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Gold Loan in sitabuldi

Sitabuldi is a locality in the indian state of Maharashtra's nagpur district. The region is renowned for some of its tourist attractions such as the sitabuldi fort and zero milestone, these places are visited by people from all over the world. The fort sitabuldi is a perfect place to encounter ancient indian architectural knowledge. There are also some town's popular hospitals such as care hospital, lata mangeskar hospital, and platina heart hospital within the city. But residents here are not dealing with any health-related concerns. Sitabuldi's gold loan also provides customers with the funds they need for their health services, making life easy for people while they are in this locality. The area is also a perfect spot to keep your mind fresh, as it has two major malls nearby with multiplex theaters in them.

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

Is a guarantor or introducer required for availing a gold loan? Do I need to open an account with a bank?

No, the former is not a necessity, while the latter is. You do not require a guarantor or an introducer with most lenders if you are looking to avail a gold loan in Nagpur. However, one does mandatorily require a bank account. This is because the lender needs to direct funds and collect repayments from the borrower through this account. Rupeek also follows suit and does not require the borrower to have a guarantor or an introducer. Since the credit amount is transferred digitally, the bank account is considered mandatory. If you do not have a bank account, you can create one before applying for a gold loan. 

What purposes can I request a gold loan for?

One of the best features of availing a gold loan is that the loan amount can be spent as per your discretion provided it is not with the intent of laundering money, terrorism, gambling, or any other such illegal activities. Denizens borrow gold loans in Nagpur to fund various purposes such as:

*Establish or expand a business (In which case the interest component is subject to a tax rebate)

* Medical Expenses

*Construct or renovate a house (Loans availed for this purpose are also subject to a tax rebate)

*Wedding

*Academic Fees

*Travel

*Household Expenses 

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