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

Gold Loan in port area

Port Area of Vishakhapatnam is the only port of Andhra Pradesh and is known to be one of the 12 major ports in India. By the volume of cargo handled, it is considered to be the third largest state-owned port in India. Not only that, it is the largest one in the eastern coast. The port is located midway between the Chennai and Kolkata ports. The port area is divided into three harbors - the outer harbor, inner harbor and the fishing harbor. During the Second World War, the military significance of the port increased. However, after India's independence, the port witnessed growth over time. With the developing area, financial needs of the residents have also grown and gold loan in Port Area is a preferred option here. This was notified as a major port in 1964 under the Major Port Trusts Act, 1963. Under the Act, the Visakhapatnam Port Trust is in charge of running the port.

Gold Loans at the privacy of your home

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Documents required for an online gold loan

If you are looking to source immediate funds at short notice, online gold loans are your go-to avenue! The eligibility criteria are relaxed, it requires only minimal documentation, you are eligible for a higher loan amount (though the upper cap is contingent on the value of your gold), you can choose from a range of flexible repayment options, the benefits are endless! The documentation requirement can be split into two parts:

1) Identity Proof- Documents that serve as identity proof include but are not limited to:

* Voter's ID

*PAN Card

*Aadhaar Card

*Passport

*Driving License

2) Address Proof- Documents that serve as identity proof include but are not limited to: 

*Aadhar Card

*Passport

*Driving License

When it comes to gold loans, most lenders allow the borrower the latitude to avail a loan using just the king of all documents- The Aadhaar Card. Since it contains almost all the necessary information including Name, DOB, Name of parents/spouse, Address, Biometric information, and Iris Pattern Scan it acts as an all-rounder when it comes to documentation!

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 close the gold loan earlier than intended?

Yes you can close the gold loan in Visakhapatnam earlier than the tenure as long as your lender has no lock-in period or prepayment penalties in place. Whereas some other lenders might have small penalties ranging up to 200 rupees if you wish to foreclose your loan account 3 months or 1 month before the lock-in period set upon the respective lender's discretion. The penalty also depends upon your loan amount. However, Rupeek does not levy any amount from its borrowers if they wish to close their loan account prematurely. Rupeek always makes sure that its borrowers are provided with the most convenient and hassle-free options regarding their gold loan in Visakhapatnam.

Does gold loan affect CIBIL?

All gold loan lenders do not consider the credit score before sanctioning a loan. Some lenders take into consideration the CIBIL score. Rupeek does not require the CIBIL score of the borrower before giving the loan approval. In that case, your CIBIL score is of no concern when you obtain a loan from Rupeek. But on the other hand, what can affect your CIBIL score is your repayment of the loan. If you have made all the repayment of the gold loan in Visakhapatnam on time, your CIBIL score will take a boost. On the other hand, if your repayment has been poor, your CIBIL score will be adversely affected. This will, in turn, affect your eligibility of loans in the future.
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