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

Gold Loan in nasiyanur

In the Erode District of Tamil Nadu, Nasiyanur is a major town on Salem-Kochi Highway or National Highway 47. It lies between Perundurai and Chittode. The region comes under the assembly constituency of Erode (West) and the parliamentary constituency of Erode. Agriculture is the main occupation of the people living in Nasiyanur. Local residents also use gold loans in Nasiyanur to produce agricultural products, to open poultry farms or to set up a textile business.The area has excellent links to other parts of India via the railway stations of Totiyapalayam and Erode Junction. Some of the reputed educational institutions in the city are the Vellalar College of Pharmacy, Vellalar B.Ed College, Vellalar College of Nursing, SMVB School, Vellalar Vidyalaya Senior Secondary School and Vellalar College of Education for Women.
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Gold Loans at the privacy of your home

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What is an online gold loan?

An online gold loan is the most hassle-free form of instant credit. It owes its popularity to the array of flexible features it comes with. It comes with extremely relaxed eligibility criteria, high loan amounts at low-interest rates! Sounds like the perfect package doesn't it? Well, it gets better. There is no set upper limit on your loan amount. This completely depends on the value of your gold. Ideally, lenders approve up to 75% of the market value of the collateral. However, at times it can even go up to 90%! It is noteworthy that this market value does not refer to the prevailing market price. The lender arrives at the gold valuation by taking an average of the gold gram rate from the past 30 days. The borrower can avail the loan right from the comforts of his/her home by downloading the app and placing a loan request using just the Aadhar card as document proof! A lender appointed representative will then visit the borrower's house for gold valuation and post which the loan amount will be transferred within 10 minutes. The entire process end-end takes only about 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 there any maximum and minimum limit for availing gold loan?

The minimum amount to avail a gold loan with Rupeek is Rs. 15,000, and the maximum loan amount that can be sanctioned is Rs. 1.5 Crores. Gold loans are the perfect source of funds for you if you are looking for high-value loans with low interest rates, as long as you have the collateral. The amount of loan amount that you are eligible for depends on the value of the gold you have pledged with the lender. When you take a gold loan, you can get funds equivalent to 75% of the market value of the pledged gold. It can also go up to 90% in some cases.

What purposes can I request a gold loan for?

A gold loan can be requested to meet any of the following requirements:

  1. Home renovation
  2. Sponsor an event
  3. Throw a marriage or any other function
  4. To clear another debt
  5. Medical emergency
  6. Educational purpose
  7. Small business

In short, it can be said that a gold loan in cityname can be taken for any purpose - whether the requirement is planned or unplanned. As long as the borrower doesn’t use the funds for a speculative or illegal purposes, the loan amount can be used for any purpose. Most borrowers take gold loans in cityname to meet the above-mentioned requirements. 

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