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Gold Loan in moti jheel

Motijeel is a neighborhood in Gwalior, Madhya Pradesh, India. Hindi is the local language at this location. Gwalior NG railway station, and Ghosipura railway stations are the closest railway stations. There are many tourist attractions near the Motijheel, such as Gralior fort, Gapachal Parvat, Jai Vilas Palace Museum, Gurudwara Dant Badi Chhod Qilla, Sun Temple, Mohammad Ghans Tomb, Rani Lakshmi Bai Samadhi, Gujari Mahal Archeological Museum, Teli Ka Mandir, etc. The locality of Motijheel has many government offices, such as the Mahesh Yatayat Agency, Municipal Department of Water Corporation. Numerous reputed schools and colleges are located in the Gwalior Motijheel district. People prefer to take gold loans in Motijeel to meet their emergency fund requirements.

What is an online gold loan?

Gold loan is the most flexible and popular source of funds in the Indian financial market. A gold loan is a secured loan, which means that to obtain quick funds or emergency loans, the borrower has to pledge their asset (in this case, their gold) with the lender to obtain funds in return. A secured loan is also known as a collateral-based loan since the funds can be availed only against the asset of the borrower. Gold loans owe its popularity to its attractive features such as:

  1. Low rate of interest
  2. High-value loans
  3. Minimal paperwork
  4. Flexible repayment options
  5. Instant loans etc.

Using a gold loan, the borrower can get up to 75% of the market value of the collateral as the loan amount. In some cases, up to 90% can also be disbursed as the loan. Instant gold loans are so true to their name that the funds get transferred to the borrower’s account within one hour from the loan application.

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.

Can my gold loan be written off?

The term written off in the CIBIL credit scorecard means that the borrower failed to make the repayment of the loan in over 180 days. It means that the lender has to do away with the outstanding amount that the borrower had not yet repaid. In the case of non-repayment of the gold loan in Gwalior, the lender has the authority to sell the pledged gold of the borrower to settle the debt. The lender can sell the gold to even the expenses incurred while sanctioning the loan to the lender. As far as the lender is concerned, a written off in the CIBIL score reflects the future loan eligibility of the borrower poorly. The bad mark on the credit history of the borrower can make it difficult for the person to avail of loans in the future.
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