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

Gold Loan in Vani Vihar

Vani vihar in bhubaneshwar, the birthplace of utkal university as a renowned education centre. The district name in bhubaneshwar is culturally significant because it is strongly inspired by sanskrit words. Dividing the term into two distinct senses: vani means awareness and vihar (or vihara) means 'dwelling,' the meanings in this case are acceptable. Most of the well-known colleges located in odisha are named after the region of the district, or at least close. In addition, the ddce (university law college and the directorate of distance and continuing education) is located here to the extent that vani vihar is a learning centre. in order to make use of an gold loan in vani vihar in bhubaneswar, the best alternative will be to invest in the educational institutions found there.

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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.

Benefits of an online gold loan

An online gold loan offers unparalleled benefits. To avail a gold loan, you need to register yourself as a borrower and mortgage your gold ornaments. The best feature of an online gold loan is that the entire process of the loan application and approval takes place online. Hence, the location of the borrower does not matter. Usually, the lender sends a loan officer to the borrower within half an hour of getting the loan request, who verifies the gold, and gives a quote. On successful verification and subsequent approval, the lender then sends the amount directly to the bank account of the borrower. With an online gold loan, a borrower can get up to 75% of the gold's average market value. As it is a secured loan, the rate of interest is lower than many other types of instant loans. Additionally, a borrower can apply for a gold loan only with the Aadhaar Card.

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Frequently asked questions

Is a gold loan taxable?

Whether or not the gold loan is taxable depends on the reason behind the procurement of the funds and where it is to be invested. If the gold loan is procured for business purposes, it is taxable. On the other hand, if the funds have been obtained for other uses that consittute personal use, such as medical emergencies, house renovation, to sponsor an event or to throw a marriage function, then the borrower cannot claim tax deduction. If the loan has been procured for your personal use, there can be tax deduction. Only as long as it has been procured for business purpose, there is tax deduction.

What happens if the loan amount is not repaid on the due date?

One of the main occurrences that the lender, as well as the borrower, try to avert before sanctioning a gold loan in Bhubaneswar is a failure of repayment in the future. The borrower is provided with an array of repayment options from which the best suited and the most convenient one can be picked, keeping in mind the financial status as well as the personal expenses of the borrower. But even with these precautionary measures, it is still probable for the borrower to meet with an unprecedented financial emergency in the future. If the borrower fails to make the EMI payment on time, a penalty charge will be added to the next EMI. If the problem persists and the borrower defaults his repayment again, the loan will be auctioned off. The credit score of the borrower will also be adversely affected. It is advised that as soon as the borrower meets with a financial emergency, the lender has to be immediately contacted. 

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