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Thrissur
mannuthy
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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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Gold Loans at the privacy of your home

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Documents required for an online gold loan

A gold loan is the perfect solution when a borrower is looking for urgent loans or emergency funds. With the help of an instant gold loan online, the borrower can receive the required funds in less than an hour. The borrower is eligible to get up to 75% of the market value of the pledged gold as the loan amount. Unlike many other sources of funds, an online gold loan requires minimum paperwork before giving the loan approval. The required documents are:

  1. Identity proof – any document such as voter ID, PAN Card, Aadhaar Card, Passport, or driving license can act as the identity proof of the borrower.
  2. Address proof – the same documents as mentioned above, except for voter ID and PAN card can act as the address proof of the borrower.

Some lenders also approve the loan against just the Aadhaar Card of the borrower. The Aadhaar card is the most important document for an Indian, which has all the details regarding name, father’s and mother’s name, address, biometric information, iris scan, etc. Therefore, it can function as the identity proof as well as the address proof.

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.

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Frequently asked questions

Can my gold loan be written off?

Written off' is a term used in the CIBIL credit scorecard which means that one has not repaid the loan amount borrowed over 180 days and the lender has to do away with the outstanding amount to be repaid. This can reflect badly on your credit scorecard and prevent further granting of loans. However in the case of gold loan, the lender/financial institution has the right to auction off your gold ornaments if the borrower is unable to repay three consequetive times or more during the loan tenure. Though the value of used gold is lower in the market, the lender settles the losses incurred for granting loan to that customer with the auctioned money.

Can I get an interest-free gold loan?

Rupeek strives to provide flexible, convenient, and affordable solutions for everyone. However, this does come with certain limitations. For instance, it is not possible to get a zero-interest gold loan in <cityname> as this is the main source of revenue for lenders. The interest paid by the borrower every month is the charge levied on the loan amount. However various gold loan companies compete in the market for the lowest interest rates. The interest rates are calculated based on various factors like loan amount, loan tenure, and most importantly the repayment capacity of the borrower which is decided depending on the debt-income ratio,
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