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

Gold Loan in Rajkot

Rajkot, the fourth-largest city in Gujarat, is the core of the Saurashtra region. It is located on the banks of Aji and Nyari rivers and this city has been reviewed as one of the cleanest cities in India. The father of our nation, Sri Mohandas Karamchand Gandhi, is from this magnificent city of Rajkot. The place is a proud home to people coming from different languages, such as Gujarati, Hindi, English, Bengali, Tamil and Malayalam. The city holds numerous historical structures such as the Connaught Hall, Vishwakarma Prabhuji Temple, Jubilee Garden, Swaminarayan Gurukul, Watson Museum, Rashtriya Shala, Rotary Dolls Museum, Kaba Gandhi No Delo and the Rotary Dolls Museum. The place is also a hub for several cultural, industrial and economic activities. Garba, a local festival celebrated during Navratri, is highly popular among the community. The people mostly depend on gold loans in Rajkot for expanding their businesses.
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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.

What is an online gold loan?

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.

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Frequently asked questions

Are there any charges levied for late payment of interest?

To avoid default in payments or arrears, most lenders charge a penalty fee. This will be collected along with the next month's payment. If any defaults or arrears occur in next month's repayment as well, your lender will escalate the issue to loan managers. Stringent action will be taken to ensure that you repay your loan along with the corresponding interest on-time. To avoid such dire consequences, borrowers must make on-time repayments and it must be considered as the number one priority. Negligence of timely payment reflects poorly on the borrower's credit score which affects the borrower's future scope of credit.

In case of default, when will the gold jewellery be auctioned off?

Your gold collateral will be auctioned off after 30 days from the end of the loan term. If the lender has arrived at a situation where he has to auction off the gold, it will only be carried out after informing the borrower. Any requests that the borrower would like to make in that event will be dealt by the lender on a case to case basis. In order to avoid these unfortunate circumstances after sanctioning the loan, the borrower has to make their EMI payment the first priority on their list. Even before entering into a contract with the lender, the borrower has to carefully evaluate the options available for them and come to a conclusion regarding a loan scheme after careful deliberation. The borrower has to consider the weight of the EMIs as well as the personal expenses on his pocket before opting for a scheme.

Can I pledge anything other than gold?

Lenders don't accept any other form of collateral apart from gold. This is so because their lending partners only accept gold jewelry. It is noteworthy that gold again in turn will not be accepted in the form of coins or bars. Lenders only accept gold jewelry or ornaments. This jewelry will then be appraised right in front of your eyes, and the loan amount will be conveyed to the borrower. Post gold valuation and loan disbursal, your gold will be safely transported to a locker where it will be stored until loan repayment. As long as your gold is in the possession of Rupeek, your gold will have 100% insurance cover.

How is gold appraisal done at home for online gold loan?

When you want to get a gold loan, the two most important factors that need to be verified and validated are your KYC documents and your collateral asset, which in this case, is the gold. An official from the lending company will be sent to your house to accomplish both the tasks. For the gold valuation, the representative will weigh your gold. It should be taken care that the pledged gold has to be in the form of ornaments and not in the form of coins or bars. The quality of the gold will be appraised before your eyes, through industry-standard tests. Details regarding the gold – such as its weight and price will be uploaded in the company’s system. Once these details are approved by the approval team online, the official will proceed with the rest of the process.

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