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Coimbatore
kovaipudur
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0.79%*
monthly Interest (9.69% P.A)*

Gold Loan in kovaipudur

Kovaipudur, a quaint little township fondly known as Little Ooty among the local people of Coimbatore of its pleasant climate. It is situated at the knob of the Western Ghats in Coimbatore. It has complexly designed temples devoted to the Hindu Gods along with few beautiful churches and a masjid. The climate is calm and unclouded. It also consists of multiple engineering and polytechnic education institutions and a Police Training Academy owing to which several private and nationalized banks have opened their branches in this town as well. The locals depend on gold loans in Kovaipudur to meet their immediate loan requirements.
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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.

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.

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Frequently asked questions

Can I partially repay the gold loan amount?

Yes! Since Rupeek strives to provide affordable solutions for everyone, we provide the flexibility to repay your loan amount as per your convenience. If the borrower wishes, he/she can choose to repay their gold loan in part. This partial repayment option is also known as part release of a gold loan. The partial repayment amount can vary between monthly interest and full-closure amount. However, the gold jewelry or ornaments pledged will be returned only after the entire loan amount is repaid.

How is the interest rate calculated for gold loans?

Gold loans are one of the most flexible forms of credit. There are several elements to an online gold loan. As a rational borrower, it is important for you to do your research on the various schemes and terms that different lenders offer before zeroing in on one. Loan amount, Loan Interest Rates, Repayment Options, Loan Terms are all factors that vary from lender to lender. You can get in touch with your lender to understand how your gold loan interest rate will be calculated. Your lender will be able to guide you through the terms of your loan in their expert opinion.
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