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

Gold Loan in kodumudi

The Magudeswarar Temple, Veera Narayana Perumal Temple, Sri Saneeswara Bhagavan Temple, Athi Vinayagar Temple, and River Kaveri are popular for Kodumundi in the Erode District, where devotees from all over India frequently visit to offer prayers. The area falls under the constituency of the Modakkurichi assembly and the legislative electorate of Erode.Elunoothimangalam, Ayyampalayam, Kondalam, Vallipuram, and Anjur are the nearest localities. Kodumudi and Unjalur are the nearest railway stations. Karur Vellalar College of Women's Arts and Science, Annai Women's College, SVS Girls High School, Magudam Academy, and SSV Girls High School. The neighbourhood has all the new facilities in the vicinity, so people choose to live here. A gold loan in Kodumundi is the most common loan choice.

Gold Loans at the privacy of your home

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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:

  1. Low loan interest rates - the interest rates are less because of the security of the collateral.
  2. Minimal documents – the only documents that the borrower is expected to submit are the address proof and identity proof
  3. 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%.
  4. No upper limit – the amount that you can obtain is determined by the value of the pledged gold.
  5. No requirement of income proof – the borrower can be unemployed or have an irregular income and still get a gold loan.
  6. No requirement of credit history – the borrower can have a poor credit score or CIBIL score and still be eligible for the loan.
  7. Flexibility – a secured loan is more flexible than other sources of income. The borrower has a variety of repayment schemes to choose from.
  8. 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?

Gold loans in Erode are pervasively availed because of how flexible they are. Rupeek especially strives to provide affordable solutions and offers different flexible types of gold loans repayment schemes. They are classified as follows:

1) Interest Payment: In this method of repayment, you pay a monthly interest concerning only the principal amount

2) Closure Payment: In this method of repayment, your pledged jewelry will be returned once closure payment is made

3)Part-Payment: In this method of repayment, your monthly payment is more than the interest payable per month.

What is gold loan renewal and how is it done?

Gold loan renewal is the process by which a borrower can renew the gold loan in Erode that they have obtained from a lender. Gold loans in Erode are usually for short durations - the loan terms extending over periods as short as 3 months and not more than 12 months. If the borrower is in a continued requirement of funds even after their loan term has come to an end, a fresh loan can be acquired from the same lender by repledging the same gold ornaments. It has to be noted that some lender levy a charge for the renewal of the gold loan in Erode.
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