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

Gold Loan in Kolkata

One will be surprised to know that Kolkata, priorly named as ‘Calcutta’, was the functioning capital of India till 1911. The city was a conglomerate of three villages namely Sutanati, Kalikata and Gobindapur. The city has been a centre for the Indian Independence struggle from where various movements and freedom fighters originated. The place is named as the ‘cultural capital of India’ in view of its cultural, literary and architectural importance. One of the vastly celebrated festivals is the Durga Pooja, covering a span of 10 days where people pray to Lord Durga. The people of Kolkata are renowned for their ‘closely-knit’ neighborhoods and casual conversations, which is a chief part of their community’s essence. The place is known for being ahead of its time, it is where the first stock exchange was set up, metro line was constructed and an operational airport was built. The major tourist sites of Kolkata are the Indian Museum, Dakshineswar Temple, Eden Gardens, Victoria Memorial, Alipore Zoo, Birla Mandir, St. Paul’s Cathedral and National Library. The people mostly rely on gold loans in Kolkata for personal requirements.
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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. 

What is an online gold loan?

Gold loan is the most flexible and popular source of funds in the Indian financial market. A gold loan is a secured loan, which means that to obtain quick funds or emergency loans, the borrower has to pledge their asset (in this case, their gold) with the lender to obtain funds in return. A secured loan is also known as a collateral-based loan since the funds can be availed only against the asset of the borrower. Gold loans owe its popularity to its attractive features such as:

  1. Low rate of interest
  2. High-value loans
  3. Minimal paperwork
  4. Flexible repayment options
  5. Instant loans etc.

Using a gold loan, the borrower can get up to 75% of the market value of the collateral as the loan amount. In some cases, up to 90% can also be disbursed as the loan. Instant gold loans are so true to their name that the funds get transferred to the borrower’s account within one hour from the loan application.

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Frequently asked questions

How to apply for a gold loan with Rupeek?

Applying for a gold loan with Rupeek is as easy as can be! The Rupeek app has been designed to guide the borrower virtually through the process of availing a loan. A borrower only needs to go through these steps 

*Download the Rupeek App- You will have to download the app from the PlayStore and create an account for yourself with a unique username and password. Alternatively, you can also place your request by calling us on our customer care number.

*Loan Request- Once your account has been created you can navigate to the loan application, fill out the necessary information, and place your loan request.

*Gold Valuation at Home- Once your loan application is approved, a lender appointed official visits you at a location of your choice and evaluate the purity of your gold.

Post gold evaluation, the loan amount you are eligible to receive will be conveyed to you by the gold appraiser. If you are satisfied with this amount, you will receive it within 10 minutes!

Can a family member be present for the appraisal in my place?

No, a family member cannot represent the borrower when loan appraisal is happening. Most lenders require the loan applicant to be physically present while gold valuation is underway. This is primarily for transparency and security purposes. While family members can also be present while the gold appraisal is happening, the presence of the loan applicant cannot be substituted by that of a family member. Since the presence of the loan applicant helps confirms the identity and address proof of the applicant, you will not be able to move forward with your loan on gold if you request a substitute for the process. 

Under what cirumstances will my gold loan get rejected?

There are a few scenarios in which a customer's application might get rejected. This very first instance where this can happen is KYC. If the documentation provided by the borrower is insufficient or of suspicious validity or found to be forged/fake then the gold loan will be rejected. Additionally, your credit score may be too low for the lender to trust your ability to repay the loan and hence will reject your loan. Thirdly, the gold you pledged may not be meeting the standards of purity which have to be a minimum 18 karat to be pledged as collateral.

Can I close the gold loan earlier than intended?

\Yes, it is possible for the lender to close the gold loan in cityname before the end of the term. There are only rare cases when the option of prepayment wouldn’t be available to the borrower and that is if the lender has a lock-in period or if there are some prepayment penalties. Some lenders charge for the prepayment of the loan, called prepayment penalties. This charge can be up to 200 rupees, if you are looking to close your loan account 3 months or 1 month before the lock-in period set upon the lender’s discretion. The penalty charged by the lenders also depend upon your loan amount. Rupeek, on the other hand, does not levy any penalty charges for the preclosure of the loan account.
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Gold loan in Kolkata

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