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Gold Loan in modakurichi

Modakurichi is a village and a town in the Erode District of Tamil Nadu. It falls within the electorate of the Modakkurichi assembly and the legislative electorate of Erode. Manjakattuvalasu, Aluthu Palayam, Ayya Goundan Palayam, and Kulur are the neighbouring localities. Chavadipalaiyam and Pasur are the closest rail stations.Vinayagar Temple, Vinayagar Kovil, Sri Annamar Swami Temple, Kariakali Amman Temple, Jummah Masjid, and Engineering College Masjid are popular places of religious interest in the city. Sarah Educational Institutions, Sara College of Education for Women, AL AMEEN Polytechnic College, Al Ameen Engineering College, Govt High School, Government Elementary School, and Panchayat Union Primary School are also renowned educational institutions in Modakurichi.People from neighbouring villages often come here as a block for various reasons and apply for gold loans in Modakurichi, as it is the most convenient way to get urgent cash in the region.

What is an online gold loan?

An online gold loan is the most straightforward secured loan you can avail when you require instant cash. The easy eligibility criteria and high loan amount make a gold loan one of the most popular loans in India. Usually, lenders approve up to 75% of the gold's market value; although at times, the upper limit may go up to 90%. The final amount would depend on the previous thirty days' average gold price and the quality and Karat of the gold. To avail an online gold loan, the borrower has to download the lender's app or call the customer helpline. After this, a loan officer would schedule a meeting and visit the borrower's residence or office and value the gold. Generally, the loan amount gets transferred to the borrower's bank account within ten minutes of loan approval. The total time from loan application to loan approval can be anything from half an hour to an hour.

Documents required for an online gold loan

A gold loan is the perfect solution when a borrower is looking for urgent loans or emergency funds. With the help of an instant gold loan online, the borrower can receive the required funds in less than an hour. The borrower is eligible to get up to 75% of the market value of the pledged gold as the loan amount. Unlike many other sources of funds, an online gold loan requires minimum paperwork before giving the loan approval. The required documents are:

  1. Identity proof – any document such as voter ID, PAN Card, Aadhaar Card, Passport, or driving license can act as the identity proof of the borrower.
  2. Address proof – the same documents as mentioned above, except for voter ID and PAN card can act as the address proof of the borrower.

Some lenders also approve the loan against just the Aadhaar Card of the borrower. The Aadhaar card is the most important document for an Indian, which has all the details regarding name, father’s and mother’s name, address, biometric information, iris scan, etc. Therefore, it can function as the identity proof as well as the address proof.

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Frequently asked questions

How do I make an interest payment?

Gold loans in Erode are so widely popular because of how flexible and speedy they are. These gold loans can also easily be availed online end-end except for the gold valuation process which requires a gold appraiser to visit you in person. Now most lenders provide the option to make your interest payment online. All you'll have to do is log in to the website portal or access your profile through the app. If you wish to make an interest payment, you can select the 'Pay Interest' as the payment option and continue with the payment method of your choice. 

What are the gold items I can pledge

You can pledge gold in any form as long as it isn't gold bars or gold coins. Any form of gold which with purtiy ranging between 18 Karats - 22 karats can be pledged. It includes gold ornaments such as:

1) Chains

2) Necklaces

3) Haraam

4) Mangalsutra

5) Rings

6) Bracelets

7) Bangles

8) Earrings

9) Anklets

10) Hip chains

11) Cufflinks 

The purity of the gold item is what will determine your loan amount. In that case, gold bars and coins have higher levels of purity and might fetch higher loan amounts. However, most of the lenders in the market don't accept gold bars. 

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