the price of gold depends. Although the major factors are the demand and supply, it is also largely dependent on the gold production, inflation, government’s gold reserves, import rates, interest rates, taxes and levies, local demands, etc. For these reasons, the value of the gold in the market is seen to fluctuate. You can know the current rate of gold by visiting our page for gold loan calculation.

Is there any age limit to avail a gold loan?

The eligibility criteria that a lender offers are unique to them. That is to say that the eligibility criteria offered by the lenders in the market differ when you are applying for a gold loan in Kochi. The conditions vary to the extent in terms of age (and other factors) that while some lender requires the borrowers to be at a minimum age of 18 some lender wants their borrowers to be at a minimum age of18. Some lenders keep the upper bar on age at 65 years while for some others, it is 75. But generally, and according to Rupeek, the only eligibility criteria that the borrower has to fulfill are listed as follows:

  1. The borrower has to be an Indian citizen
  2. The borrower should possess the required KYC documents (address proof and identity proof)
  3. The borrower should possess sufficient gold which is above 18 karat gold and up to 22 karat and are in the form of gold ornaments.

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