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

Gold Loan in nabha

Nabha is a well-known historic town and municipal council situated in the patiala district in the punjab Indian state. The present day nacha is a subdivision city under patiala but formerly during the british raj, nabha city was the capital of the princely state of nabha. The entire city's geography is green, and is known in the pawadh area for its great fertility. Nabha is known as a royal city with significant landmarks such as tapia mandir, hira mahal, qila mubarak, mata rajrajeshwari balasundari ji mandir, mata jwala ji mandir, and old haveli, because of its historical importance. Modern nabha is a booming town, and a successful combine harvester manufacturer. Because of its many business opportunities people in nabha can easily apply for an gold loan.

Gold Loans at the privacy of your home

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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

What is gold loan renewal and how is it done?

Most of the schemes of gold loans in Patiala are of short tenure, generally ranging from anywhere between 3 to 6 to 12 months. Some lenders give the customers the option of extending the loan tenure through gold loan renewal if they are in need of fresh funds. However, renewal fees may be charged by some lenders. A borrower usually opts for a renewal of their gold loan in Patiala when they are still in need of funds. By opting for a second loan from the same lender by repledging the same gold ornaments, the borrower can meet the emergency fund requirement.

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

No you cannot withdraw your pledged gold ornaments with a part payment as most lenders do not allow it due to chances of fraudulence. The gold pledged is like a surity for the lender that assures your repayment of borrowed loan amount. However making part payments of both principal and interest is allowed. Only when the entire principal and interest amount is repaid and the gold loan in Patiala is deemed close, the loan manager will hand over the pledged gold ornaments to you and obtain an acknowledgement from you.
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