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0.79%*
monthly Interest (9.69% P.A)*

Gold Loan in Kalapet

The town of Kalapet in Pondicherry is one of the calmest regions by the East Coast Roads that entails in beach-based tourism. It houses the Pondicherry University that responds to the multilingual population in the Union Territory. The languages spoken in this region are Tamil, English, Hindi, Bengali, and French among other languages.The local population is harnessed by the several vocational trainings given by the university. The locality is also famous for its central jail and the number of beaches and botanical gardens that adds deiversity to this location. People often opts for Gold Loans in this area to meet their financial needs.

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.

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.

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Frequently asked questions

How will gold rate affect my gold loan amount

The loan amount you are eligible to receive is contingent on the value of the collateral you pledge. Usually, the loan amount you receive is about 75% of the market value of the gold you pledge. The value of the collateral however is ascertained by taking an average of the daily gold gram rate from the past 30 days. If the gold rate has been on a constant high, then the loan amount goes up and the borrower receives a higher amount of loan against their gold. But at the same time if gold hasn't been performing well, then the average gold gram rate will also not come up too much and hence, the loan amount the borrower is eligible to receive will also be correspondingly low.

How does gold loan work?

The reason why gold loans are the most popular in the financial market is the ease associated with acquiring the funds. There are many online gold loan platforms now, using which, quick funds can be obtained. Getting a gold loan is a quick and hassle-free process. First, you have to download the lender’s app to place the loan request online. You can also place the request offline by calling their customer care desk. Within minutes, a company official will get in touch with you. From thirty minutes of placing the loan request, the representative will show up at your doorstep. After the careful gold valuation and verification of your docuemtns, the loan will be approved. Immediately after the loan approval, the amount will get transferred, which then has to be repaid within the loan term.
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