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Patna
mithapur patna
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0.79%*
monthly Interest (9.69% P.A)*

Gold Loan in mithapur patna

Mithapur, patna is renowned for its lavish and beautiful parks, such as loco park, office garden, thermal garden, pokhra park and devendra jaiswal park. as a lot of vehicular traffic it is one of the busiest pedestrians and car areas in the city of patna. The neighborhood is also the site of an old thermal power station owned by the bihar state electricity board (bseb) there are several nearby shops and shopping centers that serve the local residents. In the area there are many temples and mosques, such as karbighaya temple, taposthan mandir, durga mandir, jama masjid and, to name a few, chhoti masjid. The area also has a power grid company of india township for workers. gold loan in mithapur is a huge support to the people who look after the place's tourism and industrial sector.
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Eligibility criteria for an online gold loan

As a secured loan, the online gold loan offers unparalleled convenience, like easy eligibility, minimal documentation, high loan amount, long tenure, flexible repayment options, low rates of interest, and instant loan approval. Because of its simple eligibility criteria, virtually any Indian citizen can avail a gold loan. To avail a gold loan online, your age must be above 18. The purity of the gold you want to mortgage should be 18 Karat and above. The third and the last eligibility criterion is that the gold should be in the form of jewellery or ornaments. Generally, Indian lenders do not accept gold bars or coins for approving the gold loan. To calculate the loan amount, the lender evaluates the quality, weight, and purity of the gold and multiplies it with the previous thirty days' average price of gold. The figure that comes out as a result of the gold evaluation is the loan amount a borrower becomes eligible for.

Documents required for an online gold loan

When a borrower needs urgent cash, an online gold loan acts as a blessing. With an online gold loan, you can get up to 75% of the gold's average value as the loan, instantly. Before approving the loan, the lender might ask you to submit a few documents, which the lender uses to determine your eligibility. The first document that you need to submit is an identity proof, like voter ID, PAN Card, Aadhaar Card, Passport, or driving license. The second document you need to submit is an address proof. Except for the PAN and Voter ID, all other documents mentioned above function as the address proof. Many reputed lenders also offer the facility to apply for a gold loan only with the Aadhaar Card. As the Aadhaar card contains all your personal details, like name, date of birth, father's/mother's name, address, and biometric information and iris scan, it functions as both the identity proof as well as the address proof.

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Frequently asked questions

How does gold loan work?

The reason why gold loans are the most popular in the financial market is the ease associated with acquiring the funds. There are many online gold loan platforms now, using which, quick funds can be obtained. Getting a gold loan is a quick and hassle-free process. First, you have to download the lender’s app to place the loan request online. You can also place the request offline by calling their customer care desk. Within minutes, a company official will get in touch with you. From thirty minutes of placing the loan request, the representative will show up at your doorstep. After the careful gold valuation and verification of your docuemtns, the loan will be approved. Immediately after the loan approval, the amount will get transferred, which then has to be repaid within the loan term.

What are the things to keep in mind when taking a gold loan?

When taking a gold loan, a borrower should consider the following points before choosing a lender - 

  1. Loan-to-Value (LTV): The loan amount being sanctioned for the gold can vary between lenders. A borrower should ensure they are receiving the highest LTV amount for their gold.
  2. Interest rate: This rate determines how much a borrower will pay for the loan, so the lower this is, the better.
  3. Gold security: Without an insurance cover or secure transport of the collateral, there may be certain risks to consider which can result in major losses.
  4. Additional fees and charges: These can increase a loan amount immensely, so it’s important to look out for a lender that charges the minimum amount for services being provided.
  5. Repayment schemes: A borrower needs to be able to repay the loan amount based on their monthly budget and financial standing to avoid defaults. Borrowers should look for flexible repayment plans to ensure this is made possible.

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