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Gold Loan in veldurthi

The town of veldurthi is situated in the south of kurnool city on national highway 44. its administration covers 38 towns. Agriculture is the main occupation of this town's inhabitants, the handri neeva sujala sravanthi canal passes through here making it suitable for farming. In veldurthi the farmers use gold loans to get cash in times of need. Deposits of limestone are found scattered throughout the area. And there are a few reserves of iron ore. Stone polishing is another occupation convinced by a few townspeople. Mining takes place on a small scale basis at the town of ramalakotta.

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 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

What do I do if the displayed information regarding my gold loan interest is incorrect?

Once you have logged into the Rupeek app/payment portal using your credentials, your profile will reflect the terms of your loan and the pending loan amount. In case of any errors in detail displayed by your lender, it should be corrected by raising a complaint with the required proof for enhanced redressal. For rebate scheme, base scheme and post-rebate interest amount will be displayed on the 'Repay your loan' page. The interest is calculated automatically concerning the rebate schedule and repayment history.

What purposes can I request a gold loan for?

A gold loan can be requested to meet any of the following requirements:

  1. Home renovation
  2. Sponsor an event
  3. Throw a marriage or any other function
  4. To clear another debt
  5. Medical emergency
  6. Educational purpose
  7. Small business

In short, it can be said that a gold loan in Kurnool can be taken for any purpose - whether the requirement is planned or unplanned. As long as the borrower doesn’t use the funds for a speculative or illegal purposes, the loan amount can be used for any purpose. Most borrowers take gold loans in Kurnool to meet the above-mentioned requirements. 

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