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Salem
kondalampatti
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0.79%*
monthly Interest (9.69% P.A)*

Gold Loan in kondalampatti

Kondalampatti is salem zonal area, a city in tamil nadu, south Indian state. Kondalampatti is made up of 15 wards, and m. And thiru and paramasivam. The new councillors from kondalampatti are n. meeanchi sundaram. According to India's 2011 census, this area had a population of about 20,000, where males and females lived in an even ratio of 50:50. The average literacy rate of kondalampatti at 52% is lower than the 59.5% average for national literacy. Yarn trade and silk sarees manufacturing and trading are the most common and coming modes of revenue generation in this area. Sri mariamman temple and kaliamman temple are some of the most famous temples in here. There is also a college named salem sowdeswari college in this area. gold loan is readily accessible to its residents at kondalampatti.
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Gold Loans at the privacy of your home

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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.

Documents required for an online gold loan

If you are looking to source immediate funds at short notice, online gold loans are your go-to avenue! The eligibility criteria are relaxed, it requires only minimal documentation, you are eligible for a higher loan amount (though the upper cap is contingent on the value of your gold), you can choose from a range of flexible repayment options, the benefits are endless! The documentation requirement can be split into two parts:

1) Identity Proof- Documents that serve as identity proof include but are not limited to:

* Voter's ID

*PAN Card

*Aadhaar Card

*Passport

*Driving License

2) Address Proof- Documents that serve as identity proof include but are not limited to: 

*Aadhar Card

*Passport

*Driving License

When it comes to gold loans, most lenders allow the borrower the latitude to avail a loan using just the king of all documents- The Aadhaar Card. Since it contains almost all the necessary information including Name, DOB, Name of parents/spouse, Address, Biometric information, and Iris Pattern Scan it acts as an all-rounder when it comes to documentation!

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Frequently asked questions

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

It is mandatory that at the time of the loan appraisal and the verification of the documents, the borrower has to be present. Nobody, not even the close relative or family member can be sufficient in the place of the borrower. The process of verification and validation of the KYC documents as well as the gold is an important step in the process of loan approval. The identity proof and the address proof of the borrower have to be cross-checked. This demands the physical presence of the borrower. It also helps in establishing the transparency and security of the company. If you cannot be present in person during the verification process, the appointment will have to be rescheduled. 

What is gold loan renewal and how is it done?

Gold loan renewal is the process by which a borrower can renew the gold loan in cityname that they have obtained from a lender. Gold loans in cityname are usually for short durations - the loan terms extending over periods as short as 3 months and not more than 12 months. If the borrower is in a continued requirement of funds even after their loan term has come to an end, a fresh loan can be acquired from the same lender by repledging the same gold ornaments. It has to be noted that some lender levy a charge for the renewal of the gold loan in cityname.
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