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Gold Loan in model town

Model Town is a neighbourhood in Ludhiana, Punjab. It hosts a range of social infrastructures like Chintanpuri Mata Temple, Sri Krishna Mandir (Old and New), Gurudwara, Deep Hospital, Gill Hospital, Pancham Hospital, Dialysis Centre, and some educational institutions. Access to the Modelgram Railway Station, it works as a convenient route for travellers to commute in and around this neighbourhood. Hosting neighbourhoods like Nehru Nagar in its geography and surrounded by Vishal Nagar, Preet Nagar, and Sham Nagar, a wide pool of residents can secure gold loans in Model Town. Its proximity to the famous commercial places like New Grain Market works well in its favour.

Eligibility criteria for an online gold loan

Since a gold loan is a secured loan, it offers many benefits that the other sources of funds do not offer. Some of the benefits offered by a gold loan include:

  1. Low rate of interest
  2. Minimal documentation
  3. High loan amount
  4. Flexibility in repayment options
  5. Instant loan approval, etc.

The requirement for eligibility for a gold loan isn’t much. To avail a gold loan, the borrower has to fulfill the below-mentioned criteria:

  1. The borrower shouldn’t be a minor
  2. The mortgage loan should be of 18 karat or above
  3. The gold should be in the form of ornaments or jewelry.

The loan amount is then calculated by the lender by multiplying the quality, purity, and weight of the gold. The lender then multiplies it with the average price of gold for the past thirty days. The resultant amount id the loan amount that the borrower can borrow.

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

Under what cirumstances will my gold loan get rejected?

A secured loan is one of the easiest and hassle-free loans to acquire. It is also one of the most flexible sources of funds that are available to a lender. That is to say that only in extreme cases the loans are likely to be rejected by the lender. The few cases in which the gold loans in Delhi will be rejected are as follows:

  1. Insufficient documents. A secured loan only demands very minimal documentation. The only documents that are required for a gold loan in Delhi are the address proof and identity proof. If there is something suspicious about these, the lender is likely to reject your loan.
  2. Low credit score. Gold loans in Delhi do not consider the credit score of the lender before sanctioning the loan. But if the credit score is too poor to accept, the lender will have no other option but to reject the loan.

3. Gold eligibility. Most lenders only accept gold loans that are in the form of ornaments and whose purity falls between 18 karat and 22 karat

Is there a processing fee while applying for an online gold loan?

Gold valuation, loan amount, interest rates all factors that vary from lender to lender. One of the important factors to keep in mind while looking to avail a gold loan is the overhead charges that could increase the cost of your loans such as processing fees. Processing fees for gold loans vary from one lender to another and range between 0.20% and 2% of the loan amount. Loans can have high processing fees and other additional charges. Rupeek is dedicated to offering affordable and convenient loan solutions, which is why our processing fees are one of the lowest in the market.
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