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Gold Loan in mandvi

In southern part of Mumbai near Masjid Bunder, Mandvi is located. Some of the local bus stops in the proximity of Mandvi are Princess Dock Bus Station, Loha Bhavan Bus Station, Dongri Bus Station, Char Nal Bus Station, and Khambekar Street Bus Station. The Gate of Mercy Synagogue is a 300-year old gate that is located in this region, and it was earlier a flourishing Jewish neighbourhood that was famously known as Juni Masjid. The southern end towards the CSMT leads to Mandvi, Jama Masjid, Yousuf Mehar Ali Road, and some other surrounding regions. Mandvi is a pretty famous region that is considered to be the centre point of several business organizations of India. Residents often take up a gold loan in Mandvi to manage their financial life or business needs.

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.

What is an online gold loan?

An online gold loan is the most straightforward secured loan you can avail when you require instant cash. The easy eligibility criteria and high loan amount make a gold loan one of the most popular loans in India. Usually, lenders approve up to 75% of the gold's market value; although at times, the upper limit may go up to 90%. The final amount would depend on the previous thirty days' average gold price and the quality and Karat of the gold. To avail an online gold loan, the borrower has to download the lender's app or call the customer helpline. After this, a loan officer would schedule a meeting and visit the borrower's residence or office and value the gold. Generally, the loan amount gets transferred to the borrower's bank account within ten minutes of loan approval. The total time from loan application to loan approval can be anything from half an hour to 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 are the benefits of a gold loan?

A gold loan offers many benefits when compared to other types of loans. Gold loan benefits include faster processing time, higher loan to value ratio, lower interest rates, the convenience of availability of the collateral, faster loan disbursal, and relaxed eligibility criteria. Based on the lender, you may also enjoy other benefits like a waiver on the processing fee and insurance cover. Since the lender has been provided with an asset of the borrower, it Is understood that in case of failure of repayment of the loan, the lender can sell the asset of the borrower to settle the debt. This is why the lender can offer various benefits to the borrower, in the case of a gold loan.
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