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In accordance with the respective state government’s directive, we’ve resumed operations in all the cities. However, a few services will remain affected while others will continue as usual. To read about the services or moratorium updates, Click here

Gold Loan in kolar road

The river kaliasot, a tributary of the river betwa, flows to the east of kolar path. Close kolar road is the kaliasot dam, which provides water for irrigation to all local farmers. In case you want to live here, the beema kunj market will take care of your everyday as well as other needs. Applying to either of the banks for gold loans will get you your housing loan. Any of the famous health care services in this city are a variety of hospitals such as the lotus hospital and maternity centre, jk hospital, and shivalaya hospital. If you're a movie fan then the ddx cinemas are the place to stay over the weekends.

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

Since a gold loan is a secured loan, it offers many benefits that the other sources of funds do not offer. Some of the benefits offered by a gold loan include:

  1. Low rate of interest
  2. Minimal documentation
  3. High loan amount
  4. Flexibility in repayment options
  5. Instant loan approval, etc.

The requirement for eligibility for a gold loan isn’t much. To avail a gold loan, the borrower has to fulfill the below-mentioned criteria:

  1. The borrower shouldn’t be a minor
  2. The mortgage loan should be of 18 karat or above
  3. The gold should be in the form of ornaments or jewelry.

The loan amount is then calculated by the lender by multiplying the quality, purity, and weight of the gold. The lender then multiplies it with the average price of gold for the past thirty days. The resultant amount id the loan amount that the borrower can borrow.

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Frequently asked questions

Is a gold loan taxable?

Though gold loans can be spent as per the discretion of the borrower, whether or not your gold loan is taxable primarily depends on the purpose for which it is being availed. For instance, gold loans that are availed for business purposes are taxable. Additionally, a tax rebate can be claimed on the interest component as well. However, this is not the case if the gold loan is being availed for personal use. That is if the loan is being availed to be spent on educational purposes, a wedding, medical emergencies, purchase a vehicle, or remodel your house, then the borrower cannot claim a deduction.

How are gold loans different from other loans like personal or credit card loan?

A gold loan offers better benefits than a personal loan or credit card loan. This is because a gold loan is secured with the gold, and a personal loan and a credit card loan are unsecured. Therefore, gold loans offer may benefits that are not offered by an unsecured loan. For example, gold loans have much lower interest rates and are not as heavy on document work. In fact, gold loans require minimal document work with only KYC needed. Moreover, gold loans do not require a credit score or history and have the highest loan-to-value ratio (LTV). Loans amounts are also disbursed much faster, usually within a few hours, making it a great option for those in need of an emergency loan.
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