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Since a gold loan is a secured loan, it offers many benefits that the other sources of funds do not offer. Some of the benefits offered by a gold loan include:
The requirement for eligibility for a gold loan isn’t much. To avail a gold loan, the borrower has to fulfill the below-mentioned criteria:
The loan amount is then calculated by the lender by multiplying the quality, purity, and weight of the gold. The lender then multiplies it with the average price of gold for the past thirty days. The resultant amount id the loan amount that the borrower can borrow.
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:
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.
Loan Amount
Tenure
Interest Rate
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Gold Weight
Gold Purity
Tenure
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Rupeek is one of the best online gold loan platforms that makes sure that it provides its borrowers with flexible repayment options so that they do not have to land themselves in trouble over repayment of the loan. Rupeek offers its borrowers with a range of schemes from which the borrower is free to pick that is best suited for them. Rupeek takes into consideration the convenience of the borrower to evade any problems in the future. Three different schemes under each amount are available when opting for a gold loan under Rupeek. It is listed in the table below.
Amount |
Interest rate |
Less than 2 lakh |
The interest rate is at 1.29% at the lowest and 1.69% at the highest. |
Between 2 lakh and 5 lakh |
The interest rate can range between 0.99% and 1.59% |
Between 5 lakh and 20 lakh |
The interest rate can be as low as 0.89% and as high as 1.39% |
Above 20 lakh |
The interest rate falls between 0.89% and 1.39%. |
Under each loan amount, Rupeek offers you a range of choices to pick from. They are classified into three:
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