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Gold Loan in Madambakkam

A residential area in South Chennai, Madambakkam is very well connected to the rest of Chennai. The area makes for a suitable residential area thanks to the abundant greenery of the place. The area also attracts tourists, as the Shri Dhenupureeswarar Temple is located in Madambakkam. Madras Export Processing Zone, ESPEE IT Park, Tidel Park, Ascendas IT Park, International Tech Park, and Ramanujan IT City are the major industrial zones in the area. They are also easily accessible from other parts of Chennai. St. Thomas Mount is the nearest railway station and Meenambakkam is the nearest Metro station. Alwin International Public School, Chocolate Kids Innovative School, and Holy Sai International School are among the popular schools in the area. To get urgent funds, people depend on gold loans in Madambakkam.

Documents required for an online gold loan

When a borrower needs urgent cash, an online gold loan acts as a blessing. With an online gold loan, you can get up to 75% of the gold's average value as the loan, instantly. Before approving the loan, the lender might ask you to submit a few documents, which the lender uses to determine your eligibility. The first document that you need to submit is an identity proof, like voter ID, PAN Card, Aadhaar Card, Passport, or driving license. The second document you need to submit is an address proof. Except for the PAN and Voter ID, all other documents mentioned above function as the address proof. Many reputed lenders also offer the facility to apply for a gold loan only with the Aadhaar Card. As the Aadhaar card contains all your personal details, like name, date of birth, father's/mother's name, address, and biometric information and iris scan, it functions as both the identity proof as well as the address proof.

What is an online gold loan?

An online gold loan is the most hassle-free form of instant credit. It owes its popularity to the array of flexible features it comes with. It comes with extremely relaxed eligibility criteria, high loan amounts at low-interest rates! Sounds like the perfect package doesn't it? Well, it gets better. There is no set upper limit on your loan amount. This completely depends on the value of your gold. Ideally, lenders approve up to 75% of the market value of the collateral. However, at times it can even go up to 90%! It is noteworthy that this market value does not refer to the prevailing market price. The lender arrives at the gold valuation by taking an average of the gold gram rate from the past 30 days. The borrower can avail the loan right from the comforts of his/her home by downloading the app and placing a loan request using just the Aadhar card as document proof! A lender appointed representative will then visit the borrower's house for gold valuation and post which the loan amount will be transferred within 10 minutes. The entire process end-end takes only about an hour!

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Frequently asked questions

Are there any charges levied for late payment of interest?

Yes, lenders usually charge a penalty fee on failure of repayment of the gold loan in Chennai. This charge will be added to the next monthly payment. On failure of repayment of the next payment as well, the lender will be forced to hand over the matter to the respective loan managers. They are likely to be harsh with the borrowers to make sure that the repayments are done on time. In order to avoid any such circumstances in the future, the borrower has to take care not to miss out on payments or delay the payments. The EMI payment has to be a priority of the borrower.

What payment methods are available for me for online gold loan?

There are several options available before the borrowers when they want to make the repayment of their gold loan. The borrower can rely on the website of the lender or their app to complete the repayment process. The payment mode options are the same in both the cases. The borrower can repay the gold loan in Chennai via: 

  1. Internet banking
  2. Debit card
  3. UPI (Unified Payments Interface)
  4. Money transfer using MPS (Master Production Schedule) or RTGS (Real Time Gross Settlement)
  5. National Electronic Fund Transfer or NEFT

The loan amount can be done in any form, such as cash, cheque, DD or via card.

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