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

Gold Loan in Solapur

Maharashtra’s Solapur is located close to the border of Karnataka. The city is well- connected to other regions such as Mumbai, Bangalore, Pune & Hyderabad via road and rail routes. The city which is currently famous for its hand loom, power loom and cotton mills, once existed as 16 different villages which were later merged to form the Solapur Municipal Corportation. Solapur often reminds people of its most popular product, the Solapuri Chadar or towels which was the first item to receive a Geographical Indication Tag in the state. People also tend to identify Solapur with its luscious pomegranates since Solapur is a leading producer of pomegranates in the region. Apart from small businesses, gold is often used as means to ensure financial stability. Many people in the region hence avail gold loans and invest in gold biscuits, coins and even jewellery. Kambar Talav, Bhuj-Kot- Fort and Mahatma Gandhi National Zoo are some of the popular tourist spots in Solapur.
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Gold Loans at the privacy of your home

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What is an online gold loan?

An online gold loan is the most hassle-free form of instant credit. It owes its popularity to the array of flexible features it comes with. It comes with extremely relaxed eligibility criteria, high loan amounts at low-interest rates! Sounds like the perfect package doesn't it? Well, it gets better. There is no set upper limit on your loan amount. This completely depends on the value of your gold. Ideally, lenders approve up to 75% of the market value of the collateral. However, at times it can even go up to 90%! It is noteworthy that this market value does not refer to the prevailing market price. The lender arrives at the gold valuation by taking an average of the gold gram rate from the past 30 days. The borrower can avail the loan right from the comforts of his/her home by downloading the app and placing a loan request using just the Aadhar card as document proof! A lender appointed representative will then visit the borrower's house for gold valuation and post which the loan amount will be transferred within 10 minutes. The entire process end-end takes only about an hour!

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.

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Frequently asked questions

Is there any age limit to avail a gold loan?

Lenders have their age eligibility criteria on individuals that are applying for a gold loan. Some lenders require the borrower to be a minimum of 18 years while some require the borrower to be 21 years of age and some have a limit of 65 years while others have 75 years as the age limit. However, largely, if you are an Indian citizen, above the age of 18 and possess the required KYC documents and gold, you can avail of a gold loan. The eligibility criteria for a gold loan in cityname is less compared to other sources of funds. As long as you are above 18 years of age, and the gold that you are providing as collateral is above 18 karat gold, you are eligible to get a gold loan. Normally, the gold that you keep as collateral can only be in the form of ornaments.

Why should I take a gold loan with Rupeek?

Rupeek strives to provide solutions to all your gold loan problems, which is why we provide doorstep services to all our customers. We offer unique and instant gold loan solutions with the best rates in the market. Our interest rates are as low as 0.89%, and we offer flexible repayment schemes as well to make gold loans affordable and convenient for all. We also offer 100% insurance cover for your ornaments. Unlike other sources of funds such as an unsecured loan, Rupeek requires minimum documentation. Rupeek doesn’t require its lenders to have a fixed income or a perfect credit score. This means that even if you are unemployed, do not have a stable source of income or if you have a poor credit history, the option to get urgent loans with a gold loan is still available to you.

How is the interest rate calculated for gold loans?

Gold loans are one of the most flexible forms of credit. There are several elements to an online gold loan. As a rational borrower, it is important for you to do your research on the various schemes and terms that different lenders offer before zeroing in on one. Loan amount, Loan Interest Rates, Repayment Options, Loan Terms are all factors that vary from lender to lender. You can get in touch with your lender to understand how your gold loan interest rate will be calculated. Your lender will be able to guide you through the terms of your loan in their expert opinion.

Will gold items with stones be accepted for gold loan?

The loan amount that can be procured by pledging your loan is determined by the value of the gold that you pledge. You can get up to 75% of the market value of the gold as the gold loan in cityname. The value of your gold is determined by its weight, purity, and other factors. For this reason, if you are pledging ornaments that are studded with stones or gems will not be evaluated for the loan amount. The weight of the stones and the gems will be deducted by the gold appraiser and only the value of the gold will be taken into consideration. 
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