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Gold Loan in muhana

Located in the Sanganer Tehsil of Jaipur in Rajasthan, Muhana is regarded as a gram panchayat (local self-governance system) based on a report released in 2009. The village serves as a residence for around 7500 people spanning an area of 1400 hectares of land. The male to female ratio is almost equal which is a factor of pride for Muhana. A major advantage of this locality is its proximity to the main Jaipur city. Muhana is at a distance of 7 kms from Sanganer, a textile and paper industry hub, thus attracting working people looking to cut out their rental expenses. The village is well-connected by road with sufficient buses that ply within the village. The railway station is located at an approximate distance of 10 km to assist the local commuters. In case of any financial emergency, the residents opt for gold loans in Muhana.

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.

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.

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Frequently asked questions

Under what cirumstances will my gold loan get rejected?

There are a few scenarios in which a customer's application might get rejected. This very first instance where this can happen is KYC. If the documentation provided by the borrower is insufficient or of suspicious validity or found to be forged/fake then the gold loan will be rejected. Additionally, your credit score may be too low for the lender to trust your ability to repay the loan and hence will reject your loan. Thirdly, the gold you pledged may not be meeting the standards of purity which have to be a minimum 18 karat to be pledged as collateral.

Is part withdrawal of gold Jewellery allowed post part closure of gold loan?

Unfortunately, this won't be possible. Since your loan amount is decided based on the value of your gold you will not be able to withdraw the pledged gold jewelry or ornaments in part as and when you repay. The gold you pledge functions as a security for the lender that you will indeed make full repayment. Making part payments of both principal and interest is allowed. But only when the entire principal and interest amount are repaid is the loan considered as closed and the loan manager hands over the pledged gold ornaments to you and officially gets a formal acknowledgment from you confirming the return of your collateral.
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