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Gold Loan in malleswaram

In north-west Bangalore, Malleswaram is a pretty old locality that has its roots from the 1898 Bangalore Plague. Every corner of this city is associated with certain things in history. Malleswaram has received its name from the renowned Kadu Malleswara Temple at the 15th Cross. Sankey Tank is another prime location for tourists. The temple is a delightful location and is the home for cultural performances. The city is dominated by Tamilians, and the culture here is pretty much different from what is usually found in Bangalore. This locality is the home of some famous people in India like Radhika Pandit, Saroja Devi, Doraiswamy Iyengar, Deepika Padukone, Prakash Padukone, Krishnaswamy Kasturirangan, and C.V. Raman. Some of the famous heritage eateries in Malleswaram are New Krishna Bhavan, Veena Stores, Central Tiffin Room Bangalore, and Janatha Hotel. In order to fulfil their dreams, people take up a gold loan in Malleswaram.

Benefits of an online gold loan

The benefits a borrower can reap from an online gold loan are boundless! All you need to do to avail an online gold loan is download the lender's app and place a loan request. One of the best features of a gold loan is that this process can be done online entirely without manual intervention provided that is what the borrower prefers. The borrower also has the flexibility to place a call on the lender's customer care number to avail the same if he/she were to feel like they might need assistance with the process. All this happens right from the comforts of your home. Even when it comes to gold valuation, you do not need to venture out with expensive gold in your pocket! The lender assigns a representative that will visit you at a location and time as stipulated by you. While an online gold loan does require a few basic documents, you can also avail a loan with just your Aadhar card! As a borrower, you are eligible to receive up to 75% of the gold you are pledging. If both parties are in agreement with the loan amount, the loan is disbursed to your account within a matter of 10 minutes. What's more, the entire process takes only an hour end-end!

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. 

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Frequently asked questions

Can I close the gold loan earlier than intended?

\Yes, it is possible for the lender to close the gold loan in Bangalore before the end of the term. There are only rare cases when the option of prepayment wouldn’t be available to the borrower and that is if the lender has a lock-in period or if there are some prepayment penalties. Some lenders charge for the prepayment of the loan, called prepayment penalties. This charge can be up to 200 rupees, if you are looking to close your loan account 3 months or 1 month before the lock-in period set upon the lender’s discretion. The penalty charged by the lenders also depend upon your loan amount. Rupeek, on the other hand, does not levy any penalty charges for the preclosure of the loan account.

What is an LTV?

LTV abbreivated as Loan-to-Value Ratio is the financial term used by the lender to asses the risk of lending you a gold loan in Bangalore by determining the relationship between the loan amount and the value of the pledged collateral. Borrowers can ideally avail up to 75% of the value of the pledged gold as the loan amount. The loan amount that will be obtained by submitting the borrower’s collateral gold can be calculated online. Several lenders, including Rupeek provide this facility online.
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