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Gold Loan in subhanpura

Subhanpura is an urban area in gujarat, on the west side of vadodara district. It was a tiny town, eventually combined with the affluent western portion of the city of vadodara. It is mainly suburban with a few shopping centres and movie theatres. Staff from nearby gujarat refinery and Indian petrochemicals company limited are the bulk of the workforce. The city provides its inhabitants with strong services, such as public and private hospitals, schools, banks, atms, parks, and other leisure facilities etc. Financial schemes like gold loan in subhanpura are very common, and residents mostly make use of it to ensure accessibility of cash.

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 are the documents that I need to submit while applying for a gold loan?

One of the main benefits of a gold loan is the minimum paperwork associated with it. The only documents that the borrower has to submit before the lender to sanction their loan are their identity proof and their address proof. Any of the documents in the long list of PAN Card, Aadhaar card, voter ID, passport, driving license, etc can function as their identity proof. Except for the PAN card and the voter ID, any of the mentioned documents can also be used as their address proof. It is also possible to get a gold loan with just an Aadhaar card. On the other hand, when getting an unsecured loan, the required documents are numerous.

How is gold appraisal done at home for online gold loan?

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