Low Interest Gold Loans in Kanchipuramstarting @ 0.49%P.M. (5.88%* P.A.)

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low interest gold loan

Get a New Gold Loan

IconInstant 30 minuntes

Shift your Existing Gold Loan

IconSave ₹37,131*

We offer the highest per gram rate on our gold loans.

3,545*
lender banks

Gold Loan in Kanchipuram

Kanchipuram is a city in Tamil Nadu, that is at a distance of 72kms from Chennai. It is dotted with remnants from the rich history of India. For that reason, and because the city is also home to numerous temples of all state and structure, it is known as the temple city. According to the Vaishnavism Hindu theology, it is also an important pilgrimage centre. Kailasanathar Temple, Ekambareswarar Temple, Kumarakottam Temple, Vaikuntha Perumal Temple, and Kamakshi Amman Temple are among the most prominent temples in the city. In the olden times, the city had been a religious education hub for Hindus, Jains, and Buddhists. The city is also home to more than fifty schools, two universities, two medical colleges, six engineering colleges, and six general degree colleges, and a rail construction center. People prefer gold loans in Kanchipuram to meet their short-term fund requirements.

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Benefits of an online gold loan

When you require emergency funds or urgent loans, a gold loan is one of the most flexible and hassle-free loans that you can acquire. A few of the benefits that are exclusive to gold loans are listed below:

  • Low loan interest rates
    • the interest rates are less because of the security of the collateral.
  • Minimal documents – the only documents that the borrower is expected to submit are the address proof and identity proof
  • High-value loan – up to 75% of the market value of the gold can be obtained as the loan and in some cases, up to 90%.
  • No upper limit – the amount that you can obtain is determined by the value of the pledged gold.
  • No requirement of income proof – the borrower can be unemployed or have an irregular income and still get a gold loan.
  • No requirement of credit history – the borrower can have a poor credit score or CIBIL score and still be eligible for the loan.
  • Flexibility – a secured loan is more flexible than other sources of income. The borrower has a variety of repayment schemes to choose from.
  • Speed – the whole transaction, from the loan application to the disbursement of the funds takes place within an hour.

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 kind of repayments can I do?

Borrowers have the flexibility to choose from different types of gold loan repayment schemes. These include Interest payments, Closure payments, and Part payments.

1) Interest payment: Interest payment is the method of repayment in which the interest you need to pay on your principal is paid on a monthly basis.

2) Closure payment: Closure payments is the method of repayment in which the jewelry you have pledged is returned once the closure payment is made.

3) Part-payment: Part payment is the method of repayment in which you can make at any point in time which is more than the interest payable for that month

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.

Under what cirumstances will my gold loan get rejected?

A secured loan is one of the easiest and hassle-free loans to acquire. It is also one of the most flexible sources of funds that are available to a lender. That is to say that only in extreme cases the loans are likely to be rejected by the lender. The few cases in which the gold loans in Kanchipuram will be rejected are as follows:

  • Insufficient documents. A secured loan only demands very minimal documentation. The only documents that are required for a gold loan in Kanchipuram are the address proof and identity proof. If there is something suspicious about these, the lender is likely to reject your loan.
  • Low credit score. Gold loans in Kanchipuram do not consider the credit score of the lender before sanctioning the loan. But if the credit score is too poor to accept, the lender will have no other option but to reject the loan.
  • Gold eligibility. Most lenders only accept gold loans that are in the form of ornaments and whose purity falls between 18 karat and 22 karat

Does gold loan affect CIBIL?

Yes, availing a gold loan in Kanchipuram will reflect on your CIBIL credit score depending on how you finish repaying your loan amount at the end of your loan tenure. This score directly reflects on how well you manage your monthly loan repayments. Availing a gold loan is bound to reflect positively on your CIBIL score provided you are prompt with your payment. The lender considers your loan as 'closed' in your credit report only when you have repaid the entire amount along with the interest component. However, if you were irregular in your interest payments or failed to repay the entire loan amount the lender will mark it as 'settled' or 'written off' in the credit report which makes you a defaulter and reduces the chances of availing any loan further.