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Gold Loan in prabhadevi

Prabhadevi is a small up-scale southern neighborhood of Mumbai, Maharashtra. It is located between Dadar to the north, Worli to the south, and the Arabian Sea to the west. It is a residential and commercial vicinity bustling with commercial activities. Prabhadevi starts at Sayani Road Junction and ends at Babasaheb Worlikar Chowk. It is largely a residential area with mostly newly built apartments and high rises and is connected well with other parts of the cities. This makes the area one of the most sought after properties and a gem for real estate businesses. People often rely on gold loans in Prabhadevi to expand their business and spend on buying properties. The most-visited tourist place in the locality is the Siddhivinayak Temple, where many devotees visit to offer prayers.

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

Is a gold loan taxable?

Whether or not the gold loan is taxable depends on the reason behind the procurement of the funds and where it is to be invested. If the gold loan is procured for business purposes, it is taxable. On the other hand, if the funds have been obtained for other uses that consittute personal use, such as medical emergencies, house renovation, to sponsor an event or to throw a marriage function, then the borrower cannot claim tax deduction. If the loan has been procured for your personal use, there can be tax deduction. Only as long as it has been procured for business purpose, there is tax deduction.

How is KYC done at home for online gold loan?

KYC documents are documents that prove the borrower’s identity and address. It can be the borrower’s Aadhaar card, PAN card, voter ID, driving license, or passport. These are the only two documents that a secured loan demands from its borrowers. When the representative from the company arrives at your doorstep to verify your documents and your gold, your documents will have to be uploaded to check its validity. The official will take pictures of the documents and upload them to the company’s system. Within minutes, the documents will be verified and the process will be completed.
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