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Gold Loan in madhurawada

Madhurwada is located on the Vishakhapatnam- Vizianagaram stretch of NH16 at around 16 kilometers from Vishakhapatnam city. The neighborhood is famous for its IT HUB. The Visakhapatnam IT Special Economic Zone is located in the proposed digitally-enabled smart urban city. This suburb consists of many well-known areas like Pothinamallayya Palem, Chandrampalem, Mithilapur VUDA colony, Revallapalem, Ganeshnagar, and Port colony. The working-class of this locality opt for a gold loan in Madhurwada for the expansion of their businesses. The six marquee projects of Andhra Pradesh Tourism such as the Madhurawada project would include a five-star hotel, convention centers, and an amusement park. This locality is a major commercial center now. There are numerous shopping malls and multiplexes on Cinepolis at 100 feet road near IT hills for entertainment.

Eligibility criteria for an online gold loan

Since a gold loan is a secured loan, it offers many benefits that the other sources of funds do not offer. Some of the benefits offered by a gold loan include:

  1. Low rate of interest
  2. Minimal documentation
  3. High loan amount
  4. Flexibility in repayment options
  5. Instant loan approval, etc.

The requirement for eligibility for a gold loan isn’t much. To avail a gold loan, the borrower has to fulfill the below-mentioned criteria:

  1. The borrower shouldn’t be a minor
  2. The mortgage loan should be of 18 karat or above
  3. The gold should be in the form of ornaments or jewelry.

The loan amount is then calculated by the lender by multiplying the quality, purity, and weight of the gold. The lender then multiplies it with the average price of gold for the past thirty days. The resultant amount id the loan amount that the borrower can borrow.

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!

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Frequently asked questions

Can I take a gold loan for my education?

Yes, you can take a gold loan in Visakhapatnam for your educational purpose. In fact, one of the main reasons why gold loans in ciytname are taken is for educational purposes. A secured loan is one of the easiest and most flexible loans to take. The low-interest rates, the high loan to value ratio, and the flexible repayment schemes available with an online gold loan in Visakhapatnam makes it one of the best sources of funds. The loan term for a gold loan in Visakhapatnam can range from 6 months to 12 months. For these reasons, if you are pursuing higher education in India or abroad, a gold loan is one of the best options before you.

Can I get an interest-free gold loan?

Rupeek strives to provide flexible, convenient, and affordable solutions for everyone. However, this does come with certain limitations. For instance, it is not possible to get a zero-interest gold loan in Visakhapatnam as this is the main source of revenue for lenders. The interest paid by the borrower every month is the charge levied on the loan amount. However various gold loan companies compete in the market for the lowest interest rates. The interest rates are calculated based on various factors like loan amount, loan tenure, and most importantly the repayment capacity of the borrower which is decided depending on the debt-income ratio,
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