In the city of Mysore, Periyapatna is a silent and amazing neighbourhood. The area consists of a population of 14,922. 49% of the population constitutes of females and 51% constitutes of males. The national average literacy rate is 59.5% and the literacy rate in Periyapatna is 67% that is higher than the national average. Major population is tobacco cultivator and Vokkaliga Gowda community forms the highest population of the entire area. Before the harvest season, a gold loan in Periyapatna is often taken by the tobacco cultivators. Beda Nayakas is a tribal group that considers this locality as their homeland owing to the thick mainland forest in the surrounding. The main occupation of this tribe is hunting.
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.
Gold loan is the most flexible and popular source of funds in the Indian financial market. A gold loan is a secured loan, which means that to obtain quick funds or emergency loans, the borrower has to pledge their asset (in this case, their gold) with the lender to obtain funds in return. A secured loan is also known as a collateral-based loan since the funds can be availed only against the asset of the borrower. Gold loans owe its popularity to its attractive features such as:
Using a gold loan, the borrower can get up to 75% of the market value of the collateral as the loan amount. In some cases, up to 90% can also be disbursed as the loan. Instant gold loans are so true to their name that the funds get transferred to the borrower’s account within one hour from the loan application.
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