Low Interest Gold Loans in Vijayawada starting @ 0.49%P.M. (5.88%* P.A.)

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3,503*
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low interest gold loan

Get a New Gold Loan

IconInstant 30 minuntes

Shift your Existing Gold Loan

IconSave ₹37,131*

We offer the highest per gram rate on our gold loans.

3,503*
lender banks

Gold Loan in Vijayawada

Nestled between the Eastern Ghats and Krishna river, Vijayawada, which is popularly known as the Global City of the Future, serves as the biggest educational and commercial hub of Andhra Pradesh. The city is popular for flourishing businesses and tourist attractions. The Kanaka Durga Temple is one of the most famous Durga temples in India. Other businesses such as petroleum, cement, construction, hospitality, and entertainment are the major contributors to Vijayawada’s revenue. People buy and invest in gold jewelry since it holds huge cultural significance in this part of the country. They also avail gold loans to invest in the yellow metal and venture business opportunities. Some of the popular tourist attractions include the Victoria Jubilee Museum, Bhavani Island, Undavalli Caves, Kondapalli Fort, Mogalarajapuram Caves, and Rajiv Gandhi Park.

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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 their popularity to their attractive features such as:

  • Low rate of interest
  • High-value loans
  • Minimal paperwork
  • Flexible repayment options
  • 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 a 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

Since a gold loan is a secured loan, it offers many benefits that the other sources of funds do not offer. Some of the benefits offered by a gold loan include:

  • Low rate of interest
  • Minimal documentation
  • High loan amount
  • Flexibility in repayment options
  • Instant loan approval, etc.

The requirement for eligibility for a gold loan isn’t much. To avail a gold loan, the borrower has to fulfill the below-mentioned criteria:

  • The borrower shouldn’t be a minor
  • The mortgage loan should be of 18 karat or above
  • The gold should be in the form of ornaments or jewelry.

The loan amount is then calculated by the lender by multiplying the quality, purity, and weight of the gold. The lender then multiplies it with the average price of gold for the past thirty days. The resultant amount id the loan amount that the borrower can borrow.

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Frequently asked questions

What payment methods are available for me for an online gold loan?

Most lenders provide round-the-clock assistance if borrowers ever need it, to complete their gold loan repayment successfully or to pay their interest through their payment portal on the website or the app. The Rupeek team especially is only a phone call away! But irrespective of the platform you choose to make your payment on, both platforms offer the following modes of repayment:

  1. Internet banking
  2. Debit card
  3. UPI
  4. Money transfer using RTGS/IMPS
  5. NEFT

Since all the options require the digital transfer of money, the borrower must have a bank account under his/her name.

Is there any age limit to avail a gold loan?

The eligibility criteria that a lender offers are unique to them. That is to say that the eligibility criteria offered by the lenders in the market differ when you are applying for a gold loan in Vijayawada. The conditions vary to the extent in terms of age (and other factors) that while some lender requires the borrowers to be at a minimum age of 18 some lender wants their borrowers to be at a minimum age of18. Some lenders keep the upper bar on age at 65 years while for some others, it is 75. But generally, and according to Rupeek, the only eligibility criteria that the borrower has to fulfill are listed as follows:

  • The borrower has to be an Indian citizen
  • The borrower should possess the required KYC documents (address proof and identity proof)
  • The borrower should possess sufficient gold which is above 18 karat gold and up to 22 karats and are in the form of gold ornaments.

How do I know if the executive is authentic while applying for an online gold loan?

One of the highlights of availing of an online gold loan is that it can be done end-end right from the comforts of your home! Once you have placed your loan request, a Rupeek executive will arrive at your doorstep to value your gold. If need be, you can verify the authenticity of the executive in the following ways:

  • In-app verification
    • Once the executive reaches your premises, an OTP will be sent to your number which the executive will then enter on his app to verify the match.
  • ID Card
    • The executive will display his identification card issued by Rupeek
  • ID Proof
    • On-demand, the executive will display a government ID proof

How does a 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.