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Gold Loan in mantralaya

The holy town of mantralayam is a famous pilgrimage spot, located on the banks of the tungabhatra river. The town derives its name from the saint raghavendra swami who joined a samadhi back in the 17th century in front of his disciples. Being home to the raghavendra matha temple ans numerous other temples this city is visited by thousands of people annually. This pilgrimages have prompted the localities to esablish small shops around the village, in relation to this they also take gold loans. The shop owners also sell souvenirs, the things needed for the aarti, and more.

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.

Benefits of an online gold loan

When you require emergency funds or urgent loans, a gold loan is one of the most flexible and hassle-free loans that you can acquire. A few of the benefits that are exclusive to gold loans are listed below:

  1. Low loan interest rates - the interest rates are less because of the security of the collateral.
  2. Minimal documents – the only documents that the borrower is expected to submit are the address proof and identity proof
  3. High-value loan – up to 75% of the market value of the gold can be obtained as the loan and in some cases, up to 90%.
  4. No upper limit – the amount that you can obtain is determined by the value of the pledged gold.
  5. No requirement of income proof – the borrower can be unemployed or have an irregular income and still get a gold loan.
  6. No requirement of credit history – the borrower can have a poor credit score or CIBIL score and still be eligible for the loan.
  7. Flexibility – a secured loan is more flexible than other sources of income. The borrower has a variety of repayment schemes to choose from.
  8. Speed – the whole transaction, from the loan application to the disbursement of the funds takes place within an hour.

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Frequently asked questions

Do online gold companies offer different schemes for different income groups?

Any major of Indian nationality that meets the basic eligibility criteria will be able to avail a gold loan, even if they don't have a steady source of income. Now, different online gold companies offer different schemes. While these schemes are bound to differ in terms of loan tenure and loan amount but not by income groups. These gold loans don't require the borrower to have a healthy credit score. Every borrower is considered equal irrespective of his or her income profile. The borrower has the latitude to choose a loan interest rate, loan term, and repayment scheme as per his or her convenience.

Can I pledge anything other than gold?

Lenders don't accept any other form of collateral apart from gold. This is so because their lending partners only accept gold jewelry. It is noteworthy that gold again in turn will not be accepted in the form of coins or bars. Lenders only accept gold jewelry or ornaments. This jewelry will then be appraised right in front of your eyes, and the loan amount will be conveyed to the borrower. Post gold valuation and loan disbursal, your gold will be safely transported to a locker where it will be stored until loan repayment. As long as your gold is in the possession of Rupeek, your gold will have 100% insurance cover.
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