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Madurai

Low Interest Gold Loans in India

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Low Interest Loans

Get a New Gold Loan
flash Instant 30 minuntes
Shift your Existing Gold Loan
save Save ₹37,131*

Gold secured by
Trusted Bank Partners

lender banks
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We offer the highest per gram rate on our gold loans.

We offer the highest per gram rate on our gold loans.

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Gold secured by
Trusted Bank Partners

lender banks

Gold Loan in Madurai

The city of Madurai is popularly known as the cultural capital of Tamilnadu and is situated at a distance of 465kms from Chennai. The fine combination of history and modernity makes the city spectacular. Madurai dates back to the 3rd century and its temples come from the time of the Vijayanagar Empire, Madurai Nayaks, Carnatic Kingdom, Cholas and Pandyas. The city is also home to several well-acclaimed medical and engineering institutions, creating some of the brilliant minds in the country. Some of the famous temples of the city are the Madurai Meenakshi Amman Temple, Koodal Azhagar Temple and Alagar Koyil. Agriculture being the primary occupation, the city also has industries like rubber, granite, chemical and textile. Prominent multinational software companies like HCL Technologies, Sutherland Global Services and Honeywell Technologies have set up offices in the city in recent years. The people highly depend on gold loans in Madurai for their business and personal necessities.
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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.

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

What is KYC? Why is it necessary to avail gold loan?

KYC, abbreviated as Know Your Customer is a customer background check process carried out by the lender while initiating a gold loan request. The lenders need some mandatory documentation to disburse a gold loan amount for the borrower in case of any fraudulence or arrear in payment. Most of the lenders for quite a while were accepting driving license, voters ID, pan card as KYC documents. But due to stricter RBI regulations after reports of people faking these documents, most lenders now require Aadhar card of the customers to avail a gold loan as it has a retina scan, fingerprint and are essentially foolproof.

What about the tenure of the loan, lock-in period, and prepayment penalties?

The factors associated with a loan - such as the loan interest rate, the loan term, the processing charges and the loan amount vary from lender to lender. Different lender offer different schemes to its borrowers. For instance, the average loan term for gold loan at Rupeek is 12 months. But secured loans offer a lot of flexibility in repayment options to its borrowers. To begin with, there are several schemes from which the borrower can pick the option most convenient to them. The borrower can also opt to prepay the loan before the end of the tenure. There are neither any prepayment penalties, nor any lock-in period.

Is part withdrawal of gold Jewellery allowed post part closure of gold loan?

No, it is not possible to withdraw the gold ornaments that you have pledged after part payment. The gold that you have pledged with the lender is what acts as a security. It is the collateral that guarantees the repayment of the gold loan in cityname by the borrower. It is also this collateral that enables the lender to provide the borrower with various benefits, such as flexibility and lower interest rates. Although part payments are an option for the borrower, the gold ornaments can only be withdrawn after the entire loan amount, which is comprised of both the principal amount and the interest amount have been repaid. It is only after the close of the loan account and after the entire debt has been cleared that the lender will release the gold collateral of the borrower.

Is a guarantor or introducer required for availing a gold loan? Do I need to open an account with a bank?

No. Most companies do not require a guarantor or introducer to avail of a gold loan in cityname. However, you will require a bank account in order to get the loan amount deposited and make gold loan repayments. A guarantor is required only in some cases when a borrower obtains an unsecured loan. For most gold loans in cityname, including Rupeek, there is no requirement of a guarantor. A bank account is mandatory, though, as it is to this account that the lender disburses the loan amount and the borrower has to make the gold loan repayment.

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