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Gold Loan in Nellore

Andhra Pradesh’s Nellore is not only a tourist Hotspot but is also a popular spiritual centre in the state. It is located in between Chennai and Vijayawada, making it accessible. The serene landscape of the region is dotted with beaches, lakes, temples and what not. After being under the reign of several dynasties such as the Cholas, Pandyas, Pallavas, Mauryas, Satavahanas, the Vijayanagara Empire, Sultanate of Golconda and even the Mughal empire, the city displays a rich cultural history. Nellore is not only located on the banks of river Penna but it is also situated near the Bay of Bengal, making it a suitable location to pursue Aquaculture and agriculture. The must- try list of local cuisines will definitely include the popular Nellore Reddy cuisine. Locals tend to hoard gold jewellery for important occasions like weddings and often depend of gold loans to do so.

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.

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

In case of default, when will the gold jewellery be auctioned off?

In case of default of payment or arrears, the gold that you have pledged as collateral will be put up for auction about 30 days after the end of the loan term. To avoid such unfortunate consequences after your loan has been sanctioned, make your EMI payment as a primary priority. If the lender plans to auction your gold, it will be processed only after informing the borrower. Borrowers are requested to self evaluate if they are capable of handling the weight of EMI as well as personal expenses before opting for the loan scheme.

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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