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Gold Loan in nadwa

Nadwa is a famous, location in India's Uttar Pradesh district of lucknow. It is a predominantly muslim city. In this area lies the darul uloom nadwatul ulama. It translates into english as scholars university's house of information & assembly is an islamic institution in lucknow, India. it attracts a huge number of muslim students from all over the world. Nadwatul ulama supports a number of scholars as well as students including hanafis (the majority group), shafi'is and ahl al-hadith. There are also several financial institutions in this area which provide services such as gold loan in nadwa.

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 is the market value of gold determined?

Gold is a precious commodity, used commonly for trade internationally. Investing in gold has several benefits as opposed to a cash investment. The fact that the price of gold has never dipped below zero in its 3000-year history only strengthens the position of gold in the market. Several determinants influence loan interest rates. It could be the supply of gold in comparison to its demand both locally as well as globally, inflationary rates, the gold reserves present in the possession of the government, ongoing import and interest rates, taxes and levies. To know the gold loan rate in real-time, you can check out our gold loan calculator.

What can I do if my lender is charging high interest?

If after the loan has been sanctioned and after a couple of repayment you realize that the rate of interest you have been charged with is high, if you wish to, you have the option to transfer your loan from your current lender to another lender. Most lenders offer this facility to their potential borrowers. As long as the borrower has a good repayment history, there is nothing to worry about. When a borrower wishes to transfer their loan to Rupeek, Rupeek sees to the matter at once. All the help from Rupeek’s end will be provided to the borrower to the extent that the only factor that the borrower has to be concerned about will be regarding the arranging of the loan renewal amount.
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