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Gold Loan in Wakad

A suburb having very black fertile soil is located in Wakad under the Pimpri Chinchiwad Municipal Corporation. Here, the primary occupation of the people was agriculture, but as time changed, it has shifted towards many fields with technologies like biotechnology, information technology parks, etc. This area has a very high standard of living and the people residing here are mainly IT professionals due to its modern change and services. This area is termed as the leader among all the areas of Wakad and the areas surrounding it. Due to its modern growth, it becomes an important education center for students of the schools and colleges. It has famous institutions like Balaji Institute, Indira College, etc. As it has proximity to many industries and the centers for education, transportation is also essential and top-notch with vehicles like public buses, etc. in this suburb. Due to its high quality of living, people undergo a lack of money and thus take a gold loan in wakad to balance their living and the needs instantly.

Benefits of an online gold loan

The benefits a borrower can reap from an online gold loan are boundless! All you need to do to avail an online gold loan is download the lender's app and place a loan request. One of the best features of a gold loan is that this process can be done online entirely without manual intervention provided that is what the borrower prefers. The borrower also has the flexibility to place a call on the lender's customer care number to avail the same if he/she were to feel like they might need assistance with the process. All this happens right from the comforts of your home. Even when it comes to gold valuation, you do not need to venture out with expensive gold in your pocket! The lender assigns a representative that will visit you at a location and time as stipulated by you. While an online gold loan does require a few basic documents, you can also avail a loan with just your Aadhar card! As a borrower, you are eligible to receive up to 75% of the gold you are pledging. If both parties are in agreement with the loan amount, the loan is disbursed to your account within a matter of 10 minutes. What's more, the entire process takes only an hour end-end!

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

Can I close the gold loan earlier than intended?

Yes, you can choose to close the gold loan earlier than originally planned if you prefer. Whether or not you have to pay additional charges due to this depends on your lender. Rupeek for instance doesn't levy any lock-in period or prepayment penalties in case of early repayment. Whereas some other lenders might have small penalties ranging up to 200 rupees if you wish to foreclose your loan account before 3 months or 1 month, the lock-in period set upon the respective lender's discretion. The penalty also depends on the loan amount availed.

Are banks or NBFCs better for availing gold loan

There is an array of options in the market when it comes to availing credit causing the borrower to be confused regarding where their gold loan in Pune can be availed. Firstly, there are both banks and Non-Banking Financial Companies or NBFCs providing gold loans in Pune. Banks in general take longer processing time of the loan for credit, CIBIL score verification, offer lower Loan-To-Value ratio and have a strict EMI model. Whereas, in case of NBFCs offer higher LTV but along with it higher interest rates as well. Hence depending upon your short-term or long-term finances, weigh in your options and choose the lender that fits your bill.
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