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Gold Loan in Sangli

Once a part of the powerful Maratha Empire, Sangli is now located 373 km away from Mumbai. The city was also under the British rule before it eventually became a part of Maharashtra post independence. The city is indeed famous for being located on the river Krishna but it is also popularly known as the ‘Turmeric City of Maharashtra’ due to high production and trade of turmeric. While the city has stayed rooted to its traditions, it has simultaneously made steady progress in the field of infrastructural development, education, transportation, etc. It is easy to spot meticulous buyers of gold in Sangli, who often depend on gold loans to do so.

What is an online gold loan?

An online gold loan is the most hassle-free form of instant credit. It owes its popularity to the array of flexible features it comes with. It comes with extremely relaxed eligibility criteria, high loan amounts at low-interest rates! Sounds like the perfect package doesn't it? Well, it gets better. There is no set upper limit on your loan amount. This completely depends on the value of your gold. Ideally, lenders approve up to 75% of the market value of the collateral. However, at times it can even go up to 90%! It is noteworthy that this market value does not refer to the prevailing market price. The lender arrives at the gold valuation by taking an average of the gold gram rate from the past 30 days. The borrower can avail the loan right from the comforts of his/her home by downloading the app and placing a loan request using just the Aadhar card as document proof! A lender appointed representative will then visit the borrower's house for gold valuation and post which the loan amount will be transferred within 10 minutes. The entire process end-end takes only about an hour!

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.

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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.

Can my gold loan be written off?

The term written off in the CIBIL credit scorecard means that the borrower failed to make the repayment of the loan in over 180 days. It means that the lender has to do away with the outstanding amount that the borrower had not yet repaid. In the case of non-repayment of the gold loan in Sangli, the lender has the authority to sell the pledged gold of the borrower to settle the debt. The lender can sell the gold to even the expenses incurred while sanctioning the loan to the lender. As far as the lender is concerned, a written off in the CIBIL score reflects the future loan eligibility of the borrower poorly. The bad mark on the credit history of the borrower can make it difficult for the person to avail of loans in the future.
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