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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.

Documents required for an online gold loan

When a borrower needs urgent cash, an online gold loan acts as a blessing. With an online gold loan, you can get up to 75% of the gold's average value as the loan, instantly. Before approving the loan, the lender might ask you to submit a few documents, which the lender uses to determine your eligibility. The first document that you need to submit is an identity proof, like voter ID, PAN Card, Aadhaar Card, Passport, or driving license. The second document you need to submit is an address proof. Except for the PAN and Voter ID, all other documents mentioned above function as the address proof. Many reputed lenders also offer the facility to apply for a gold loan only with the Aadhaar Card. As the Aadhaar card contains all your personal details, like name, date of birth, father's/mother's name, address, and biometric information and iris scan, it functions as both the identity proof as well as the address proof.

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

How do I close my loan on gold and release my jewels?

You can close your gold loan in Kolkata in one of several ways to finish complete repayment and have your collateral released. One of the options you can use is an option called 'close loan' online. In this method, the closure summary of your loan will be displayed in the app on your profile. The details enclosed are accrued interest, rebate amount(if applicable), the final payable amount for your gold loan. Your loan manager will handover the gold jewelry or ornaments you had pledged as collateral once your loan account has been closed.

What purposes can I request a gold loan for?

A gold loan can be requested to meet any of the following requirements:

  1. Home renovation
  2. Sponsor an event
  3. Throw a marriage or any other function
  4. To clear another debt
  5. Medical emergency
  6. Educational purpose
  7. Small business

In short, it can be said that a gold loan in Kolkata can be taken for any purpose - whether the requirement is planned or unplanned. As long as the borrower doesn’t use the funds for a speculative or illegal purposes, the loan amount can be used for any purpose. Most borrowers take gold loans in Kolkata to meet the above-mentioned requirements. 

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