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Gold Loan in manek chowk

In the apex of old Ahmedabad, is a vibrant city square named after Baba Maneknath, a Hindu saint of 15th century: Manek Chowk. In the morning the square appears as a bustling vegetable market, but by noon it transforms into a teeming jewelry market! Ironically, area's residents love buying gold jewelry and quite often rely on gold loans in Manek Chowk's for the intent. Manek Chowk comes alive at night in the form of a vibrant market for food that offers a mind-blowing array of local snacks and street food products. One of the most widely recognized food products in this square is Kulfi. Manek Chowk is encircled by many historical sites, including the Temple of Baba Maneknath, Badshah no Hajiro, Rani no Hajiro, and the Stock Exchange Building of Ahmedabad. The area is easy to access, as it is only 2 km from Ahmedabad Railway Station and around 12 km from Sardar Vallabhbhai Patel International Airport.

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.

Documents required for an online gold loan

If you are looking to source immediate funds at short notice, online gold loans are your go-to avenue! The eligibility criteria are relaxed, it requires only minimal documentation, you are eligible for a higher loan amount (though the upper cap is contingent on the value of your gold), you can choose from a range of flexible repayment options, the benefits are endless! The documentation requirement can be split into two parts:

1) Identity Proof- Documents that serve as identity proof include but are not limited to:

* Voter's ID

*PAN Card

*Aadhaar Card

*Passport

*Driving License

2) Address Proof- Documents that serve as identity proof include but are not limited to: 

*Aadhar Card

*Passport

*Driving License

When it comes to gold loans, most lenders allow the borrower the latitude to avail a loan using just the king of all documents- The Aadhaar Card. Since it contains almost all the necessary information including Name, DOB, Name of parents/spouse, Address, Biometric information, and Iris Pattern Scan it acts as an all-rounder when it comes to documentation!

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Frequently asked questions

Is it risky to take a gold loan?

Not at all! Gold loans in Ahmedabad are designed to be one of the most easily affordable forms of credit when you need urgent funds. The ease of application and range of flexibility available when it comes to availing a gold loan in Ahmedabad is what make sit truly stand out. Since most families are bound to have gold jewelry in some form or the other irrespective of the income status, anybody and everybody can avail it. It is noteworthy that the loan amount and interest rate are subject to change depending on the repayment capacity of the borrower. The lender will ensure that the loan repayment fits well within your debt-income ratio. There is little to no scope of a gold loan becoming risky!

How will gold rate affect my gold loan amount

The gold rate of that day isnt the only factor that decides the gold loan amount. The value of collateral pledged is ascertained upon the gold gram rate as per the past 30 days. If the gold rate rises, then the collateral value of loans given to the borrowers goes up and they can demand a higher amount of loan against their gold. But at the same time if the gold price corrects drastically during the loan tenure then some of the lenders may ask you to pledge more collateral or pay the difference margin in cash.
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