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

Gold Loan in umarpada

The village of Umarpada is situated in the Surat district of Gujarat. The region functions as the seat of Umarpada Taluka under the jurisdiction of Surat. Apart from buses, the people from other locations, mostly use rail facilities to access the village. The residents of this community live together in a peaceful manner despite their religious differences. The majority of the population speaks the language of Gujarat and Hindi. The place also has affordable property prices which is a benefit for the residents. Small businesses work on expanding their opportunities and they depend on gold loans in Umarpada for accessing funds.

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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. 

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

My payment has failed, what do I do?

Since all the transactions take place online, in the case of an online gold loan in Surat, it is possible that due to some error, the transaction may fail. If this should happen to you, rest assured since within 72 hours from when the amount was debited from your account, it will be credited back to you. This is what the guidelines of the bank state. In case it doesn’t refund within that duration, make sure to get in touch with your bank. If you attempted to make the transaction via NEFT, it will take longer to get refunded to your account. If you still need help with the transaction error, you can always get guidance and help from the support team of the lender.

Can I avail EMI facility on gold loan?

Yes, you are eligible to leverage an EMI facility on your gold loan. Especially since Rupeek is designed to provide affordable solutions for borrowers from all walks of life, it offers EMI along with monthly reminders if you wish to avail that feature. EMI refers to the payment that you make each month to your lender for the loan you have received against your gold. This EMI component includes both the principal amount coupled along with the compound interest. Most times, while applying for an online gold loan in Surat you can simply use the gold loan calculator and check the EMI applicable for your loan amount. 
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