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Gold Loan in naroda

Once an overlooked industrial area of Ahmedabad, Naroda has now become one of the most prestigious residential locations as enjoys easy accessibility, being strategically located near the junction of NH8 and NH59 and on the burgeoning Gandhinagar-Ahmedabad-Vadodara corridor. Sardar Vallabhbhai Patel International Airport and Ahmedabad Railway Station are both within 9 km range. The booming area is split into two: Old Naroda and New Naroda. While most of the residents are Hindus and Jains, a substantial percentage of Sindhis to this day continue to live. The region is home to the business park of Naroda GIDC, which hosts MNCs and national firms including PepsiCo, Reliance Industries Ltd., Dresser Industries, Ingersoll-Rand, Lubi Electronics, Arvind Mills, Nirman Textile, and many others. To meet their business aims and objectives, people also use the aid of gold loans in Naroda. As mentioned earlier, Naroda features many historic religious attractions, such as the archaeological site of Lord Sankar, Hanumanji Mandir, the Jain Temple of Satyanarayan and Padmavati Mataji, and the Bethak of Mahaprabhuji, to list a few.

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.

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

Is a CIBIL score required for a gold loan?

A CIBIL score is not required for a gold loan. The CIBIL score is a document similar to a credit score. It is used to determine the financial health of the lender. A high CIBIL or credit score is preferred by the lenders. The borrowers need to have a minimum credit score of at least 700 to be eligible for a gold loan. But in the case of a secured loan, the borrowers are not required to present their credit score. A secured loan only requires minimal paperwork. The only documents that the borrower is expected to present before their loans can be sanctioned are the identity proof and the address proof. Sometimes, it is even possible to get a gold loan against just their Aadhaar card.

How to apply for a gold loan with Rupeek?

Applying for a gold loan with Rupeek is as easy as can be! The Rupeek app has been designed to guide the borrower virtually through the process of availing a loan. A borrower only needs to go through these steps 

*Download the Rupeek App- You will have to download the app from the PlayStore and create an account for yourself with a unique username and password. Alternatively, you can also place your request by calling us on our customer care number.

*Loan Request- Once your account has been created you can navigate to the loan application, fill out the necessary information, and place your loan request.

*Gold Valuation at Home- Once your loan application is approved, a lender appointed official visits you at a location of your choice and evaluate the purity of your gold.

Post gold evaluation, the loan amount you are eligible to receive will be conveyed to you by the gold appraiser. If you are satisfied with this amount, you will receive it within 10 minutes!

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