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0.79%*
monthly Interest (9.69% P.A)*

Gold Loan in mannuthy

Mannuthy is a suburban area that is stationed along NH544 in Thrissur City. Mannuthy has plenty of educational institutions that include the lieks of Agricultural Technology Information Centre, Mannuthy(ATIC), Krishi Vigyan Kendra(KVK), Kerala Veterinary Colllege, Agricultural Research Station and College of Diary Science and Technology. This region also houses a lot of nurseries which are a major source of income for the residents. Gold Loans in Mannuthy help residents in their nursery business. The major banks here are Canara Bank, South Indian Bank, Bank of Baroda and Catholic Syrian Bank. Mannuthy is well-known for its natural beauty and lush green vegetation. It is easily connected to Thrisur through buses and Taxis.

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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.

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

What is gold loan renewal and how is it done?

Gold loan renewal is the process by which a borrower can renew the gold loan in Thrissur that they have obtained from a lender. Gold loans in Thrissur are usually for short durations - the loan terms extending over periods as short as 3 months and not more than 12 months. If the borrower is in a continued requirement of funds even after their loan term has come to an end, a fresh loan can be acquired from the same lender by repledging the same gold ornaments. It has to be noted that some lender levy a charge for the renewal of the gold loan in Thrissur.

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 Thrissur 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. 
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