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Gold Loan in Mumbai

Mumbai, the most populous city in the country, was under the control of indigenious empires before being conceded to the Portuguese and then to the British. The city’s proximity to the sea increased its worth in terms of trade and services for the British East India Company. Currently, the city holds a great deal of significance as it is the commercial capital of India. The Bombay Stock Exchange was found here and it precedes the National Stock Exchange. Mumbai has the highest number of billionaires with respect to the other cities of the country. The city is home to numerous Bollywood icons and it is also well recognised for domains like telecommunications, tourism, sports, media and entertainment.The city’s various opportunities attracts people from all over India and this diversity becomes a huge part of the city’s essence. The locals and business groups highly depend on gold loans in Mumbai so that they can handle their financial needs. The places of tourist interest in the city includes Elephanta Caves, MCG Stadium, the Gateway of India, Chatrapati Shivaji Maharaj Vastu Sangrahalaya and Marine Drive.

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!

Eligibility criteria for an online gold loan

As far as forms of credit go, online gold loans provide a range of peerless flexibility! Here are some of the basic eligibility criteria that you need to meet if you are looking to avail an online gold loan-

1) Since lenders prefer disbursing loans to borrowers that are domiciled within the same geographic boundaries as theirs, you will have to be of Indian nationality and residing in India to avail a loan.

2) You must be an independent major, that is of the age 18 or above

3) Since, usually, Indian lenders do not approve gold coins or bars, the collateral you are looking to secure your loan with has to be gold in the form of jewelry or ornaments.

4) The jewelry you are looking to pledge must be 18 Karat or above (Karat is the measure of the purity of gold)

It is noteworthy that the loan amount you are eligible to receive is bound to vary from the market gold rate. This is due to the fact that lenders don't go by the current market price and instead arrive at the average gold rate based on the rate from the past 30 days. 

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Frequently asked questions

How do I repay the gold loan?

Gold loan repayment options vary for different companies where some can be paid at the end of the loan tenure, while some require you to pay as EMIs. Rupeek offers various repayment options and the borrower is free to pick whichever option is best suited for them. The gold loan in Mumbai can be repaid through cash, cheque, DD, or card. Gold loan repayment is made easy with Rupeek’s online gold loan payment portal and app. Simply login with an OTP sent to your registered mobile number and view your profile to view and complete gold loan repayments.

How will gold rate affect my gold loan amount

The loan amount you are eligible to receive is contingent on the value of the collateral you pledge. Usually, the loan amount you receive is about 75% of the market value of the gold you pledge. The value of the collateral however is ascertained by taking an average of the daily gold gram rate from the past 30 days. If the gold rate has been on a constant high, then the loan amount goes up and the borrower receives a higher amount of loan against their gold. But at the same time if gold hasn't been performing well, then the average gold gram rate will also not come up too much and hence, the loan amount the borrower is eligible to receive will also be correspondingly low.
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