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

Gold Loan in vijayamangalam

In Erode District's Perundurai Block, Vijayamangalam lies midway between Perumanallur and Perundurai. The town is crossed by the Salem-Kochi Highway or National Highway 47. The locality falls under the constituency of the Perundurai assembly and the legislative constituency of Tiruppur. Vijayapuri, Ponmudi, Karandipalayam, Kullampalayam, and Pappampalayam surround this area. Vijayamangalam and Perundurai are the nearest railway stations. Sri Chandra Prabha Theerthangar, Sri Karivaradharaja Perumal Temple, Sri Vijayapuri Amman Temple, and Sri Ranganayaki Amman Temple are several famous temples in the town. Agriculture and weaving are the main modes of occupation for the people living in this region They also apply for gold loans in Vijayamangalam to get instant cash during times of need. Kongu Engineering College, the Institute of Road Transport, Erode Sengunthar Engineering College, and Maharaja Teacher Training Institute are the most prominent colleges around the town..

Gold Loans at the privacy of your home

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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.

Benefits of an online gold loan

When you require emergency funds or urgent loans, a gold loan is one of the most flexible and hassle-free loans that you can acquire. A few of the benefits that are exclusive to gold loans are listed below:

  1. Low loan interest rates - the interest rates are less because of the security of the collateral.
  2. Minimal documents – the only documents that the borrower is expected to submit are the address proof and identity proof
  3. High-value loan – up to 75% of the market value of the gold can be obtained as the loan and in some cases, up to 90%.
  4. No upper limit – the amount that you can obtain is determined by the value of the pledged gold.
  5. No requirement of income proof – the borrower can be unemployed or have an irregular income and still get a gold loan.
  6. No requirement of credit history – the borrower can have a poor credit score or CIBIL score and still be eligible for the loan.
  7. Flexibility – a secured loan is more flexible than other sources of income. The borrower has a variety of repayment schemes to choose from.
  8. Speed – the whole transaction, from the loan application to the disbursement of the funds takes place within an hour.

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Frequently asked questions

Can I partially repay the gold loan amount?

Yes, it is possible to make partial prepayment of the loan. This is one mode of repayment of the gold loan in Erode where the borrower pays an amount larger than the fixed EMI and less than the full loan amount. The amount can range anywhere between the EMI and the remaining loan amount with the interest compound. Some borrowers resort to this method to finish off the loan prematurely. However, it has to be noted that the collateral will only be returned by the lender once the whole repayment has been completed. 

Are banks or NBFCs better for availing gold loan

If you are looking for a gold loan in Erode but find yourself confused about the source from where to procure the funds, it is important to understand the pros and cons of each source. Since there are many lending institutions today that supply funds both offline and online, they all have their specific list of advantages and disadvantages. While banks and NBFCs look like the obvious choices, the borrower has to evaluate both of the sources with respect to their financial status. Banks usually take a longer time to process the loan, to verify the CIBIL score and they also offer lower LTV and have a strict EMI model. On the other hand, although NBFCs offer higher Loan to Value ratio, they charge higher interest rates. 
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