Gold Loan is the best way to get cash in a shortter span of time. This loan is secured aganist gold ornaments. Borrowers deposits their gold with the lending banks and get money on the value of that gold. Turn your Gold into Cash rather than keeping it idle at home.
Advantages of Gold Loan:
- No income and salary requirements- Gold loans do not demand any qualifications for income or salary of the person. So even if you are unemployed and unsalaried you can still avail a gold loan. This is because you are pledging a valuable asset i.e. gold in return of the money.
- Even if you have a bad credit history and low income level than also you can go for this kind of loan.
- Low interest rates- The another advantage of taking loan on gold is that they are available on low interest rates, say 12-16% annually in comparison to the personal loans interest rates of 15-26% per annum.
- Pay only the interest- The person has flexible repayment options i.e. to only pay the interest during the tenure of the entire loan and pay the entire borrowed amount in a single shot.
- Convenience- The most convenient one of all the loans is gold loan because in this all you have to do is pledge your gold with a bank or a private finance institute and the work is done.You can get a loan up to 80% of its market value immediately.
- Emotional attachment- Family jewellery carries a lot of sentimental attachment. When the men take the loan, there is a pressure from the women to redeem the gold as soon as possible. Most of these borrowers choose to prepay the loans and the chances of default are very unlikely.
- Less processing time- No tedious and lengthy documentation is required in case of gold loans, hence it can be resorted to in times of urgent needs. Banks take a few hours in the processing of the gold loan whereas some NBFC’s state that they only take a few minutes for the same task.
|Leading Gold Loan Providers (Click to Apply)|
|Manappuram Gold Loan||Reliance Gold Loan||Other banks|
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