India is rated to be a country that is one of the major importers of gold. Hence for this reason a significant sum of people own gold ornaments. You can opt for cash against gold if you have any immediate financial issues that crop up. If you compare it with the other type of loans, they turn out to be a viable solution during the time of crisis. When you obtain a gold loan there are some benefits that you are entitled to.
Lowest interest rates
Since it is a secured loan, gold loans are subject to the lowest interest rates when you compare it with other forms of loans. Examples are personal loans, home loans or other secured loans. For a gold jewellery buyer in Delhi, the gold can turn out to be beneficial during times of crisis.
Faster processing
Since gold loans are backed by physical gold once the eligibility criteria are fulfilled it requires minimum documentation. What it does is enable the lenders to process the loan faster.
Faster liquidity
With gold loans, you can enjoy faster liquidity at any point in time. No longer there is a need for paper formalities or excess documents unlike other financing options as the loan can be availed in 30 minutes. Due to this feature, you are able to obtain a gold loan when you require it.
An option to pay interest
The gold loan has a unique feature where a borrower has to only pay the interest part of the loan. At the time of closing the loan, you need to pay the principal amount.
No processing fees
The best part about a gold loan is that there is no processing fee involved. For this reason, the loan turns out to be a preferable one.
There are no foreclosure charges
In comparison to the other loans, there are no foreclosure charges or penalties levied where you pay the loan amount before the tenure is completed.
There is no need for any income proof
The financial institutions do not ask for your income proof as the loan is secured against gold. Hence anyone can apply for a gold loan if they are a businessman or a salaried employee.
There is no requirement for a credit score
Unlike most other loans the approval of a gold loan does not depend upon your credit score. In this case, the value of the gold is determined by its market value. But the moment you take a gold loan you can go on to build up a good credit score. In the later cases, you can buy gold with cash too.
The gold is safe
The financial institution where you submit the gold has a triple layer of security as collateral. The gold will be secured in their vault during the course of the loan. You are expected to get back your gold jewellery once you pay the amount in full.
There is no restriction when it comes to the use of funds
Since there is no monitoring when it comes to the end use of funds through this loan, it provides you with flexibility. This loan can be used for any purpose as per your requirements. It can be your home repairs, your kids’ marriage etc.
The dos when you apply for a gold loan
- Compare the various lenders and find out who has the best offer- all the lenders are not expected to provide the same features. So, it is better if you choose a lender who provides you with a low rate of interest.
- Check the credibility of the lender- as you are entrusting them with the loan, you need to opt for reputed banking or financial institutions when you are availing the loan.
- Figure out the cost associated with the loan- Before applying for a gold loan you need to check out the necessary charges associated with the gold loan. It can be processing fees, or any form of hidden charges to avoid any hasty charges down the road.
The don’t’ s when you apply for a gold loan
- Do not compare the EMI cost or the loan amount- You need to look at the charges along with the clauses too. It is better if you are able to compare the total cost of the loan and pick the best one as per your needs.
- Do not commit the mistake where you do not calculate the EMI of the gold loan- if you do not calculate your gold EMI it may cost you more. So, before you avail a gold loan you need to be using a gold EMI calculator. It is going to give you an idea of whether you will be able to afford the loan or not.
- do not apply for a higher amount than required- if you apply for a higher amount than your eligibility it may lead to the rejection of your loan. So, before you are applying for a gold loan it is better you check your eligibility first and then apply. Failure to do so may lead to a situation where the gold may be confiscated.
Whom to approach for a gold loan
Both the banks along with NBFCs are known to provide gold loans it becomes difficult to decide whom to choose when it comes to availing the gold loan. Both of them do have their own pros along with cons with a gold loan. If you are looking for cash against gold or a flexible repayment facility then it is better to choose NBFC. But a point to consider is that the NBFCs can only disperse Rs 20,000 in cash according to the guidelines of RBI.
With banks, the documentation process is involved and makes the disbursal process a lengthy one. Even the banks do not pay in cash when you are taking a gold loan. It is dispersed to your account or a cheque is given for the same. The cash option will work only if you require a small amount of money.
Gold is an important ornament which can be used to get instant cash for gold in Noida without so much paperwork.
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