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Chennai
Oggiamthoraipakkam
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0.79%*
monthly Interest (9.69% P.A)*

Gold Loan in Oggiamthoraipakkam

Okkiyam Thiraipakkam is a major residential and commercial area in South Chennai. The Pallikarani Bird Watching area is located in its vicinity. The area falls under the Shozhinganallur assembly constituency and Chennai South parliamentary constituency. Perungudi and Velachery are the nearest railway stations. Old Mahabalipuram Road, 20 Feet Radial Road, and East Coast Road are some of the major roads that pass through the area. Madurai Kamaraj University, C L Baid Metha College, C L Baid Metha College Of Pharmacy, Akshar Arbol International School, APL Global School, EuroKids, and First School are the prominent educational institutions in the locality. The cost of living in this region is comparatively high and to maintain their expenses, people apply for gold loans in Okkiyam Thuraipakkam.
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Gold Loans at the privacy of your home

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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

As a secured loan, the online gold loan offers unparalleled convenience, like easy eligibility, minimal documentation, high loan amount, long tenure, flexible repayment options, low rates of interest, and instant loan approval. Because of its simple eligibility criteria, virtually any Indian citizen can avail a gold loan. To avail a gold loan online, your age must be above 18. The purity of the gold you want to mortgage should be 18 Karat and above. The third and the last eligibility criterion is that the gold should be in the form of jewellery or ornaments. Generally, Indian lenders do not accept gold bars or coins for approving the gold loan. To calculate the loan amount, the lender evaluates the quality, weight, and purity of the gold and multiplies it with the previous thirty days' average price of gold. The figure that comes out as a result of the gold evaluation is the loan amount a borrower becomes eligible for.

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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.

How is the market value of gold determined?

Gold is one of the most precious commodities in the world today. Throughout its existence for over 3000 years, its value has remained consistent, never dipping below zero. There are many factors on which the price of gold depends. Although the major factors are the demand and supply, it is also largely dependent on the gold production, inflation, government’s gold reserves, import rates, interest rates, taxes and levies, local demands, etc. For these reasons, the value of the gold in the market is seen to fluctuate. You can know the current rate of gold by visiting our page for gold loan calculation.

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