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

Gold Loan in loha

Loha is a small town in Nanded District of Maharashtra with a municipal council. It is 36 kms to the south of Nanded, the district headquarters. The town of Loha is located on the border of Nanded and Parbhani districts. At the western end of Loha, is the Parbhani District Palam. The Malegaon Yatra is held every year to thank Lord Khandoba of Malegoan, a town located in Loha Taluka, 35 kilometers away from Nanded. Because it is located on a public highway, this area is well-connected with other neighbouring places. The town has government hospitals and some private emergency clinics, such as Moraya Hospital in Bharati, Accident Orthopedics and Diabetes Care Center. Residents opt for gold loans in Loha due to lesser interest rates.

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Eligibility criteria for an online gold loan

As a secured loan, the online gold loan offers unparalleled convenience, like easy eligibility, minimal documentation, high loan amount, long tenure, flexible repayment options, low rates of interest, and instant loan approval. Because of its simple eligibility criteria, virtually any Indian citizen can avail a gold loan. To avail a gold loan online, your age must be above 18. The purity of the gold you want to mortgage should be 18 Karat and above. The third and the last eligibility criterion is that the gold should be in the form of jewellery or ornaments. Generally, Indian lenders do not accept gold bars or coins for approving the gold loan. To calculate the loan amount, the lender evaluates the quality, weight, and purity of the gold and multiplies it with the previous thirty days' average price of gold. The figure that comes out as a result of the gold evaluation is the loan amount a borrower becomes eligible for.

Benefits of an online gold loan

An online gold loan offers unparalleled benefits. To avail a gold loan, you need to register yourself as a borrower and mortgage your gold ornaments. The best feature of an online gold loan is that the entire process of the loan application and approval takes place online. Hence, the location of the borrower does not matter. Usually, the lender sends a loan officer to the borrower within half an hour of getting the loan request, who verifies the gold, and gives a quote. On successful verification and subsequent approval, the lender then sends the amount directly to the bank account of the borrower. With an online gold loan, a borrower can get up to 75% of the gold's average market value. As it is a secured loan, the rate of interest is lower than many other types of instant loans. Additionally, a borrower can apply for a gold loan only with the Aadhaar Card.

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Frequently asked questions

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.

How is the market value of gold determined?

Gold is a key player when it comes to international trade. While money value keeps fluctuating, the value of gold has never dipped below zero in its 3000-year history. Many factors determine loan interest rates. A few of them are listed below:

1) Local production and demand for gold

2) Inflationary rates

3) Government's gold reserve

4) Import and interest rates

5) Taxes 

6) Levies

7) Global demand for gold

Gold value is so volatile because of these several factors that affect it. To know the current gold loan rate, you can check out our gold loan calculator.

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