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Varanasi
lanka
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0.79%*
monthly Interest (9.69% P.A)*

Gold Loan in lanka

Lanka is a small precinct in Varanasi in Uttar Pradesh. Known as the hub of students, this area is brimming with numerous book stalls and coaching classes. This area also provides an entrance into the reputed Banaras Hindu University, popularly known as BHU. Loaded with countless cafes, restaurants and eateries which lures the crowd of students, this area is a hub of educational aspirants. This area is also supported by several acomodation and financial options which arises the need for financial cash flow. The gold loans in Lanka ensures the cash flow for the students.
Today's maximum loan value/gm **
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Gold Loans at the privacy of your home

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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. 

Benefits of an online gold loan

The benefits a borrower can reap from an online gold loan are boundless! All you need to do to avail an online gold loan is download the lender's app and place a loan request. One of the best features of a gold loan is that this process can be done online entirely without manual intervention provided that is what the borrower prefers. The borrower also has the flexibility to place a call on the lender's customer care number to avail the same if he/she were to feel like they might need assistance with the process. All this happens right from the comforts of your home. Even when it comes to gold valuation, you do not need to venture out with expensive gold in your pocket! The lender assigns a representative that will visit you at a location and time as stipulated by you. While an online gold loan does require a few basic documents, you can also avail a loan with just your Aadhar card! As a borrower, you are eligible to receive up to 75% of the gold you are pledging. If both parties are in agreement with the loan amount, the loan is disbursed to your account within a matter of 10 minutes. What's more, the entire process takes only an hour end-end!

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Frequently asked questions

Is a gold loan taxable?

Though gold loans can be spent as per the discretion of the borrower, whether or not your gold loan is taxable primarily depends on the purpose for which it is being availed. For instance, gold loans that are availed for business purposes are taxable. Additionally, a tax rebate can be claimed on the interest component as well. However, this is not the case if the gold loan is being availed for personal use. That is if the loan is being availed to be spent on educational purposes, a wedding, medical emergencies, purchase a vehicle, or remodel your house, then the borrower cannot claim a deduction.

How does gold loan work?

To take out a loan against gold, you must pledge your gold ornaments to the lender. This gold is valued first, and then a loan amount against the pledged gold is fixed. A self-evaluation can also be done with a gold loan calculator online. Once the loan is disbursed, the borrower will have to complete the repayments within the loan tenure, after which, the collateral is returned to the borrower. An online gold loan is the easiest to procure among all types of sources of funds. It is the ease with which an online gold loan can be procured that makes it the most popular in the market. There are also various benefits that are exclusive to an online gold loan.
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