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Gold Loan in sachin

Sachin was a princely state that was ruled by a Nawab during the Indian era of pre-independence. Currently, it is a township that comes under Surat district. Sachin is located on approximately 13 km away from Surat, and it stands on the junction of NH 228 (Sabarmati-Dandi Heritage Highway), NH 6 (Surat-Kolkata), and NH 8 (Mumbai-Delhi). The locality possesses its own railway station that operates under the HQ Western Railway Mumbai Division. The nearest airport to reach this township is the Surat Airport that is located around 20 km away. Sachin possesses a huge industrial area that is controlled by various SEZs like Surat Special Economic Zone (SurSEZ), Diamond SEZ, and Gujarat Industrial Development Corporation (GIDC). For all those who want to grow their business, a gold loan in Sachin is a perfect option.

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. 

Documents required for an online gold loan

If you are looking to source immediate funds at short notice, online gold loans are your go-to avenue! The eligibility criteria are relaxed, it requires only minimal documentation, you are eligible for a higher loan amount (though the upper cap is contingent on the value of your gold), you can choose from a range of flexible repayment options, the benefits are endless! The documentation requirement can be split into two parts:

1) Identity Proof- Documents that serve as identity proof include but are not limited to:

* Voter's ID

*PAN Card

*Aadhaar Card

*Passport

*Driving License

2) Address Proof- Documents that serve as identity proof include but are not limited to: 

*Aadhar Card

*Passport

*Driving License

When it comes to gold loans, most lenders allow the borrower the latitude to avail a loan using just the king of all documents- The Aadhaar Card. Since it contains almost all the necessary information including Name, DOB, Name of parents/spouse, Address, Biometric information, and Iris Pattern Scan it acts as an all-rounder when it comes to documentation!

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Frequently asked questions

What kind of repayments can I do?

All kinds of loan repayment options can be done and completed online. No matter what type of repayment of the gold loan in Surat it is that the lender wants to complete, it can be done online. The repayment option that the lender is resorting to complete online can include:

  1. EMI payments – which is the monthly repayment towards the loan
  2. Bullet payment – which is the total bundle of the outstanding principal amount and the interest component at the maturity of the loan.
  3. Closure payment – which is the amount that the borrower pays to receive all their collateral assets back
  4. Part-payment – which is a repayment option where the borrower pays more towards the loan repayment by paying more than the EMI but less than the whole amount to be repaid. The borrower does this in an attempt to close the loan prematurely. 

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

There are several ways to close your gold loan in Surat and get your collateral released. The lenders give the borrowers an option to close their loan account online. The entire loan closure summary along with the complete details associated with it – such as accrued interest, rebate amount (if applicable), and the closure amount for the gold loan in Surat will be displayed online. The loan manager will hand over the collateral asset once the loan account is closed by the borrower. Just as the other procedures associated with an online gold loan, the closure of the loan is also a hassle-free process.
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