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Gold Loan in Kolathur

Kolathur is a lovely, medium-sized town located in tamil nadu, near the popular river cauvery in salem district. The city has plenty of small shops and organizes friday market, thereby drawing people from both in and near kolathur. The town has a rich cultural heritage synonymous with the shops, and it has many temples. Some temples in kolathur include the temple of maari amman, the temple of vanathu mariamman, the temple of om sakthi, the temple of jalathumaari amman and the temple of periyaandichi amman. Kolathur is a panchayat town (i.e., a small town of approximately 20,000-25,000 inhabitants, established under the administrative framework of panchayati raj) in salem district according to the 2011 India census. gold loan is readily available to its inhabitants in kolathur.

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.

Benefits of an online gold loan

An online gold loan offers unparalleled benefits. To avail a gold loan, you need to register yourself as a borrower and mortgage your gold ornaments. The best feature of an online gold loan is that the entire process of the loan application and approval takes place online. Hence, the location of the borrower does not matter. Usually, the lender sends a loan officer to the borrower within half an hour of getting the loan request, who verifies the gold, and gives a quote. On successful verification and subsequent approval, the lender then sends the amount directly to the bank account of the borrower. With an online gold loan, a borrower can get up to 75% of the gold's average market value. As it is a secured loan, the rate of interest is lower than many other types of instant loans. Additionally, a borrower can apply for a gold loan only with the Aadhaar Card.

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Frequently asked questions

Can I take a gold loan for my education?

Yes, you can take a gold loan in Chennai against your collateral gold and use it for your educational purposes. The easy repayment schemes where you only have to pay interest each month and a flexible loan tenure ranging from 6 months to 12 months make it one of the most favourable loans to opt for while pursuing higher education either in India or abroad. A secured loan is also attractive as it offers a high Loan to Value ratio against one of the lowest interest rates in the financial market. Further, gold loans in Chennai are one of the most flexible sources of funds which also offers a range of flexible repayment schemes.

Can I partially repay the gold loan amount?

Yes, it is possible to make partial prepayment of the loan. This is one mode of repayment of the gold loan in Chennai where the borrower pays an amount larger than the fixed EMI and less than the full loan amount. The amount can range anywhere between the EMI and the remaining loan amount with the interest compound. Some borrowers resort to this method to finish off the loan prematurely. However, it has to be noted that the collateral will only be returned by the lender once the whole repayment has been completed. 
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