Low Interest Gold Loans in Raipurstarting @ 0.49%P.M. (5.88%* P.A.)

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low interest gold loan

Get a New Gold Loan

IconInstant 30 minuntes

Shift your Existing Gold Loan

IconSave ₹37,131*

We offer the highest per gram rate on our gold loans.

3,503*
lender banks

Gold Loan in Raipur

Chandigarh’s Raipur is popularly known as one of the leading industrial hubs in the country and is also a tourism hotspot. However, Raipur is also well known for its rich history dating back to the 9th century according to some historians, or even dating back to the Mauryan empire according to other historians. Nevertheless, the city which was a part of Madhya Pradesh until 2000, holds both cultural as well as economic significance in the Indian subcontinent. The city is not only a lucrative place to set up businesses but it also houses premier educational institutions such as NIT, IIT, AIIMS, IIM, and Hidayaullah National Law University. People of Raipur tend to depend on gold loans for financial stability. Some of the popular tourist attractions in the city include the Mahant Ghasidas Memorial Museum, Doodhari Monastery and Temple, Mahamaya Temple, Budhapara Lake, Vivekanand Sarovar, and Kevalya Dham.

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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:

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

Eligibility criteria for an online gold loan

Since a gold loan is a secured loan, it offers many benefits that the other sources of funds do not offer. Some of the benefits offered by a gold loan include:

  • Low rate of interest
  • Minimal documentation
  • High loan amount
  • Flexibility in repayment options
  • Instant loan approval, etc.

The requirement for eligibility for a gold loan isn’t much. To avail a gold loan, the borrower has to fulfill the below-mentioned criteria:

  • The borrower shouldn’t be a minor
  • The mortgage loan should be of 18 karat or above
  • The gold should be in the form of ornaments or jewelry.

The loan amount is then calculated by the lender by multiplying the quality, purity, and weight of the gold. The lender then multiplies it with the average price of gold for the past thirty days. The resultant amount id the loan amount that the borrower can borrow.

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Gold Loan Calculator

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Frequently asked questions

What kind of gold loan repayments can I do?

Borrowers have the flexibility to choose from different types of gold loan repayment schemes. These include Interest payments, Closure payments, and Part payments.

  1. Interest payment: Interest payment is the method of repayment in which the interest you need to pay on your principal is paid on a monthly basis.

  2. Closure payment: Closure payments is the method of repayment in which the jewelry you have pledged is returned once the closure payment is made.

  3. Part-payment: Part payment is the method of repayment in which you can make at any point in time which is more than the interest payable for that month

How do I close my loan on gold and release my jewels?

You can close your gold loan in Raipur in one of several ways to finish complete repayment and have your collateral released. One of the options you can use is an option called 'close loan' online. In this method, the closure summary of your loan will be displayed in the app on your profile. The details enclosed are accrued interest, rebate amount(if applicable), the final payable amount for your gold loan. Your loan manager will hand over the gold jewelry or ornaments you had pledged as collateral once your loan account has been closed.

How will gold rate affect my gold loan amount

The loan amount you are eligible to receive is contingent on the value of the collateral you pledge. Usually, the loan amount you receive is about 75% of the market value of the gold you pledge. The value of the collateral however is ascertained by taking an average of the daily gold gram rate from the past 30 days. If the gold rate has been on a constant high, then the loan amount goes up and the borrower receives a higher amount of loan against their gold. But at the same time if gold hasn't been performing well, then the average gold gram rate will also not come up too much, and hence, the loan amount the borrower is eligible to receive will also be correspondingly low.

How does gold loan work?

Gold loans are those loans that require you to secure your credit amount with collateral, collateral in this case being gold. Lenders usually only accept gold in the form of jewelry or ornaments as opposed to gold coins or bars. It is noteworthy that the gold valuation is almost always different from the market value. This is because the lender arrives at the gold gram rate based on the average rate from the past 30 days. The loan amount that you are eligible to receive depends on the valuation of your gold. This amount is then transferred to you within 10 minutes.