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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.
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:
Loan Amount
Tenure
Interest Rate
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Gold Weight
Gold Purity
Tenure
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Rupeek is one of the best online gold loan platforms that makes sure that it provides its borrowers with flexible repayment options so that they do not have to land themselves in trouble over repayment of the loan. Rupeek offers its borrowers with a range of schemes from which the borrower is free to pick that is best suited for them. Rupeek takes into consideration the convenience of the borrower to evade any problems in the future. Three different schemes under each amount are available when opting for a gold loan under Rupeek. It is listed in the table below.
Amount |
Interest rate |
Less than 2 lakh |
The interest rate is at 1.29% at the lowest and 1.69% at the highest. |
Between 2 lakh and 5 lakh |
The interest rate can range between 0.99% and 1.59% |
Between 5 lakh and 20 lakh |
The interest rate can be as low as 0.89% and as high as 1.39% |
Above 20 lakh |
The interest rate falls between 0.89% and 1.39%. |
Under each loan amount, Rupeek offers you a range of choices to pick from. They are classified into three:
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