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Gold Loan in makarpura

Makarpura is a significant region in gujarat city of vadodara. It is an significant manufacturing field with gujarat industrial and development corporation (g.i.d.c), which has several large and important multinational companies such as siemens, alstom, abb group, tbea, philips, panasonic, gagl, etc. In terms of transport this area is also relevant. When combined with the convenience of securing an gold loan at makarpura, these aspects make it a ideal place for citizens. The makarpura palace, which is a former royal palace of gaekwad, is also known to have this area. It was built in 1870 by maharaja khande rao and has been constructed in italian style.

Eligibility criteria for an online gold loan

As far as forms of credit go, online gold loans provide a range of peerless flexibility! Here are some of the basic eligibility criteria that you need to meet if you are looking to avail an online gold loan-

1) Since lenders prefer disbursing loans to borrowers that are domiciled within the same geographic boundaries as theirs, you will have to be of Indian nationality and residing in India to avail a loan.

2) You must be an independent major, that is of the age 18 or above

3) Since, usually, Indian lenders do not approve gold coins or bars, the collateral you are looking to secure your loan with has to be gold in the form of jewelry or ornaments.

4) The jewelry you are looking to pledge must be 18 Karat or above (Karat is the measure of the purity of gold)

It is noteworthy that the loan amount you are eligible to receive is bound to vary from the market gold rate. This is due to the fact that lenders don't go by the current market price and instead arrive at the average gold rate based on the rate from the past 30 days. 

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.

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Frequently asked questions

Can I partially repay the gold loan amount?

Yes, it is possible to make partial prepayment of the loan. This is one mode of repayment of the gold loan in Vadodara where the borrower pays an amount larger than the fixed EMI and less than the full loan amount. The amount can range anywhere between the EMI and the remaining loan amount with the interest compound. Some borrowers resort to this method to finish off the loan prematurely. However, it has to be noted that the collateral will only be returned by the lender once the whole repayment has been completed. 

Why should I take a gold loan with my jewellery?

If you are in the lookout to have your short term goals financed, you can always use your gold jewelry that you aren't actively using and exchange it for cash. Once you have repaid your loan, you can reclaim your loan as it was. As gold loans in Vadodara are good in a rising market, a lender offering good LTV will get you the most out of your gold jewelry. If the expected appreciation in value is greater than the cost of the loan, it is better to take a loan bearing in mind to keep it short-term and being able to repay the principal. Gold loans in Vadodara are the go-to option if you require emergency funds.
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