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

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Gold Loans at the privacy of your home

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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. 

Documents required for an online gold loan

A gold loan is the perfect solution when a borrower is looking for urgent loans or emergency funds. With the help of an instant gold loan online, the borrower can receive the required funds in less than an hour. The borrower is eligible to get up to 75% of the market value of the pledged gold as the loan amount. Unlike many other sources of funds, an online gold loan requires minimum paperwork before giving the loan approval. The required documents are:

  1. Identity proof – any document such as voter ID, PAN Card, Aadhaar Card, Passport, or driving license can act as the identity proof of the borrower.
  2. Address proof – the same documents as mentioned above, except for voter ID and PAN card can act as the address proof of the borrower.

Some lenders also approve the loan against just the Aadhaar Card of the borrower. The Aadhaar card is the most important document for an Indian, which has all the details regarding name, father’s and mother’s name, address, biometric information, iris scan, etc. Therefore, it can function as the identity proof as well as the address proof.

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Frequently asked questions

How is the interest rate calculated for gold loans?

Narrowing down on the right lender after careful consideration is an integral part of availing a loan. As a rational borrower, you might have noticed that all the elements of a gold loan scheme such as loan term, loan interest rates, loan amount as well as repayment options differ from one lender to another. To ascertain the specifics of your loan, especially the interest rate you will have to directly contact the lender of your choice. Your lender will be able to guide you through all the various features and rates of the gold loans they disburse.

Are all gold items accepted?

Gold exists in different forms, depending on its purity. The purity of the gold is determined by the internationally recognized term, ‘karat’ where the karat is directly proportional to the purity of the gold. The higher the karat, the higher the purity. The 18 karat gold is the cheapest and the least pure form of gold that exists. Its constituents are gold and other alloys that give it the property to be molded into ornaments. Ornaments are made of 18 karat gold or above. The purest form of gold is 24 karat gold. In its purest form, it exists as coins or bars. Rupeek accepts only gold that is in the form of ornaments. This is because the banks Rupeek have partnered with only accept gold ornament and not gold coins or gold bars.

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