Udhana - Magdalla road or UM Road is a pretty busy road in Surat that starts at the intersection of University Road and Gaurav Path, and it continues till Udhana CNG Circle. There are plenty of offices, business establishments, shopping malls, restaurants, and hotels lined up on this road. Bharat Flyover is located on this road. Thousands of people travel through this road in order to reach their destination. Due to such huge competition in businesses, people don't hesitate even a bit to take a gold loan in Udhana-Magdalla Road for setting up their business. A renowned educational institute for higher education named Veer Narmad South Gujarat University (VNSGU) is situated on this road.
When a borrower needs urgent cash, an online gold loan acts as a blessing. With an online gold loan, you can get up to 75% of the gold's average value as the loan, instantly. Before approving the loan, the lender might ask you to submit a few documents, which the lender uses to determine your eligibility. The first document that you need to submit is an identity proof, like voter ID, PAN Card, Aadhaar Card, Passport, or driving license. The second document you need to submit is an address proof. Except for the PAN and Voter ID, all other documents mentioned above function as the address proof. Many reputed lenders also offer the facility to apply for a gold loan only with the Aadhaar Card. As the Aadhaar card contains all your personal details, like name, date of birth, father's/mother's name, address, and biometric information and iris scan, it functions as both the identity proof as well as the address proof.
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:
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:
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.
For starters, gold loans come equipped with a variety of benefits as opposed to any other form of credit. The reason lenders can afford to offer so many added benefits to borrowers of gold loans is because of the collateral pledged against the loan. Some of the stark difference between gold loans and other loans are:
1) Gold loans have much lower interest rates
2) Gold loans don't require as much documentation as to any other form of credit. Some lenders even approve gold loans with just the Aadhar Card for verification.
3) Though other forms of credit require you to maintain a stellar credit history, gold loans can still be availed even with a poor credit score.
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