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Gold Loan in Memnagar

Memnagar is a well-established Ahmedabad residential village. The region is undergoing rapid growth in the real estate sector thanks to its proximity to the city center (6.5 km) as well as famous business parks such as Infinity Growth (4 km), Information Technology Parks of India (4 km), Navratna Business Park (4 km), Aaryans Corporation Park (5Km), etc. Memnagar has excellent connectivity via the SG Highway to almost all areas of the city. A strong combination of individual homes, high-rise luxury homes, educational establishments, hospitals , medical centers, and other social infrastructure is accessible in the area. At famous malls such as Ahmedabad One Mall, The Acropolis, R3 The Mall, and Himalaya Mall, all situated within the vicinity of the neighborhood, shopaholics will enjoy hours of retail therapy. Quick access to gold loans in Memnagar means that there is a support mechanism for citizens in the city to handle their immediate financial needs.

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

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.

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Frequently asked questions

Is part withdrawal of gold Jewellery allowed post part closure of gold loan?

Unfortunately, this won't be possible. Since your loan amount is decided based on the value of your gold you will not be able to withdraw the pledged gold jewelry or ornaments in part as and when you repay. The gold you pledge functions as a security for the lender that you will indeed make full repayment. Making part payments of both principal and interest is allowed. But only when the entire principal and interest amount are repaid is the loan considered as closed and the loan manager hands over the pledged gold ornaments to you and officially gets a formal acknowledgment from you confirming the return of your collateral.

Can a family member be present for the appraisal in my place?

No, a family member cannot represent the borrower when loan appraisal is happening. Most lenders require the loan applicant to be physically present while gold valuation is underway. This is primarily for transparency and security purposes. While family members can also be present while the gold appraisal is happening, the presence of the loan applicant cannot be substituted by that of a family member. Since the presence of the loan applicant helps confirms the identity and address proof of the applicant, you will not be able to move forward with your loan on gold if you request a substitute for the process. 
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