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Gold Loan in namburu

Namburu is a small settlement within Andhra Pradesh's guntur district. It is part of the Andhra Pradesh capital city, which is under the jurisdiction of the metropolitan development authority of amaravati (apcrda). The town is administered locally by the namburu gram panchayat. It is a community that is growing and puts a lot of emphasis on education. The village has a healthy balance of public schools and private schools. Namburu also boasts of having reputed higher education institutes such as the acharya nagarjuna university and vasireddy venkatadri technology college. In these institutes several students from the surrounding villages take entry. Many of them depend on gold loan to fulfill their educational expenses in namburu. Namburu is about 15 km from the city of guntur and remains well connected via national highway 16 and namburu railway station.

Benefits of an online gold loan

An online gold loan offers unparalleled benefits. To avail a gold loan, you need to register yourself as a borrower and mortgage your gold ornaments. The best feature of an online gold loan is that the entire process of the loan application and approval takes place online. Hence, the location of the borrower does not matter. Usually, the lender sends a loan officer to the borrower within half an hour of getting the loan request, who verifies the gold, and gives a quote. On successful verification and subsequent approval, the lender then sends the amount directly to the bank account of the borrower. With an online gold loan, a borrower can get up to 75% of the gold's average market value. As it is a secured loan, the rate of interest is lower than many other types of instant loans. Additionally, a borrower can apply for a gold loan only with the Aadhaar Card.

What is an online gold loan?

An online gold loan is the most straightforward secured loan you can avail when you require instant cash. The easy eligibility criteria and high loan amount make a gold loan one of the most popular loans in India. Usually, lenders approve up to 75% of the gold's market value; although at times, the upper limit may go up to 90%. The final amount would depend on the previous thirty days' average gold price and the quality and Karat of the gold. To avail an online gold loan, the borrower has to download the lender's app or call the customer helpline. After this, a loan officer would schedule a meeting and visit the borrower's residence or office and value the gold. Generally, the loan amount gets transferred to the borrower's bank account within ten minutes of loan approval. The total time from loan application to loan approval can be anything from half an hour to an hour.

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Frequently asked questions

Can I close the gold loan earlier than intended?

\Yes, it is possible for the lender to close the gold loan in Guntur before the end of the term. There are only rare cases when the option of prepayment wouldn’t be available to the borrower and that is if the lender has a lock-in period or if there are some prepayment penalties. Some lenders charge for the prepayment of the loan, called prepayment penalties. This charge can be up to 200 rupees, if you are looking to close your loan account 3 months or 1 month before the lock-in period set upon the lender’s discretion. The penalty charged by the lenders also depend upon your loan amount. Rupeek, on the other hand, does not levy any penalty charges for the preclosure of the loan account.

What are the benefits of a gold loan?

A gold loan offers many benefits when compared to other types of loans. Gold loan benefits include faster processing time, higher loan to value ratio, lower interest rates, the convenience of availability of the collateral, faster loan disbursal, and relaxed eligibility criteria. Based on the lender, you may also enjoy other benefits like a waiver on the processing fee and insurance cover. Since the lender has been provided with an asset of the borrower, it Is understood that in case of failure of repayment of the loan, the lender can sell the asset of the borrower to settle the debt. This is why the lender can offer various benefits to the borrower, in the case of a gold loan.
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