close btn

Service Update- (Covid-19)

In accordance with the respective state government’s directive, we’ve resumed operations in all the cities. However, a few services will remain affected while others will continue as usual. To read about the services or moratorium updates, Click here

Gold Loan in Mysore

Mysuru is situated in the southern part of the state of Karnataka and the city is noted for its cultural significance. The Wadiyar dynasty, who were the early rulers of Mysuru, introduced silk in the city and played an important role in the economic growth of the region. Rosewood artefacts, silk sarees, coffee powder and sandalwood products of this region are distinctively famous. The place is also known for its vibrant festivities during the time of Dasara. The cultural monuments and palaces of the city are some of the most visited places in the country and rightly so, Mysuru earned the tag of ‘City of Palaces’. This region is also a major centre for yoga tourism. Mysore Palace, the Blue Lagoon Lake, Mysore Zoo, the Brindavan Gardens at Mandya and Chamundeshwari Temple fall under the list of visitor attractions. The business crowd highly depends on gold loans in Mysuru for expansion purposes.

Documents required for an online gold loan

A gold loan is the perfect solution when a borrower is looking for urgent loans or emergency funds. With the help of an instant gold loan online, the borrower can receive the required funds in less than an hour. The borrower is eligible to get up to 75% of the market value of the pledged gold as the loan amount. Unlike many other sources of funds, an online gold loan requires minimum paperwork before giving the loan approval. The required documents are:

  1. Identity proof – any document such as voter ID, PAN Card, Aadhaar Card, Passport, or driving license can act as the identity proof of the borrower.
  2. Address proof – the same documents as mentioned above, except for voter ID and PAN card can act as the address proof of the borrower.

Some lenders also approve the loan against just the Aadhaar Card of the borrower. The Aadhaar card is the most important document for an Indian, which has all the details regarding name, father’s and mother’s name, address, biometric information, iris scan, etc. Therefore, it can function as the identity proof as well as the address proof.

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.

Rupeek ad

Gold Loan Calculator

Frequently asked questions

Is it risky to take a gold loan?

Not at all! Gold loans in Mysore are designed to be one of the most easily affordable forms of credit when you need urgent funds. The ease of application and range of flexibility available when it comes to availing a gold loan in Mysore is what make sit truly stand out. Since most families are bound to have gold jewelry in some form or the other irrespective of the income status, anybody and everybody can avail it. It is noteworthy that the loan amount and interest rate are subject to change depending on the repayment capacity of the borrower. The lender will ensure that the loan repayment fits well within your debt-income ratio. There is little to no scope of a gold loan becoming risky!

Do online gold companies offer different schemes for different income groups?

No, online gold companies do not even take into consideration the income of the borrower before approving the loan, let alone offer different schemes based on their income. Unlike an unsecured loan, the lender does not check the financial health of the borrower before approving the loan. All that an online lender looks for is the authenticity of the gold and the validity of the documents (the identitiy proof and the address proof) before sanctioning the amount. The loan amount and the interest rate are determined by various economic factors and by the pledged gold. A gold loan also makes it possible for the lenders to procure the loan even if they are unemployed. 

Rupeek ad
gold img
Apply for Gold Loan 30 Minutes Doorstep Service
close
+91
Please enter valid Mobile Number
close
success img

Loan Request Successful

Your request has been received, our customer relationship manager has been notified and will call you shortly