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Gold Loan in sargur

In the small part ofd Heggadadevankote assembly constituency and Chamarajanagar parliamentary constituency of Mysore district there is a area named Sargur. Only at distance of 55 km lies Mysore city from this place. The River Kabini flows through this locality and helps farmers in irrigation system. Some famous tourist place in here are Bandipur Tiger Reserve, Nugu reservoir, Kabini reservoir. If you visit here you will find many ancient Hindu and Jain temples and some of those are Someshwara temple, Lakshmi Nursimha Temple, Maramma temple, Basaveshwara temple, Chowdeshwari temple, Chikkadevamma temple, and Ananthanatha Swami Jain temple. The Govt. Pre-university college, Govt. first grade college, govt. high school, and govt. ITI college are some famous colleges here. Gold loan in Sargur helps students and families to get through their educaton and household requirements.

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.

What is an online gold loan?

Gold loan is the most flexible and popular source of funds in the Indian financial market. A gold loan is a secured loan, which means that to obtain quick funds or emergency loans, the borrower has to pledge their asset (in this case, their gold) with the lender to obtain funds in return. A secured loan is also known as a collateral-based loan since the funds can be availed only against the asset of the borrower. Gold loans owe its popularity to its attractive features such as:

  1. Low rate of interest
  2. High-value loans
  3. Minimal paperwork
  4. Flexible repayment options
  5. Instant loans etc.

Using a gold loan, the borrower can get up to 75% of the market value of the collateral as the loan amount. In some cases, up to 90% can also be disbursed as the loan. Instant gold loans are so true to their name that the funds get transferred to the borrower’s account within one hour from the loan application.

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Frequently asked questions

What is KYC? Why is it necessary to avail gold loan?

KYC, abbreviated as Know Your Customer is a customer background check process carried out by the lender while initiating a gold loan request. The lenders need some mandatory documentation to disburse a gold loan amount for the borrower in case of any fraudulence or arrear in payment. Most of the lenders for quite a while were accepting driving license, voters ID, pan card as KYC documents. But due to stricter RBI regulations after reports of people faking these documents, most lenders now require Aadhar card of the customers to avail a gold loan as it has a retina scan, fingerprint and are essentially foolproof.

Can I take more than one loan at a time?

Yes, you can take more than one loan against gold at a time. In the case of a secured loan, it is the collateral that determines how much funds the borrower can obtain in the form of a gold loan in Mysore. If the borrower has further collateral that can be submitted with the lender in exchange for cash, it is possible to do that. By pledging his asset, the borrower can get upto 75% of the market value of the gold as funds. Since a secured loan is secured with an asset of the borrower that can be sold in case of failure of repayment, the lender will not hesitate before sanctioning the loan. 

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