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Gold Loan in muthukur

Muthukur village in nellore is home to a small rural-based community who depend on local amenities for everyday needs. The place has noteworthy institutions such as fishery science college etc. which serve as landmarks in the low-key townscape. Here the citizens profit from the public bodies formed by the gram panchayat and choose industry-based occupation for a sound living. Here based, muthukur mandal power station employs a handful of villagers in and around muthukur. The local community takes advantage of financial assistance and gold loan in muthukur for a number of needs - both personal and industrial needs.

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.

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

In case of default, when will the gold jewellery be auctioned off?

In case of default of payment or arrears, the gold that you have pledged as collateral will be put up for auction about 30 days after the end of the loan term. To avoid such unfortunate consequences after your loan has been sanctioned, make your EMI payment as a primary priority. If the lender plans to auction your gold, it will be processed only after informing the borrower. Borrowers are requested to self evaluate if they are capable of handling the weight of EMI as well as personal expenses before opting for the loan scheme.

Is it risky to take a gold loan?

A gold loan is arguably the easiest and immediate type of loan out there in the market which makes it extremely lucrative to address your financial needs. In circumstances where you need quick money and you do not possess any other assets to pledge, a gold loan can be a useful avenue. However, it is advisable to refrain from taking a gold loan if you believe you will not be able to repay the demanding interest amount along with the principal. Additionally, if the gold prices drop drastically during the tenure of loan some lenders may ask you to pledge more gold or pay up to meet the difference in amount. 
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