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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.

Benefits of an online gold loan

An online gold loan offers unparalleled benefits. To avail a gold loan, you need to register yourself as a borrower and mortgage your gold ornaments. The best feature of an online gold loan is that the entire process of the loan application and approval takes place online. Hence, the location of the borrower does not matter. Usually, the lender sends a loan officer to the borrower within half an hour of getting the loan request, who verifies the gold, and gives a quote. On successful verification and subsequent approval, the lender then sends the amount directly to the bank account of the borrower. With an online gold loan, a borrower can get up to 75% of the gold's average market value. As it is a secured loan, the rate of interest is lower than many other types of instant loans. Additionally, a borrower can apply for a gold loan only with the Aadhaar Card.

What is an online gold loan?

An online gold loan is the most straightforward secured loan you can avail when you require instant cash. The easy eligibility criteria and high loan amount make a gold loan one of the most popular loans in India. Usually, lenders approve up to 75% of the gold's market value; although at times, the upper limit may go up to 90%. The final amount would depend on the previous thirty days' average gold price and the quality and Karat of the gold. To avail an online gold loan, the borrower has to download the lender's app or call the customer helpline. After this, a loan officer would schedule a meeting and visit the borrower's residence or office and value the gold. Generally, the loan amount gets transferred to the borrower's bank account within ten minutes of loan approval. The total time from loan application to loan approval can be anything from half an hour to an hour.

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Frequently asked questions

How do I repay the gold loan?

There are several repayment options from which borrowers can pick the one most suited to them. The gold loan in Solapur can be repaid as a bullet payment at the end of the loan term, together with the interest amount as well as the principal amount. It can also be paid as EMIs and even as a prepayment. The loan amount can be repaid in the form of cash, cheque, DD, or card. Using Rupeek’s loan repayment portal, the loan amount can be repaid in just three simple steps. You can log in with the OTP sent to the registered phone number. The gold loan repayment can then be completed from your profile.

How long will it take for me to get my gold loan?

It wouldn’t take more than an hour for you to get your online gold loan. One of the specialties of an online gold loan is its speed. The funds will get disbursed into your account within one hour from the time of the loan application. To get an online gold loan, follow the given steps:

  1. Download the lender’s app or visit their web portal. You can also call up at the customer care service. Request a loan.
  2. An official will get in touch with you via phone to schedule an appointment.
  3. Usually, within thirty minutes from the phone call, the company representative will show up at your doorstep. Your gold will be evaluated and your documents will be verified.
  4. The loan interest, loan amount, and the loan term will be calculated and set.
  5. Your loan will be approved.
  6. Within minutes, the amount will be transferred into your account.

Usually, the request for the loan amount to the disbursal of the funds do not take more than an hour. A gold loan is one of the easiest and the smoothest ways to get emergency funds. 

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