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Gold Loan in sheran wala gate

Sheran wala gate is a small locality in the Indian state of punjab in patiala district. Other nearby localities include the rajpura colony, arya samaj, baradari, bagichi het ram, etc. Punjabi is the regional language that is spoken in the city, and sad and inc are the main local political parties. With numerous private bus companies, cinema theatres, hotels and restaurants, hospitals, gas stations, colleges, schools, and banks, the locality is well established. In monetary crises residents also apply for an gold loan at the sheran wala entrance. There are numerous green and spacious parks in the area that children use to play and the elderly are also seen taking their evening walks in the park. The office of the patiala state archive is also situated in this locality.

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. 

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 kind of repayments can I do?

Gold loans in Patiala are pervasively availed because of how flexible they are. Rupeek especially strives to provide affordable solutions and offers different flexible types of gold loans repayment schemes. They are classified as follows:

1) Interest Payment: In this method of repayment, you pay a monthly interest concerning only the principal amount

2) Closure Payment: In this method of repayment, your pledged jewelry will be returned once closure payment is made

3)Part-Payment: In this method of repayment, your monthly payment is more than the interest payable per month.

Can I get immediate cash with gold loan?

Yes, you can. Compared to other loans such as personal loans, housing loans, or auto loans, gold loan is the most convenient type of loan where the cash processing time is short. If you want to borrow a loan rendering immediate cash then applying for a gold loan online is probably the best option available in the market, as gold loans are, by far, the most immediate loans. Once you go to the website of the lender and fill out the application form, the gold loan process will be initiated on the lender's end by checking your credit score, KYC procedure and the money will be credited in your bank account almost instantly. 
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