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Gold Loan in nayandahalli

Nayandahalli is a private and business zone in South Bangalore in the Karnataka State. The territory is situated around the Nayandanahalli Kere, an enormous water body, and the State Highway 17. This area is circumscribed by Rajarajeshwari Nagar, Banashankari, and Bangalore University grounds. The zone is very much associated with different pieces of Bangalore through the Nayandahalli and Jnana Bharati Halt railroad stations, Mysore Road Metro, Mysore Road Satellite Bus Station, and NICE Road terminal. The region goes under the jurisdiction of the Govindraj Nagar and Bangalore South parliamentary voting demographic. Transports run from this region to territories BEML fifth Stage, Yelahanka, Channasandra, BHEL Layout, Kempegowda Bus Station, Kengeri KHB Quarters, and K R Market. Gold loans in Nayandahalli are very well known, as they are the quickest method to source cash for residents of Nayandahalli.

Documents required for an online gold loan

A gold loan is the perfect solution when a borrower is looking for urgent loans or emergency funds. With the help of an instant gold loan online, the borrower can receive the required funds in less than an hour. The borrower is eligible to get up to 75% of the market value of the pledged gold as the loan amount. Unlike many other sources of funds, an online gold loan requires minimum paperwork before giving the loan approval. The required documents are:

  1. Identity proof – any document such as voter ID, PAN Card, Aadhaar Card, Passport, or driving license can act as the identity proof of the borrower.
  2. Address proof – the same documents as mentioned above, except for voter ID and PAN card can act as the address proof of the borrower.

Some lenders also approve the loan against just the Aadhaar Card of the borrower. The Aadhaar card is the most important document for an Indian, which has all the details regarding name, father’s and mother’s name, address, biometric information, iris scan, etc. Therefore, it can function as the identity proof as well as the address proof.

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

Can I partially repay the gold loan amount?

Yes! Since Rupeek strives to provide affordable solutions for everyone, we provide the flexibility to repay your loan amount as per your convenience. If the borrower wishes, he/she can choose to repay their gold loan in part. This partial repayment option is also known as part release of a gold loan. The partial repayment amount can vary between monthly interest and full-closure amount. However, the gold jewelry or ornaments pledged will be returned only after the entire loan amount is repaid.

What is gold loan renewal and how is it done?

Gold loan renewal is the process by which a borrower can renew the gold loan in Bangalore that they have obtained from a lender. Gold loans in Bangalore are usually for short durations - the loan terms extending over periods as short as 3 months and not more than 12 months. If the borrower is in a continued requirement of funds even after their loan term has come to an end, a fresh loan can be acquired from the same lender by repledging the same gold ornaments. It has to be noted that some lender levy a charge for the renewal of the gold loan in Bangalore.
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