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Gold Loan in Lal Baug

Lal Baug area is famous all over in India which is in South Mumbai. This area was named after a fourteenth-century saint called 'Lal Shah Sahib' whose dargah is close to his younger brother's dargah. It is very fascinating that Currey Road in the Central Railway network of Mumbai is very much connected with western rail routes. Lal Baugh in Parel uses to be the top location for few old operating mills at times when the region was contending with various acclaimed business hubs areas. Our well-known B.R Ambedkar Road is the primary road across the focal center of this area. Most of the time people take gold loan in Lal Baug for fulfilling their personal needs.

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!

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. 

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Frequently asked questions

How does gold loan work?

Gold loans are those loans that require you to secure your credit amount with collateral, collateral in this case being gold. Lenders usually only accept gold in the form of jewelry or ornaments as opposed to gold coins or bars. It is noteworthy that the gold valuation is almost always different from the market value. This is because the lender arrives at the gold gram rate based on the average rate from the past 30 days. The loan amount that you are eligible to receive depends on the valuation of your gold. This amount is then transferred to you within 10 minutes. 

What is gold loan renewal and how is it done?

Rupeek strives to provide flexible, convenient, and affordable solutions for everyone. Most of the gold loan schemes available are of short tenure and our generally one of the below three:

1) 3 Months

2) 6 Months

3) 12 Months

Some lenders give the customers the option to extend the tenure of their loan. This process of availing an extension is known as gold loan renewals. It is noteworthy that your lender might levy a renewal fee if you choose to transfer your loan.

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