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

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.
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Gold Loans at the privacy of your home

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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. 

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

How are gold loans different from other loans like personal or credit card loan?

For starters, gold loans come equipped with a variety of benefits as opposed to any other form of credit. The reason lenders can afford to offer so many added benefits to borrowers of gold loans is because of the collateral pledged against the loan. Some of the stark difference between gold loans and other loans are: 

1) Gold loans have much lower interest rates 

2) Gold loans don't require as much documentation as to any other form of credit. Some lenders even approve gold loans with just the Aadhar Card for verification. 

3) Though other forms of credit require you to maintain a stellar credit history, gold loans can still be availed even with a poor credit score.

What about the tenure of the loan, lock-in period, and prepayment penalties?

The factors associated with a loan - such as the loan interest rate, the loan term, the processing charges and the loan amount vary from lender to lender. Different lender offer different schemes to its borrowers. For instance, the average loan term for gold loan at Rupeek is 12 months. But secured loans offer a lot of flexibility in repayment options to its borrowers. To begin with, there are several schemes from which the borrower can pick the option most convenient to them. The borrower can also opt to prepay the loan before the end of the tenure. There are neither any prepayment penalties, nor any lock-in period.
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