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Gold Loan in matunga

Matunga is a locality in the heart of the dream city Mumbai. It is a lively locality in Central Mumbai. It is serviced by the Matunga Road station on the Western Line, Matunga station on the Central Line, and King’s Circle station on the Harbour Line. This locality was among the first planned localities of Mumbai. The flower market of Matunga is famous for its South Indian essence and is quite well known in Mumbai. Mumbai is one of the most expensive cities to live-in in India. Residents often rely on gold loans in Matunga to tide over a short-term financial crisis. This locality has a cosmopolitan culture, where people from across Mumbai come to work. Matunga's biggest market, the Lal Bahadur Shastri Market, houses several shops where everything from jewelry to groceries may be found.

Benefits of an online gold loan

An online gold loan offers unparalleled benefits. To avail a gold loan, you need to register yourself as a borrower and mortgage your gold ornaments. The best feature of an online gold loan is that the entire process of the loan application and approval takes place online. Hence, the location of the borrower does not matter. Usually, the lender sends a loan officer to the borrower within half an hour of getting the loan request, who verifies the gold, and gives a quote. On successful verification and subsequent approval, the lender then sends the amount directly to the bank account of the borrower. With an online gold loan, a borrower can get up to 75% of the gold's average market value. As it is a secured loan, the rate of interest is lower than many other types of instant loans. Additionally, a borrower can apply for a gold loan only with the Aadhaar Card.

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

In case of default, when will the gold jewellery be auctioned off?

In case of default of payment or arrears, the gold that you have pledged as collateral will be put up for auction about 30 days after the end of the loan term. To avoid such unfortunate consequences after your loan has been sanctioned, make your EMI payment as a primary priority. If the lender plans to auction your gold, it will be processed only after informing the borrower. Borrowers are requested to self evaluate if they are capable of handling the weight of EMI as well as personal expenses before opting for the loan scheme.

What is gold loan renewal and how is it done?

Most of the schemes of gold loans in Mumbai are of short tenure, generally ranging from anywhere between 3 to 6 to 12 months. Some lenders give the customers the option of extending the loan tenure through gold loan renewal if they are in need of fresh funds. However, renewal fees may be charged by some lenders. A borrower usually opts for a renewal of their gold loan in Mumbai when they are still in need of funds. By opting for a second loan from the same lender by repledging the same gold ornaments, the borrower can meet the emergency fund requirement.
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