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

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.
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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.

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.

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Frequently asked questions

Can I get immediate cash with gold loan?

Yes, you can. Compared to other loans such as personal loans, housing loans, or auto loans, gold loan is the most convenient type of loan where the cash processing time is short. If you want to borrow a loan rendering immediate cash then applying for a gold loan online is probably the best option available in the market, as gold loans are, by far, the most immediate loans. Once you go to the website of the lender and fill out the application form, the gold loan process will be initiated on the lender's end by checking your credit score, KYC procedure and the money will be credited in your bank account almost instantly. 

How does gold loan work?

The reason why gold loans are the most popular in the financial market is the ease associated with acquiring the funds. There are many online gold loan platforms now, using which, quick funds can be obtained. Getting a gold loan is a quick and hassle-free process. First, you have to download the lender’s app to place the loan request online. You can also place the request offline by calling their customer care desk. Within minutes, a company official will get in touch with you. From thirty minutes of placing the loan request, the representative will show up at your doorstep. After the careful gold valuation and verification of your docuemtns, the loan will be approved. Immediately after the loan approval, the amount will get transferred, which then has to be repaid within the loan term.
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