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

Gold Loan in rajarampuri

Rajarampuri is a suburb of Maharashtra in the town of kolhapur. It is also named mahalaxmi nagar. The rajarampuri suburb was named after the town's former king, chhatrapati rajaram maharaj. It is a suburban area filled with many shops trading in a wide range of items from groceries, electrical devices, clothes, jewellery, etc. The suburb also has numerous engineering classes and other courses coaching centres. Many students apply in rajarampuri for an gold loan to offset the costs of such coaching centres. There are also quite a few temples, parks, a library, and a vegetable market in rajarampuri.

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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:

  1. Low rate of interest
  2. Minimal documentation
  3. High loan amount
  4. Flexibility in repayment options
  5. 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:

  1. The borrower shouldn’t be a minor
  2. The mortgage loan should be of 18 karat or above
  3. 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.

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

Do I need to update the bank in the event of a change in address due to relocation or any other reason?

As a borrower, you are required to submit address and identity proof before being eligible to avail the loan. This is primarily to ascertain your nationality, as well as to keep track of your whereabouts in case necessary. Hence, if you happen to shift your place of residence during the tenure of your loan, you are required to promptly inform your Rupeek executive in-charge. If necessary, your loan manager will schedule a visit and visit you at your new address. If not, your new address will simply be updated in our records provide you submit a proof of address online. 

Is part withdrawal of gold Jewellery allowed post part closure of gold loan?

No, it is not possible to withdraw the gold ornaments that you have pledged after part payment. The gold that you have pledged with the lender is what acts as a security. It is the collateral that guarantees the repayment of the gold loan in Kolhapur by the borrower. It is also this collateral that enables the lender to provide the borrower with various benefits, such as flexibility and lower interest rates. Although part payments are an option for the borrower, the gold ornaments can only be withdrawn after the entire loan amount, which is comprised of both the principal amount and the interest amount have been repaid. It is only after the close of the loan account and after the entire debt has been cleared that the lender will release the gold collateral of the borrower.
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