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monthly Interest (9.69% P.A)*

Gold Loan in vengal

Vengal is a small hamlet on the 50A State Highway. It is part of the Ellapuram Block of the Thiruvallur District. Poonamallee is the assembly constituency, and Tiruvallur is the parliamentary constituency. Pagalmedu, Punnapakkam, Sembedu, Velliyur, and Enambakkam are the nearby localities.Siva Institute Of Frontier Technology, Govt High School, Dr. Sir Arcot Lakshmanaswami Mudaliar Vocational Arts & Science College, Amrita School of Engineering, Sri Sai School, Government Higher Secondary School, and Sri Sai Vidhya Mandir are the prominent educational institutions in the city.Vallalar Temple, Shri Pichandeeswaran Temple, Berachah House Of Prayer, CSI Church, and Sri Kummathamman Temple are several places of religious interest in the town. Residents often trust gold loans in Vengal, as it is the simplest type of loan available in the region.
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Documents required for an online gold loan

A gold loan is the perfect solution when a borrower is looking for urgent loans or emergency funds. With the help of an instant gold loan online, the borrower can receive the required funds in less than an hour. The borrower is eligible to get up to 75% of the market value of the pledged gold as the loan amount. Unlike many other sources of funds, an online gold loan requires minimum paperwork before giving the loan approval. The required documents are:

  1. Identity proof – any document such as voter ID, PAN Card, Aadhaar Card, Passport, or driving license can act as the identity proof of the borrower.
  2. Address proof – the same documents as mentioned above, except for voter ID and PAN card can act as the address proof of the borrower.

Some lenders also approve the loan against just the Aadhaar Card of the borrower. The Aadhaar card is the most important document for an Indian, which has all the details regarding name, father’s and mother’s name, address, biometric information, iris scan, etc. Therefore, it can function as the identity proof as well as the address proof.

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 is a gold loan?

Gold loans are those loans that are availed by securing gold against your loan amount until the repayment of the loan. The value of this gold has to be at least 30% more than the loan amount. This functions like any other secured or collateral-based loan, where the gold operates as the collateral. Several factors make gold loans such a widely popular source of credit: 

1) Flexibility- Borrowers have the latitude to apply for a loan and choose the loan terms, loan amount, loan interest rates, and repayment schemes as per their requirement.

2) Speedy Disbursal- Gold loans take only about an hour to get approved and disbursed since the point of the loan application.

3) Minimal Documentation- Gold loans require minimal documentation. At times, the lender even approves loans with just collateral and the borrower's Aadhar card.

What are the gold items I can pledge

All gold items which have the required purity i.e, 18 karat to 22 karat can be pledged. It includes gold ornaments such as chains, necklaces, haraams, mangalsutra, rings, bracelets, bangles, earrings, anklets, hip chains, cufflinks, coins, bars etc. However the purity of the gold item is what will determine the loan value. In that case gold bars and coins have higher levels of purity and might fetch higher loan amount. But some of the lenders in the market don't accept gold bars for a gold loan in cityname
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