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Gold Loan in urla

Urla is a town in raipur, known for its industrial importance in this region. Urla has numerous industries to provide the local residents with job opportunities. There are barious other factories and mills as well as the rest of the manufacturing industries in the city. Industrial labourers' salaries are not enough, so they depend on gold loans in urla as they can quickly get cash and pay for their expenses.

What is an online gold loan?

An online gold loan is the most hassle-free form of instant credit. It owes its popularity to the array of flexible features it comes with. It comes with extremely relaxed eligibility criteria, high loan amounts at low-interest rates! Sounds like the perfect package doesn't it? Well, it gets better. There is no set upper limit on your loan amount. This completely depends on the value of your gold. Ideally, lenders approve up to 75% of the market value of the collateral. However, at times it can even go up to 90%! It is noteworthy that this market value does not refer to the prevailing market price. The lender arrives at the gold valuation by taking an average of the gold gram rate from the past 30 days. The borrower can avail the loan right from the comforts of his/her home by downloading the app and placing a loan request using just the Aadhar card as document proof! A lender appointed representative will then visit the borrower's house for gold valuation and post which the loan amount will be transferred within 10 minutes. The entire process end-end takes only about an hour!

Eligibility criteria for an online gold loan

As a secured loan, the online gold loan offers unparalleled convenience, like easy eligibility, minimal documentation, high loan amount, long tenure, flexible repayment options, low rates of interest, and instant loan approval. Because of its simple eligibility criteria, virtually any Indian citizen can avail a gold loan. To avail a gold loan online, your age must be above 18. The purity of the gold you want to mortgage should be 18 Karat and above. The third and the last eligibility criterion is that the gold should be in the form of jewellery or ornaments. Generally, Indian lenders do not accept gold bars or coins for approving the gold loan. To calculate the loan amount, the lender evaluates the quality, weight, and purity of the gold and multiplies it with the previous thirty days' average price of gold. The figure that comes out as a result of the gold evaluation is the loan amount a borrower becomes eligible for.

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Frequently asked questions

What payment methods are available for me for online gold loan?

There are several options available before the borrowers when they want to make the repayment of their gold loan. The borrower can rely on the website of the lender or their app to complete the repayment process. The payment mode options are the same in both the cases. The borrower can repay the gold loan in Raipur via: 

  1. Internet banking
  2. Debit card
  3. UPI (Unified Payments Interface)
  4. Money transfer using MPS (Master Production Schedule) or RTGS (Real Time Gross Settlement)
  5. National Electronic Fund Transfer or NEFT

The loan amount can be done in any form, such as cash, cheque, DD or via card.

Do online gold companies offer different schemes for different income groups?

No, online gold companies do not even take into consideration the income of the borrower before approving the loan, let alone offer different schemes based on their income. Unlike an unsecured loan, the lender does not check the financial health of the borrower before approving the loan. All that an online lender looks for is the authenticity of the gold and the validity of the documents (the identitiy proof and the address proof) before sanctioning the amount. The loan amount and the interest rate are determined by various economic factors and by the pledged gold. A gold loan also makes it possible for the lenders to procure the loan even if they are unemployed. 

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