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

Gold Loan in radhanagari

Radhanagari is a serene town situated on the banks of the bhogawati river, in the kolhapur district of Maharashtra. It is radhanagari tehsil's headquarters, which lies under the district's radhanagari subdivision. The radhanagari dam is very close to this town. The dam is surrounded by beautiful scenery and nestled against the backdrop of a dense green forest canopy, providing a stunning view. Another big attraction of the town then is the radhanagari wildlife sanctuary. It lies just 2 km from radhanagari city. Both sites very often draw tourists from the surrounding areas. The town's local residents have access to several services, including gold loan at radhanagari as well. Also, they use this loan to fund their miscellaneous expenses.

Gold Loans at the privacy of your home

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Eligibility criteria for an online gold loan

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.

Benefits of an online gold loan

When you require emergency funds or urgent loans, a gold loan is one of the most flexible and hassle-free loans that you can acquire. A few of the benefits that are exclusive to gold loans are listed below:

  1. Low loan interest rates - the interest rates are less because of the security of the collateral.
  2. Minimal documents – the only documents that the borrower is expected to submit are the address proof and identity proof
  3. High-value loan – up to 75% of the market value of the gold can be obtained as the loan and in some cases, up to 90%.
  4. No upper limit – the amount that you can obtain is determined by the value of the pledged gold.
  5. No requirement of income proof – the borrower can be unemployed or have an irregular income and still get a gold loan.
  6. No requirement of credit history – the borrower can have a poor credit score or CIBIL score and still be eligible for the loan.
  7. Flexibility – a secured loan is more flexible than other sources of income. The borrower has a variety of repayment schemes to choose from.
  8. Speed – the whole transaction, from the loan application to the disbursement of the funds takes place within an hour.

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Frequently asked questions

Is there a processing fee while applying for an online gold loan?

Gold valuation, loan amount, interest rates all factors that vary from lender to lender. One of the important factors to keep in mind while looking to avail a gold loan is the overhead charges that could increase the cost of your loans such as processing fees. Processing fees for gold loans vary from one lender to another and range between 0.20% and 2% of the loan amount. Loans can have high processing fees and other additional charges. Rupeek is dedicated to offering affordable and convenient loan solutions, which is why our processing fees are one of the lowest in the market.

Is a gold loan taxable?

Though gold loans can be spent as per the discretion of the borrower, whether or not your gold loan is taxable primarily depends on the purpose for which it is being availed. For instance, gold loans that are availed for business purposes are taxable. Additionally, a tax rebate can be claimed on the interest component as well. However, this is not the case if the gold loan is being availed for personal use. That is if the loan is being availed to be spent on educational purposes, a wedding, medical emergencies, purchase a vehicle, or remodel your house, then the borrower cannot claim a deduction.
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