A large number of Indian families have gold ornaments in their bank lockers or houses. For generations, people across the country have been buying gold during certain festivals, and gifting gold jewellery on occasions like weddings and birthdays. Gold is an immensely valuable metal that retains its value over time. Whenever you are in a financial soup, this gold can also help you acquire the needed funds.
Whether you have to deal with emergency medical expenses, fund a child’s higher education, or even buy expensive equipment for business, you can always gold loan apply online and get the required cash with ease.
Getting a gold loan is a simple and hassle-free process, especially if you are borrowing money from a reputed non-banking financial company (NBFC). You simply need to contact a reliable lender, apply for a loan, and pledge your gold in return for a handsome amount of money. Gold loans come with a number of benefits, such as:
- No extensive documentation is required to take gold loans.
- The loan approval process for gold loans is faster compared to other types of loans, as gold serves as collateral and mitigates the risk of the lender.
- Gold loans are a good financing solution for people facing short-term financial emergencies or those who require immediate cash for a specific purpose.
- The interest rates on gold loans tend to be much lower in comparison to the interest rates on personal loans and similar unsecured loans.
- You do not have to bother too much about age, employment history, and credit history when applying for a gold loan as most lenders maintain quite flexible eligibility criteria for it.
- There is no need to submit any income proof or proof of credit history to take a gold loan.
- Top NBFCs in India offer flexible repayment options for gold loans.
What Type of Gold Can Be Pledged?
The higher the purity of the gold, the greater would be the valuation amount; as a result, the higher will be the loan amount you are able to acquire. The minimum purity expected by most lenders is 18 karat gold. In case you are pledging ornaments that have gems or precious stones set into it, their value shall not be taken into consideration when deciding the loan amount. Only the value of the gold is calculated for the loan. You may even pledge gold bars or coins for the loan.
Who Can Benefit from Gold Loans?
Gold loans are typically more accessible to people who have a poor credit history or no credit history. As the loan is secured, the focus of the lender is primarily on the value of the collateral instead of the credit worthiness of the lender. This makes gold loans a good financing option for people who may face obstacles in obtaining loans due to their credit history. Renowned NBFCs tend to approve a loan amount of up to 75% of the total value of the gold.
Therefore, a gold loan can be the most hassle free and secure way of getting cash in times of emergencies. NBFCs have made applying for such loans easier so more and more people can avail the facility.
Apply instant gold loan online against your gold jewellery with the lowest interest rate at online gold loan.
Apply for a safe, secure gold loan with simple documentation in India.
https://rupeek.com/blog/things-to-know-about-gold-loan-renewal/If you have repaid your loan amount in full along with the interest, you can take out another gold loan with the same lender, pledging the same gold assets.
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