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Gold Loan in kondapuram

Kondapuram is the town in andhra pradesh which is automatically marked by the lush green lands commonly popular as rice paddy fields. This town's agricultural-dependent community is known to get gold loans for various needs in kondapuram. They are surrounded by local public bodies and educational institutions which promote the village economy. The kondapuram bus stand and railway station links the locals with the people in the area and fosters development on both business and economic grounds. Also believed to bring in congregation at the seasonal festive occasions is the pancha lingeshwar temple situated here.

Documents required for an online gold loan

A gold loan is the perfect solution when a borrower is looking for urgent loans or emergency funds. With the help of an instant gold loan online, the borrower can receive the required funds in less than an hour. The borrower is eligible to get up to 75% of the market value of the pledged gold as the loan amount. Unlike many other sources of funds, an online gold loan requires minimum paperwork before giving the loan approval. The required documents are:

  1. Identity proof – any document such as voter ID, PAN Card, Aadhaar Card, Passport, or driving license can act as the identity proof of the borrower.
  2. Address proof – the same documents as mentioned above, except for voter ID and PAN card can act as the address proof of the borrower.

Some lenders also approve the loan against just the Aadhaar Card of the borrower. The Aadhaar card is the most important document for an Indian, which has all the details regarding name, father’s and mother’s name, address, biometric information, iris scan, etc. Therefore, it can function as the identity proof as well as the address proof.

Benefits of an online gold loan

When you require emergency funds or urgent loans, a gold loan is one of the most flexible and hassle-free loans that you can acquire. A few of the benefits that are exclusive to gold loans are listed below:

  1. Low loan interest rates - the interest rates are less because of the security of the collateral.
  2. Minimal documents – the only documents that the borrower is expected to submit are the address proof and identity proof
  3. High-value loan – up to 75% of the market value of the gold can be obtained as the loan and in some cases, up to 90%.
  4. No upper limit – the amount that you can obtain is determined by the value of the pledged gold.
  5. No requirement of income proof – the borrower can be unemployed or have an irregular income and still get a gold loan.
  6. No requirement of credit history – the borrower can have a poor credit score or CIBIL score and still be eligible for the loan.
  7. Flexibility – a secured loan is more flexible than other sources of income. The borrower has a variety of repayment schemes to choose from.
  8. Speed – the whole transaction, from the loan application to the disbursement of the funds takes place within an hour.

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Frequently asked questions

What happens if the loan amount is not repaid on the due date?

Delay in repayment of loan reflects poorly on the borrower's credit score which affects the borrower's credit health if he/she were looking to avail a subsequent loan in the future. As a borrower your number one priority has to be prompt repayment of loans. Despite that if a borrower is unable to complete gold loan repayments because of unforeseen circumstances, the borrower will face extra charges with jumping interest rates. The loan manager will also be in touch with you to discuss the issue. If the loan amount remains unpaid beyond a stipulated date, the gold will be auctioned off. 

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.
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