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

Gold Loan in kalyananagar

In the north-eastern portion of Bangalore in the Indian state Karnataka, a residential hotspot named Kalyan Nagar has been located. The area is bordered with Banaswadi, Ramamurthy Nagar, and Horamavu. It is easily accessible from all the parts of Bangalore because of the presence of Asian Highway 45 and National Highway 44 and 75. The primary mode of transportation is autos, taxis, and buses. Baiyappanahalli, a metro station is only 6 km away and Banaswadi, a railway station is only 4 km away from the region. Kalyan Nagar is only 27 km away from the Kempegowda International Airport. People often apply for a gold loan in Kalyan Nagar to purchase properties in this rapidly growing locality because of the presence of KIAL, Bagmance Tech Park, Infantry Techno Park, and Manyata Embassy Business Park.

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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.

Eligibility criteria for an online gold loan

As a secured loan, the online gold loan offers unparalleled convenience, like easy eligibility, minimal documentation, high loan amount, long tenure, flexible repayment options, low rates of interest, and instant loan approval. Because of its simple eligibility criteria, virtually any Indian citizen can avail a gold loan. To avail a gold loan online, your age must be above 18. The purity of the gold you want to mortgage should be 18 Karat and above. The third and the last eligibility criterion is that the gold should be in the form of jewellery or ornaments. Generally, Indian lenders do not accept gold bars or coins for approving the gold loan. To calculate the loan amount, the lender evaluates the quality, weight, and purity of the gold and multiplies it with the previous thirty days' average price of gold. The figure that comes out as a result of the gold evaluation is the loan amount a borrower becomes eligible for.

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Frequently asked questions

What is an LTV?

LTV stands for Loan to Value ratio. In a gold loan in Bangalore, when a borrower pledges the gold ornaments with the lender to receive funds in exchange for it, the lender has to calculate the amount of the loan that can be disbursed for the given value of gold. The amount that can be disbursed with respect to the value of the gold is known as the Loan to Value ratio. In the case of a gold loan in Bangalore, the LTV is high where the borrower can get up to 75% of the market value of the pledged gold. How much loan amount can be obtained by submitting the borrower’s collateral gold can be calculated online. Several lenders, including Rupeek provide this facility online.

What are the documents that I need to submit while applying for a gold loan?

A gold loan only requires you to submit KYC documents for verification before the loan can be processed and disbursed. This includes ID proof and address proof, which can be a driver’s license, Aadhar card, voter ID, PAN card, or passport. Along with this, a utility bill or lease agreement must be provided. One of the main advantages of a secured loan is the minimum documents that it requires. It means that the loans are easy to procure as well as flexible, thanks to the relaxed eligibility criteria. While other sources of funds, such as unsecured loans demand several documents to prove your financial health, a secured loan can be obtained with just the Aadhaar card.
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