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Gold Loan in ponnekallu

Ponnekallu falls in the Andhra Pradesh district of guntur. It is a village about 14 km from guntur city and can be reached via guntur-amravathi road by a drive of about 30 minutes. The ponnekallu bypass road crosses the village and links it to the guntur-amravathi route, thereby raising its accessibility from both guntur and amravathi cities. The village also has a bus stand, and the surrounding areas remain linked by bus service. Ponnekallu is a part of capital city Andhra Pradesh. Lam gram panchayat is the unit of local self-government, governed by a sarpanch. Local people in ponnekallu frequently rely on gold loans to fulfill their sudden financial requirements for some reason.

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!

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.

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Frequently asked questions

Can I pledge anything other than gold?

No. Most lenders do not accept anything other than a gold pledge as their lending partners accept only gold jewelry. The kind of collateral and the type of it that an online lender accepts also depends on the conditions of its partner banks. Rupeek only deals in gold ornaments and not in the other forms of gold – such as coins or bars because its partner banks only accept ornament. Further, lenders like to specialize in the kind of loan that they offer so that they can provide their customers with the maximum benefits and the best services. 

What is a gold loan?

Gold loans are those loans that are availed by securing gold against your loan amount until the repayment of the loan. The value of this gold has to be at least 30% more than the loan amount. This functions like any other secured or collateral-based loan, where the gold operates as the collateral. Several factors make gold loans such a widely popular source of credit: 

1) Flexibility- Borrowers have the latitude to apply for a loan and choose the loan terms, loan amount, loan interest rates, and repayment schemes as per their requirement.

2) Speedy Disbursal- Gold loans take only about an hour to get approved and disbursed since the point of the loan application.

3) Minimal Documentation- Gold loans require minimal documentation. At times, the lender even approves loans with just collateral and the borrower's Aadhar card.

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