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Raipur
mantralaya raipur
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0.79%*
monthly Interest (9.69% P.A)*

Gold Loan in mantralaya raipur

Mantralaya locality is well connected to roadways. In the last decade this locality has grown rapidly. This city provides the latest of health care and education, with the dks mega speciality hospital located in this area, the area's people need not fear about access to a qualified doctor during an emergency. There are many good schools in this area too. The mantralayan udaan ias acamedy fulfills the dreams of many aspirants to the ias. This rapidly expanding region has drawn small businesses from the surrounding villages to set up their business, for which these people often take gold loans.
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Gold Loans at the privacy of your home

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What is an online gold loan?

An online gold loan is the most hassle-free form of instant credit. It owes its popularity to the array of flexible features it comes with. It comes with extremely relaxed eligibility criteria, high loan amounts at low-interest rates! Sounds like the perfect package doesn't it? Well, it gets better. There is no set upper limit on your loan amount. This completely depends on the value of your gold. Ideally, lenders approve up to 75% of the market value of the collateral. However, at times it can even go up to 90%! It is noteworthy that this market value does not refer to the prevailing market price. The lender arrives at the gold valuation by taking an average of the gold gram rate from the past 30 days. The borrower can avail the loan right from the comforts of his/her home by downloading the app and placing a loan request using just the Aadhar card as document proof! A lender appointed representative will then visit the borrower's house for gold valuation and post which the loan amount will be transferred within 10 minutes. The entire process end-end takes only about an hour!

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

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.

How is the interest rate calculated for gold loans?

Different lenders offer different rates for gold loans. The interest that is calculated by the lender, the loan amount, as well as the loan term, differs from lender to lender. The schemes that the lenders offer are also different from each other. There are several schemes that each lender offers, comprising of different combinations of the loan amount, the loan term, and the loan interest. You can know about the various schemes that the lender offers by visiting their sites. It should be after a careful evaluation of the scheme that the lender offers and of your financial health that you should narrow down to a scheme that is best suited to you.
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