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Gold Loan in lala lajpat rai marg

The city of dreams, Mumbai, comprises of many localities and each locality brings a different flavor of the lifestyle here. One such locality is Lala Lajpat Rai Marg which is located along the western coast of the city. Mumbai being one of the most expensive cities in India makes its residents be on toes for financial stability. People often fall into financial crises and applying for a gold loan in Lala Lajpat Rai Marg seems to be a good substitute for them. There are several retail markets, government offices, commercial hubs, educational institutes, hospitals, supermarkets, and restaurants in the near vicinity of this neighborhood. One thing for sure, this city welcomes all with open arms to try their luck and fulfill their dreams.

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.

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.

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Frequently asked questions

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 Mumbai that they have obtained from a lender. Gold loans in Mumbai 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 Mumbai.

How long will it take for me to get my gold loan?

Aside from the range of flexibility available, another important feature of a gold loan is the speed at which these loans are approved and disbursed. Once the loan request has been placed, a Rupeek executive will arrive at a location of your preference to verify your KYC documents and value your gold. Once the executive has determined your eligible loan amount, the amount will be credited to your account within 10 minutes! The entire process from the point of submission of the loan application to loan disbursal takes approximately just about an hour! 
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