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Belgaum
murgod
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0.79%*
monthly Interest (9.69% P.A)*

Gold Loan in murgod

Murgod, otherwise known as murugodu, is a city in India's south karnataka region. It is located in the belagavi district of savadatti taluk in karnataka, 491 km from the capital bengaluru and 54 km from the belagavi regional headquarters. The population is involved in farming and similar professions. Cotton and jowar are suited to the semi-parched climate and are grown in the area in large numbers. Earthenware is also a key occupation for murgod people. Maharashtra and andhra pradesh.dr. are traded in ceramics and pots manufactured in this area. Any of the existing schools located in murgod are b.r.ambedkar high school, and kannada government boys and girls primary school. gold loans in murgod have quickly gained popularity among its residents as citizens do not need to show any protection or pledge when applying.
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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.

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.

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Frequently asked questions

Is a CIBIL score required for a gold loan?

A CIBIL score is not required for a gold loan. The CIBIL score is a document similar to a credit score. It is used to determine the financial health of the lender. A high CIBIL or credit score is preferred by the lenders. The borrowers need to have a minimum credit score of at least 700 to be eligible for a gold loan. But in the case of a secured loan, the borrowers are not required to present their credit score. A secured loan only requires minimal paperwork. The only documents that the borrower is expected to present before their loans can be sanctioned are the identity proof and the address proof. Sometimes, it is even possible to get a gold loan against just their Aadhaar card.

Can I partially repay the gold loan amount?

Gold loans in <cityname> are pervasively availed because of how flexible they are. Rupeek especially strives to provide affordable solutions and offers borrower's the opportunity to partially repay your gold amount. Yes, that's right! This process of partial repayment is known as part release of the gold loan. If you wish to complete a partial repayment on the loan, the amount can range between the monthly interest and any amount less than the full-closure amount. However, gold jewelry or ornaments you pledged as collateral will only be returned once the entire loan amount has been repaid completely.

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