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Gold Loan in Santacruz

Santacruz is a neighborhood in Mumbai and known for being surrounded by the picturesque beauty of nature. The place is all about the quality of life, from food to people, Santa-Cruz is quite popular among tourists. People monitor gold rates often and avail gold loans in Santacruz as an investment since many of them are interested in business. Santacruz was also a prominent defense area during World War II. The airfield used by the British was converted to Santa Cruz Airport, and, at present, functions as the domestic terminal of the Mumbai Airport. It is located in the Monterey Bay, which is a protected marine sanctuary. It is famous for the SNDT Women's University, Ramakrishna Mission, Juhu Garden, Willingdon Gymkhana, The Yoga Institute, Iskcon Temple, and Our Lady of Egypt Church. Santa Cruz (West) is amazingly more affluent than the eastern part of the suburb. It is bordered by Khar, Bandra, Juhu, and Vile Parle.

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. 

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

Can I close the gold loan earlier than intended?

Yes, you can choose to close the gold loan earlier than originally planned if you prefer. Whether or not you have to pay additional charges due to this depends on your lender. Rupeek for instance doesn't levy any lock-in period or prepayment penalties in case of early repayment. Whereas some other lenders might have small penalties ranging up to 200 rupees if you wish to foreclose your loan account before 3 months or 1 month, the lock-in period set upon the respective lender's discretion. The penalty also depends on the loan amount availed.

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

A gold loan offers better benefits than a personal loan or credit card loan. This is because a gold loan is secured with the gold, and a personal loan and a credit card loan are unsecured. Therefore, gold loans offer may benefits that are not offered by an unsecured loan. For example, gold loans have much lower interest rates and are not as heavy on document work. In fact, gold loans require minimal document work with only KYC needed. Moreover, gold loans do not require a credit score or history and have the highest loan-to-value ratio (LTV). Loans amounts are also disbursed much faster, usually within a few hours, making it a great option for those in need of an emergency loan.
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