Gold loan in Thiruvallur

Gold Loan in Thiruvallur

Thiruvallur is a fast moving, rapidly growing city in Tamil Nadu, and is just 46Km away from Chennai, one of India’s largest metropolitan cities. It lies on the banks of river Cooum and is home to a large number of temples of various shapes and sizes. The Veeraraghava temple is the most famous temple in Thiruvallur and attracts thousands of tourists every year. Other famous temples and structures in this town include the Sri Panchamukha Hanuman's 40-feet tall statue, the Poondi Reservoir, Maha Prathiyamgira temple, Veeraraghava Perumal temple pool and Sri Theertheswarar Devasthanam. This city attracts tourists from across the world. And during the Aadi Krithigai and Padi Bhujai festivals, the city sees tourists and devotees in the millions. It is also quite close to Tirupati, one of the most prominent religious destinations in the world. Thiruvallur is the manufacturing hub of several large companies such as Mitsubishi Lancer, Coca Cola, Hanil Lear, Kingfisher, TCL, Caterpillar, Hindustan Motors and more. It is a prominent industrial and manufacturing belt in the region. Gold is an important part of the culture here, and people follow gold rates very closely. Many people also take a gold loan in Thiruvallur to sustain or start a business.

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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:

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.
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.

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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Yes, you can choose to close the gold loan earlier than originally planned if you prefer. Whether or not you have to pay additional charges due to this depends on your lender. Rupeek for instance doesn't levy any lock-in period or prepayment penalties in case of early repayment. Whereas some other lenders might have small penalties ranging up to 200 rupees if you wish to foreclose your loan account before 3 months or 1 month, the lock-in period set upon the respective lender's discretion. The penalty also depends on the loan amount availed.

If you are looking to pledge or repledge your gold as collateral to avail a gold loan in <cityname>, you may do so provided you are only pledging gold in the form of jewelry or ornaments as most lenders don't accept gold bars or coins. You can still pledge your gold even if your jewelry is encrusted with stones. It is noteworthy that during gold valuation, the weight of the stone will be calculated separately and deducted from the total weight of your gold. When it comes to gold valuation only the purity of the gold is taken into consideration.

A gold loan only requires you to submit KYC documents for verification before the loan can be processed and disbursed. This includes ID proof and address proof, which can be a driver’s license, Aadhar card, voter ID, PAN card, or passport. Along with this, a utility bill or lease agreement must be provided. One of the main advantages of a secured loan is the minimum documents that it requires. It means that the loans are easy to procure as well as flexible, thanks to the relaxed eligibility criteria. While other sources of funds, such as unsecured loans demand several documents to prove your financial health, a secured loan can be obtained with just the Aadhaar card.

No, a CIBIL score is not required when availing of a gold loan. The eligibility criteria for a gold loan does not include a credit score or credit check of any sorts - only the KYC documents required for a gold loan should be submitted. When the loan is obtained by pledging an asset of the lender as collateral, the paperwork associated with the transaction is minimal. The only documents that the borrower has to submit before loan approval are their identity proof and their credit score. In some cases, the lender also makes provisions for the borrower to obtain a loan against just their Aadhaar card. On the other hand, in the case of an unsecured loan, the borrower has to submit their CIBIL score as a mark of their financial health.

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Gold Loan in Thiruvallur

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Documents required for an online gold loan

Eligibility criteria for an online gold loan

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Frequently Asked Questions

Can I close the gold loan earlier than intended?

Will gold items with stones be accepted for gold loan?

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

Is a CIBIL score required for a gold loan?

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