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Gold Loan in rajpura

Rajpura is an industrial town in patiala district in the Indian state of punjab. The name appeared many times in history when emperor sher shah suri and his army travelled through rajpura on their various journeys. Nowadays rajpura is well connected with other major punjab cities such as Chandigarh, patiala, ludhiana, amritsar, and ambala. Rajpura is home to several large-scale factories, such as hindustan unilever, bunge India pvt. A diamond manufacturing unit was also launched in rajpura in 2005 which produced gold jewelry such as kundan, mina, and polky. Many other small-scale enterprises have also started to set up since then, making it very convenient to use gold loans in rajpura. The rajpura pin code for tiet is 140401, and 140402 for rajpura township.

Eligibility criteria for an online gold loan

As far as forms of credit go, online gold loans provide a range of peerless flexibility! Here are some of the basic eligibility criteria that you need to meet if you are looking to avail an online gold loan-

1) Since lenders prefer disbursing loans to borrowers that are domiciled within the same geographic boundaries as theirs, you will have to be of Indian nationality and residing in India to avail a loan.

2) You must be an independent major, that is of the age 18 or above

3) Since, usually, Indian lenders do not approve gold coins or bars, the collateral you are looking to secure your loan with has to be gold in the form of jewelry or ornaments.

4) The jewelry you are looking to pledge must be 18 Karat or above (Karat is the measure of the purity of gold)

It is noteworthy that the loan amount you are eligible to receive is bound to vary from the market gold rate. This is due to the fact that lenders don't go by the current market price and instead arrive at the average gold rate based on the rate from the past 30 days. 

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

What purposes can I request a gold loan for?

A gold loan can be requested to meet any of the following requirements:

  1. Home renovation
  2. Sponsor an event
  3. Throw a marriage or any other function
  4. To clear another debt
  5. Medical emergency
  6. Educational purpose
  7. Small business

In short, it can be said that a gold loan in Patiala can be taken for any purpose - whether the requirement is planned or unplanned. As long as the borrower doesn’t use the funds for a speculative or illegal purposes, the loan amount can be used for any purpose. Most borrowers take gold loans in Patiala to meet the above-mentioned requirements. 

What are the benefits of a gold loan?

Gold loans require the borrower to pledge their gold against the loan. The value of this gold needs to be at least 30% more than the loan amount being availed. In case of an arrear or a failure to repay the loan, the lender assumes full and permanent ownership of the collateral. Owing to this, availing an online gold loan comes with a lot of benefits that include but arent limited to:

1) Speedy Disbursal

2) High LTV (LOan-Value Ratio)

3) Low-Interest Rates

4) Minimal Documentation

5) Relaxed Eligibility Criteria

6) Waived Processing Fee

7) 100% Insurance Cover

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