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A "Small Ticket Gold Loan" in India refers to a type of loan where individuals can obtain financing by pledging gold ornaments or assets as collateral.

Small Ticket Gold Loan

The term "small ticket" implies that these loans typically involve relatively lower amounts compared to larger loans secured against gold.

These loans are often preferred by individuals who require quick access to funds for short-term financial needs, such as medical emergencies, education expenses, or small business investments.

Since they are backed by gold collateral, they often entail simpler approval processes and lower interest rates compared to unsecured loans.

However, failure to repay the loan within the agreed-upon time frame could result in the loss of the pledged gold assets.

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Small Ticket Gold Loan-

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Following are the procedure steps:

1. Research and Selection:

Research various financial institutions, banks, or non-banking financial companies (NBFCs) that offer Small Ticket Gold Loans. Compare interest rates, loan-to-value ratios, repayment terms, and other relevant factors to select the best option suited to your needs.

2. Documentation:

Prepare the necessary documents required by the lender. These documents commonly include:

  • Proof of identity (such as Aadhaar card, passport, or voter ID)
  • Proof of address (such as Aadhaar card, utility bills, or rental agreement)
  • Proof of ownership of gold (invoice, receipt, or any other supporting document)
  • Passport-sized photographs
  • Any other documents specified by the lender

    • 3. Visit the Lender:

    Visit the selected lender's branch office or apply online through their website, if available. Provide all required documents to the loan officer or upload them as per the online application process.

4. Gold Appraisal:

The lender will appraise the gold ornaments or assets that you intend to pledge as collateral. The value of the loan sanctioned will depend on the purity and weight of the gold, usually expressed as grams.

5. Loan Approval:

Once the gold is appraised and the necessary documentation is verified, the lender will approve the loan amount based on their internal policies and the loan-to-value ratio (LTV). The LTV ratio typically ranges from 70% to 80% of the gold's market value.

6. Loan Disbursement:

After approval, the loan amount will be disbursed to your bank account or provided as a demand draft, depending on the lender's policies and your preferences.

7. Repayment:

Repay the loan amount along with accrued interest within the specified repayment period. This period can vary from a few months to a few years, depending on the lender and the loan agreement.

8. Gold Retrieval:

Upon full repayment of the loan amount and any outstanding interest, the lender will return the pledged gold ornaments or assets to you.

9. Closure:

Ensure that all formalities related to the closure of the loan account are completed, including obtaining a "No Objection Certificate" (NOC) and ensuring that the loan account is closed in the lender's records.

Why choose Livanity for Small Ticket Gold Loan?

Livanity is a one-stop solution for all your financial needs. Here, we try to provide you best services that are hassle-free and quick in nature. For Small Ticket Gold Loan, we provide you a comparative analysis of what different banks are offering. We also assist you in your final decision.

Here are a few reasons for you to apply for a Small Ticket Gold Loan at Livanity:

Fast assistance:

At Livanity, you can contact us at any official working hours of the day.

Customer needs in forefront:

Your needs are our priority. We promise to deliver you with services that are best on our capabilities. By handpicking Small Ticket Gold Loan offers based on customer profile, we try to give you the most personalized experience.

Compare Offers Online:

With more than 100 lenders as partners, you can compare the different offers of financial institutions to make the right decision. In fact, we help you find the best lender as per your eligibility requirements. There is a personalized relationship lender for every customer who helps him/her select the bank of his/her choice.

Real-time customer support:

Our customer support team is fast and efficient to clear all your doubts regarding loan eligibility, procedures, offers, documentation and repayment options. We even contact with the respective lender on behalf of you.

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