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

Gold Loan in sangam

The village of sangam in the district of nellore sits on the bank of the river penna and shares close proximity to a number of dams, reservoirs, ponds and other bodies of water. Alongside the manufacturing operations, the rural population indulges in agriculture and farming. gold loan assistance in sangam is of great benefit to those people who are constantly on the move. These people respect their culture and take an active part in the religious practices at this popular local pilgrimage site along the riverside. The festival of maha shivrathri is a huge festive observance attracting thousands of devotees from throughout the state and beyond.

Gold Loans at the privacy of your home

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Eligibility criteria for an online gold loan

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:

  1. Low rate of interest
  2. Minimal documentation
  3. High loan amount
  4. Flexibility in repayment options
  5. Instant loan approval, etc.

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:

  1. The borrower shouldn’t be a minor
  2. The mortgage loan should be of 18 karat or above
  3. The gold should be in the form of ornaments or jewelry.

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.

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

Is a gold loan taxable?

Whether or not the gold loan is taxable depends on the reason behind the procurement of the funds and where it is to be invested. If the gold loan is procured for business purposes, it is taxable. On the other hand, if the funds have been obtained for other uses that consittute personal use, such as medical emergencies, house renovation, to sponsor an event or to throw a marriage function, then the borrower cannot claim tax deduction. If the loan has been procured for your personal use, there can be tax deduction. Only as long as it has been procured for business purpose, there is tax deduction.

In case of default, when will the gold jewellery be auctioned off?

Your gold collateral will be auctioned off after 30 days from the end of the loan term. If the lender has arrived at a situation where he has to auction off the gold, it will only be carried out after informing the borrower. Any requests that the borrower would like to make in that event will be dealt by the lender on a case to case basis. In order to avoid these unfortunate circumstances after sanctioning the loan, the borrower has to make their EMI payment the first priority on their list. Even before entering into a contract with the lender, the borrower has to carefully evaluate the options available for them and come to a conclusion regarding a loan scheme after careful deliberation. The borrower has to consider the weight of the EMIs as well as the personal expenses on his pocket before opting for a scheme.
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