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0.79%*
monthly Interest (9.69% P.A)*

Gold Loan in Silk Mill colony

The Silk Mill Colony is located in the Aurangabad district of the Marathwada region. The MIDC industrial area is surrounded by it. While people here speak a variety of languages, such as Ahirani, Kandeshi, and Marathi, the predominant language continues to be Hindi. Jalan Nagar, Regular Silk Mill Complexes, Satara Parisar, Padampani Colony, and Ayodhya Nagri are some famous localities surrounding the Silk Mill colony.The draw here is the thriving electricity stores in the heart of the town.Many industrialists are searching for gold loans in Silk Mill Colony to become the proud owners of warehouses and factories of electrical supplies. You can either take a train to Aurangabad Railway Station or Mukundwadi Halt Railway Station in order to enter the Silk Mill Colony.Shri Shani Mandir, Datta Mandir, Paavan Ganesh Mandir, and Om Shri Ratneshwar Shiv Parvati Mandir are major tourist attractions in this town. In case of any emergency, you can contact the nearby Chowki Police Railway Station and the hospital.

Gold Loans at the privacy of your home

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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.

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. 

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Frequently asked questions

What do I do if the displayed information regarding my gold loan interest is incorrect?

If the information regarding your personal detail or your financial data is displayed incorrectly regarding your gold loan in Aurangabad, you have to take care to take steps to fix the errors promptly. To do this, the borrower should get in touch with the lender immediately and ask for the errors to be rectified immediately. The borrower should be able to produce proofs to back their claim – whether it is regarding your personal details or your financial data. Your KYC documents can act as proof of your personal details and to prove your financial data, you can use the data on the portal. You can see your base scheme interest and post rebate interest amount under the Repay your Loan page, in the case of rebate schemes. The interest calculation for your gold loan in Aurangabad is done automatically, considering your rebate schedule and your repayment history. 

My payment has failed, what do I do?

If you have applied for an online gold loan, the lender will send you regular reminders before your payment is due. If you have set up an auto-debit from your account and if due to some unfortunate circumstance, if the incorrect amount gets debited from your account, it should automatically be reversed within 72 hours or according to your bank’s guidelines. In case your choice of payment method was NEFT, the refund process may take longer. If you require further assistance, you can always reach out to the lender's support team. We at Rupeek especially are just a call away and always happy to help!
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