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Mumbai
Motilal Nagar
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0.79%*
monthly Interest (9.69% P.A)*

Gold Loan in Motilal Nagar

Motilal Nagar is a residential area in Goregaon West. It is a locality that has been selected by the Maharashtra Housing and Development Authority (MHADA) to be developed as a micro-city. Ram Mandir, Goregaon, Jogeshwari, and Andheri are the nearest railway stations. The chawls here are actually building which are up to four-story-high and quite huge in numbers. To meet their financial needs of day-to-day expenses residents often apply for a gold loan in Motilal Nagar as it is the most straightforward and perfect way to get instant cash. As per the MHADA estimation, there are over 3600 families that live in the area. This place is the heart of many languages from Bihari, Marathi, Hindi to Urdu, and Persian, locals here are proficient in these.
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Gold Loans at the privacy of your home

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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.

Documents required for an online gold loan

If you are looking to source immediate funds at short notice, online gold loans are your go-to avenue! The eligibility criteria are relaxed, it requires only minimal documentation, you are eligible for a higher loan amount (though the upper cap is contingent on the value of your gold), you can choose from a range of flexible repayment options, the benefits are endless! The documentation requirement can be split into two parts:

1) Identity Proof- Documents that serve as identity proof include but are not limited to:

* Voter's ID

*PAN Card

*Aadhaar Card

*Passport

*Driving License

2) Address Proof- Documents that serve as identity proof include but are not limited to: 

*Aadhar Card

*Passport

*Driving License

When it comes to gold loans, most lenders allow the borrower the latitude to avail a loan using just the king of all documents- The Aadhaar Card. Since it contains almost all the necessary information including Name, DOB, Name of parents/spouse, Address, Biometric information, and Iris Pattern Scan it acts as an all-rounder when it comes to documentation!

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Frequently asked questions

Are banks or NBFCs better for availing gold loan

If you are looking for a gold loan in cityname but find yourself confused about the source from where to procure the funds, it is important to understand the pros and cons of each source. Since there are many lending institutions today that supply funds both offline and online, they all have their specific list of advantages and disadvantages. While banks and NBFCs look like the obvious choices, the borrower has to evaluate both of the sources with respect to their financial status. Banks usually take a longer time to process the loan, to verify the CIBIL score and they also offer lower LTV and have a strict EMI model. On the other hand, although NBFCs offer higher Loan to Value ratio, they charge higher interest rates. 

Are all gold items accepted?

Gold exists in different forms, depending on its purity. The purity of the gold is determined by the internationally recognized term, ‘karat’ where the karat is directly proportional to the purity of the gold. The higher the karat, the higher the purity. The 18 karat gold is the cheapest and the least pure form of gold that exists. Its constituents are gold and other alloys that give it the property to be molded into ornaments. Ornaments are made of 18 karat gold or above. The purest form of gold is 24 karat gold. In its purest form, it exists as coins or bars. Rupeek accepts only gold that is in the form of ornaments. This is because the banks Rupeek have partnered with only accept gold ornament and not gold coins or gold bars.

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