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

Gold Loan in whitefield

The Whitefield locality in Bangalore contains the major community of the Anglo Indians and the Eurasians who got settle in the early 1900s. This locality is spread over 4000 acres approximately. This place has got its name from the D.S. White, who was the founder of this community. People migrated over the years into this region as it has a large number of IT hubs. It is also equipped with international schools and multi-national companies. Furthermore, there are five-star hotels, shopping malls, the parks, the cinema halls, etc. Thus, this place is a paradise for foodies, fashion lovers, entertainment lovers. It seems to reside here easily but in reality, it has a high standard of living and thus the people opt for gold loan in Whitefield locality for their needs and survival.

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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 its popularity to its attractive features such as:

  1. Low rate of interest
  2. High-value loans
  3. Minimal paperwork
  4. Flexible repayment options
  5. 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 the 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.

Documents required for an online gold loan

If you are looking to source immediate funds at short notice, online gold loans are your go-to avenue! The eligibility criteria are relaxed, it requires only minimal documentation, you are eligible for a higher loan amount (though the upper cap is contingent on the value of your gold), you can choose from a range of flexible repayment options, the benefits are endless! The documentation requirement can be split into two parts:

1) Identity Proof- Documents that serve as identity proof include but are not limited to:

* Voter's ID

*PAN Card

*Aadhaar Card

*Passport

*Driving License

2) Address Proof- Documents that serve as identity proof include but are not limited to: 

*Aadhar Card

*Passport

*Driving License

When it comes to gold loans, most lenders allow the borrower the latitude to avail a loan using just the king of all documents- The Aadhaar Card. Since it contains almost all the necessary information including Name, DOB, Name of parents/spouse, Address, Biometric information, and Iris Pattern Scan it acts as an all-rounder when it comes to documentation!

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Frequently asked questions

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

If you have logged into the Rupeek app or the payment portal on the website, your profile will reflect your the terms of your loan including the pending loan amount. If your lender has displayed a personal detail or financial data incorrectly, it should be fixed by immediately by raising a complaint with the lender and submitting relevant proofs of payment to build your case. For rebate schemes, you will be able to see your base scheme interest (as per the highest interest slab as mentioned in your pledge card) and post-rebate interest amount on the 'Repay your Loan' page. The interest is calculated automatically considering the rebate schedule and your repayment history.

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 Bangalore. 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:

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

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