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Gold Loan in saheed nagar

Saheed nagar wns, or saheed nagar, is a neighborhood and major commercial area in bhubaneswar, orissa. Saheed nagar was originally constructed and planned to imitate a luxurious residential district and is considered a high-value residential neighborhood. Many designer brands and national brands such as pantaloons, central, kalyan jewellers, and westside are home to the high value properties within the locality. Galore exclusive concessions, the place draws tourists from all over the world, making the town prosper and develop more. It has multiple electronics outlets to provide mobile and electronic device repair services, such as smartphones and computers. Famous and urbanised, the capital's people enjoy it. Banking facilities are also open to the public, making it a profitable chance to get an gold loan in saheed nagar, bhubaneswar.

Documents required for an online gold loan

A gold loan is the perfect solution when a borrower is looking for urgent loans or emergency funds. With the help of an instant gold loan online, the borrower can receive the required funds in less than an hour. The borrower is eligible to get up to 75% of the market value of the pledged gold as the loan amount. Unlike many other sources of funds, an online gold loan requires minimum paperwork before giving the loan approval. The required documents are:

  1. Identity proof – any document such as voter ID, PAN Card, Aadhaar Card, Passport, or driving license can act as the identity proof of the borrower.
  2. Address proof – the same documents as mentioned above, except for voter ID and PAN card can act as the address proof of the borrower.

Some lenders also approve the loan against just the Aadhaar Card of the borrower. The Aadhaar card is the most important document for an Indian, which has all the details regarding name, father’s and mother’s name, address, biometric information, iris scan, etc. Therefore, it can function as the identity proof as well as the address proof.

Benefits of an online gold loan

An online gold loan offers unparalleled benefits. To avail a gold loan, you need to register yourself as a borrower and mortgage your gold ornaments. The best feature of an online gold loan is that the entire process of the loan application and approval takes place online. Hence, the location of the borrower does not matter. Usually, the lender sends a loan officer to the borrower within half an hour of getting the loan request, who verifies the gold, and gives a quote. On successful verification and subsequent approval, the lender then sends the amount directly to the bank account of the borrower. With an online gold loan, a borrower can get up to 75% of the gold's average market value. As it is a secured loan, the rate of interest is lower than many other types of instant loans. Additionally, a borrower can apply for a gold loan only with the Aadhaar Card.

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Frequently asked questions

How are gold loans different from other loans like personal or credit card loan?

For starters, gold loans come equipped with a variety of benefits as opposed to any other form of credit. The reason lenders can afford to offer so many added benefits to borrowers of gold loans is because of the collateral pledged against the loan. Some of the stark difference between gold loans and other loans are: 

1) Gold loans have much lower interest rates 

2) Gold loans don't require as much documentation as to any other form of credit. Some lenders even approve gold loans with just the Aadhar Card for verification. 

3) Though other forms of credit require you to maintain a stellar credit history, gold loans can still be availed even with a poor credit score.

Is it risky to take a gold loan?

A gold loan is arguably the easiest and immediate type of loan out there in the market which makes it extremely lucrative to address your financial needs. In circumstances where you need quick money and you do not possess any other assets to pledge, a gold loan can be a useful avenue. However, it is advisable to refrain from taking a gold loan if you believe you will not be able to repay the demanding interest amount along with the principal. Additionally, if the gold prices drop drastically during the tenure of loan some lenders may ask you to pledge more gold or pay up to meet the difference in amount. 
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