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Gold Loan in vadapalani

One of the heavily inhabited areas in Chennai is Vadapalani. It is well-known for being home to a famous pilgrimage centre, the Vadapalani Andavar Temple. Vadapalani also houses many film studios, including the Vikram Studios and the Vijaya Vauhini Studios, located on the western side of the district. In Vadapalani, several actors live. The district boasts excellent civic facilities and accessibility. For shopping and eating, there are a variety of choices. In Vadapalani, the Platform Vijaya Mall gives shopaholics enough opportunities to engage in shopping therapy. There are also many major hospitals in the region which provide excellent healthcare facilities. Gold loans in Vadapalani guarantee that emergency care costs can be easily covered by individuals.

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

How does gold loan work?

Gold loans are those loans that require you to secure your credit amount with collateral, collateral in this case being gold. Lenders usually only accept gold in the form of jewelry or ornaments as opposed to gold coins or bars. It is noteworthy that the gold valuation is almost always different from the market value. This is because the lender arrives at the gold gram rate based on the average rate from the past 30 days. The loan amount that you are eligible to receive depends on the valuation of your gold. This amount is then transferred to you within 10 minutes. 

Can I take more than one loan at a time?

At Rupeek, it is possible to take more than one loan at a time! It is noteworthy that if you are looking to avail secured loans, the loan amount you are eligible for depends entirely on the value of the collateral. Since according to the norms set by the industry, the borrower can get up to 75% of the market value of the pledged gold as gold loan in Chennai. As long as your collateral is of a corresponding value, the minimum amount you are eligible to receive is INR 15,000 and the maximum amount is INR 1.5 Crores. 

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