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

Gold Loan in Sonegaon

Sonegaon is situated in Maharashtra indian state nagpur. Dr. babasahed ambedkar international airport is located in this city and is hence one of nagpur's busiest areas. And in this region is the doppler weather radar. Arogyam superspeciality hospital and the crpf hospital are some of the prominent hospitals that are at a working distance from this district. The orange city hospital and research institute is about 2km from this location, and is therefore within walking distance. The rajiv gandi udyann nit garden is present within walking distance of this location. Because of the availability of the gold loan in sonegaon, children in this region don't face any difficulties learning or getting admitted into a good college. Thanks to the international airport sonegaon is one of the most populated areas.
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Gold Loans at the privacy of your home

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Eligibility criteria for an online gold loan

Since a gold loan is a secured loan, it offers many benefits that the other sources of funds do not offer. Some of the benefits offered by a gold loan include:

  1. Low rate of interest
  2. Minimal documentation
  3. High loan amount
  4. Flexibility in repayment options
  5. Instant loan approval, etc.

The requirement for eligibility for a gold loan isn’t much. To avail a gold loan, the borrower has to fulfill the below-mentioned criteria:

  1. The borrower shouldn’t be a minor
  2. The mortgage loan should be of 18 karat or above
  3. The gold should be in the form of ornaments or jewelry.

The loan amount is then calculated by the lender by multiplying the quality, purity, and weight of the gold. The lender then multiplies it with the average price of gold for the past thirty days. The resultant amount id the loan amount that the borrower can borrow.

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

Are there any charges levied for late payment of interest?

To avoid default in payments or arrears, most lenders charge a penalty fee. This will be collected along with the next month's payment. If any defaults or arrears occur in next month's repayment as well, your lender will escalate the issue to loan managers. Stringent action will be taken to ensure that you repay your loan along with the corresponding interest on-time. To avoid such dire consequences, borrowers must make on-time repayments and it must be considered as the number one priority. Negligence of timely payment reflects poorly on the borrower's credit score which affects the borrower's future scope of credit.

What are the benefits of a gold loan?

A gold loan offers many benefits when compared to other types of loans. Gold loan benefits include faster processing time, higher loan to value ratio, lower interest rates, the convenience of availability of the collateral, faster loan disbursal, and relaxed eligibility criteria. Based on the lender, you may also enjoy other benefits like a waiver on the processing fee and insurance cover. Since the lender has been provided with an asset of the borrower, it Is understood that in case of failure of repayment of the loan, the lender can sell the asset of the borrower to settle the debt. This is why the lender can offer various benefits to the borrower, in the case of a gold loan.

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