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 premiere 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.
An online gold loan is the most straightforward secured loan you can avail when you require instant cash. The easy eligibility criteria and high loan amount make a gold loan one of the most popular loans in India. Usually, lenders approve up to 75% of the gold's market value; although at times, the upper limit may go up to 90%. The final amount would depend on the previous thirty days' average gold price and the quality and Karat of the gold. To avail an online gold loan, the borrower has to download the lender's app or call the customer helpline. After this, a loan officer would schedule a meeting and visit the borrower's residence or office and value the gold. Generally, the loan amount gets transferred to the borrower's bank account within ten minutes of loan approval. The total time from loan application to loan approval can be anything from half an hour to an hour.
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.
The eligibility criteria that a lender offers are unique to them. That is to say that the eligibility criteria offered by the lenders in the market differ when you are applying for a gold loan in Raipur. The conditions vary to the extent in terms of age (and other factors) that while some lender requires the borrowers to be at a minimum age of 18 some lender wants their borrowers to be at a minimum age of18. Some lenders keep the upper bar on age at 65 years while for some others, it is 75. But generally, and according to Rupeek, the only eligibility criteria that the borrower has to fulfill are listed as follows:
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