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Gold Loan in shastri nagar meerut

The big city of Meerut holds multiple small towns in its periphery; one of them is Shastri Nagar. The breeze of development and urbanization have touched its environment, and people are getting more and more into innovative businesses. The area is currently known for spare parts business, top-notch education, and healthcare facilities. Besides these, food and handloom industries still take the number one spot for businesses; however, with the rapidly changing business environment, it’ll soon change. The town is thoroughly connected with the city through roads and railways. People rely on gold loans in Shashtri Nagar to help their ventures and daily life necessities.

Documents required for an online gold loan

When a borrower needs urgent cash, an online gold loan acts as a blessing. With an online gold loan, you can get up to 75% of the gold's average value as the loan, instantly. Before approving the loan, the lender might ask you to submit a few documents, which the lender uses to determine your eligibility. The first document that you need to submit is an identity proof, like voter ID, PAN Card, Aadhaar Card, Passport, or driving license. The second document you need to submit is an address proof. Except for the PAN and Voter ID, all other documents mentioned above function as the address proof. Many reputed lenders also offer the facility to apply for a gold loan only with the Aadhaar Card. As the Aadhaar card contains all your personal details, like name, date of birth, father's/mother's name, address, and biometric information and iris scan, it functions as both the identity proof as well as the address proof.

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.

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Frequently asked questions

What kind of repayments can I do?

All kinds of loan repayment options can be done and completed online. No matter what type of repayment of the gold loan in Meerut it is that the lender wants to complete, it can be done online. The repayment option that the lender is resorting to complete online can include:

  1. EMI payments – which is the monthly repayment towards the loan
  2. Bullet payment – which is the total bundle of the outstanding principal amount and the interest component at the maturity of the loan.
  3. Closure payment – which is the amount that the borrower pays to receive all their collateral assets back
  4. Part-payment – which is a repayment option where the borrower pays more towards the loan repayment by paying more than the EMI but less than the whole amount to be repaid. The borrower does this in an attempt to close the loan prematurely. 

What is a gold loan?

A gold loan is a loan in which the borrower offers a certain amount of gold against a loan amount (called loan-to-value or LTV) for a certain period of time. This works like a normal secured loan in which the gold acts as collateral or asset. A secured loan is also known as a collateral-based loan. A secured loan is one of the best sources of funds available in the market, thanks to the flexibilty that it offers. Acquiring a gold loan is a very simple and smooth procedure. Usually, it doesn’t take more than an hour for the funds to get disbursed. Its flexibilty allows the borrower to obtain funds even when they have a poor credit history, if they have an irregular income or even if they are unemployed.
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