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

Gold Loan in sakinaka

Saki Naka is a bustling locality in Andheri East, Mumbai. The city's first elevated metro line, Mumbai’s Metro line one passes through this neighborhood and has a station to the east of Sakinka Junction. It is one of the most densely populated areas in the world. Traffic jams are unavoidable in this vicinity. Over a million people stay and work in Saki Naka for their daily bread. Relying on gold loan in Saki Naka to sustain their livelihood is an accessible option here. It's considered as a manufacturing hub for plastic manufacturing. Industrial plastic parts are mostly manufactured in this locality. Not only that, this place has made its name in the diamond cutting and polishing industry too. There is barely enough platform for pedestrians to travel, and hawkers mostly occupy the sidewalks.

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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.

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. 

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Frequently asked questions

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

Is a guarantor or introducer required for availing a gold loan? Do I need to open an account with a bank?

For most companies, including Rupeek, a guarantor is not a requirement to avail of a gold loan in Mumbai. When it comes to secured loans, there is a minimum requirement that the borrower has to meet. This is because the security of the collateral allows the lender to provide several benefits and flexibility to its borrowers. But a bank account is necessary even in the case of a secured loan. This is because a secured loan requires its borrower to hold a bank account to which the loan amount can be disbursed. It is also through this account that the borrower is expected to repay the loan amount.

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