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Gold Loan in kavarapettai

Beyond Kilikodi Lake and Panpakkam Lake, Kavaraipettai is a small residential neighbourhood. The town is crossed by National Highway 16, or Chennai-Kolkata Highway, and State Highway 52, or Uthukottai-Gummudipoondi Road. There are several shops and merchant establishments in the town, prompting people to come here to shop from nearby locations such as Kilikodi, Panpakkam, Melmudalambedu, and Sombattu.In order to develop or expand the company, business people in the area often use gold loans in Kavaraipettai. The district falls under the assembly constituency of Gummidipoondi and the parliamentary constituency of Tiruvallur. Kavaraippettai and Gummidipundi are the closest rail stations. Some renowned educational institutions in the region are the Cholan Institute of Technology, R.M.D. Engineering College, R.M.K. Residential Senior Secondary School, Sri Durgadevi Polytechnic College, and T.J.S. Polytechnic College.

What is an online gold loan?

An online gold loan is the most straightforward secured loan you can avail when you require instant cash. The easy eligibility criteria and high loan amount make a gold loan one of the most popular loans in India. Usually, lenders approve up to 75% of the gold's market value; although at times, the upper limit may go up to 90%. The final amount would depend on the previous thirty days' average gold price and the quality and Karat of the gold. To avail an online gold loan, the borrower has to download the lender's app or call the customer helpline. After this, a loan officer would schedule a meeting and visit the borrower's residence or office and value the gold. Generally, the loan amount gets transferred to the borrower's bank account within ten minutes of loan approval. The total time from loan application to loan approval can be anything from half an hour to an hour.

Eligibility criteria for an online gold loan

As far as forms of credit go, online gold loans provide a range of peerless flexibility! Here are some of the basic eligibility criteria that you need to meet if you are looking to avail an online gold loan-

1) Since lenders prefer disbursing loans to borrowers that are domiciled within the same geographic boundaries as theirs, you will have to be of Indian nationality and residing in India to avail a loan.

2) You must be an independent major, that is of the age 18 or above

3) Since, usually, Indian lenders do not approve gold coins or bars, the collateral you are looking to secure your loan with has to be gold in the form of jewelry or ornaments.

4) The jewelry you are looking to pledge must be 18 Karat or above (Karat is the measure of the purity of gold)

It is noteworthy that the loan amount you are eligible to receive is bound to vary from the market gold rate. This is due to the fact that lenders don't go by the current market price and instead arrive at the average gold rate based on the rate from the past 30 days. 

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Frequently asked questions

What happens if the loan amount is not repaid on the due date?

Delay in repayment of loan reflects poorly on the borrower's credit score which affects the borrower's credit health if he/she were looking to avail a subsequent loan in the future. As a borrower your number one priority has to be prompt repayment of loans. Despite that if a borrower is unable to complete gold loan repayments because of unforeseen circumstances, the borrower will face extra charges with jumping interest rates. The loan manager will also be in touch with you to discuss the issue. If the loan amount remains unpaid beyond a stipulated date, the gold will be auctioned off. 

What payment methods are available for me for online gold loan?

Rupeek offers various options for the repayment of the gold loan. One of the major reasons why Rupeek gold loans in Chennai are opted by its customer is due to the flexibility in repayment options that it offers. The repayment can be done as cash, cheque, DD, or via card. Most companies, including Rupeek, offer assistance to complete a gold loan repayment or pay your interest through their website, app. On both platforms, you will have the following options for payment modes:

  1. Internet banking
  2. Debit card 
  3. UPI
  4. Money transfer using RTGS/IMPS 
  5. NEFT

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