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India is a country where gold is considered as a very important asset as well as a type of investment. Gold is considered to be the best investment for the people in India. Loans have become very popular in India as well. The people have realized that the best way to fulfill all the desires at a quick rate is to take a loan.
Loans are available very easily. Also, there are many categories in the loans. Gold Loan is one such category. In India, gold loans are growing at a very good pace. For 2011, it is estimated that Rs 50,000 worth of Gold would be pledged to get loans. The amount of people applying for gold loans in India is increasing day by day. The meaning of gold loan is that one can borrow a sum of money as a loan against gold. In simple terms, if you have gold, you can keep that gold as a security for taking a loan.
As discussed earlier, gold is that asset which is available in almost every house in India. The people here have a tradition to keep gold in the house. Also during every occasion, gold is gifted. Gold is such an instrument whose resale value is always higher than the purchase value. The rates of gold are ever increasing, and this is one reason why people intend to buy gold when they have excess amount of cash in hand. There tendency is to buy at a low rate and sell off at a high rate.
As people have gold readily available, gold loans in India are taken very frequently. The best part about the gold loans in India is that they have a very low rate of interest which attracts the borrowers. Lower Rate of interest, lower is the repayment amount for the borrower. Also, gold loans are beneficial for the borrower as gold is kept secured. Sometimes it is not safe to keep gold at home as there is a fear of it getting robbed. When gold loan is taken, the lender companies assure the security of gold.
Also, the borrower does not have to go in for a lot of documentation. The Paperwork Required for a gold loan is very simple and user friendly. The people in India are very impatient and busy, and this feature of the loan helps to be useful for them. The procedures for getting this loan are very quick and once applied for it, you will get the loan in a very few hrs.
An amazing part about the gold loans in India is that you do not have to pay any EMI on the loan that you have taken. You are just supposed to pay the interest which you are charged for. Also unlike other loans the amount that one receives from a gold loan can be used to meet any sort of requirements. There is no specific criterion or restriction on the usage of funds derived from the loan. This gives freedom to the borrower to use the money according to his wish and needs. He does not need to clarify his need for the loan.
The interesting part about gold loans India is that you do not have to pay any EMI on the loan that you have taken. You are just supposed to pay the interest which you are charged.
Gold loan also gives an assurance to the lender as the borrower has some emotional attachment with the gold that he pledges for taking the loan. This gives assurance to the lender that the borrower will repay the debt to get back his ornaments. In India, people are very attached to their ornaments, and they somehow manage to pay off their debts to get them back. Thus, this type of loan is less
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