Q. What is the meaning of gold loan ?



  Banks/NBFC's provide loan and asks for the security from the person willing for the loan. Minimum of paperwork and a person receive the money immediately. The security asked for is the gold that the individual applied for, owns. This is the collateral asked for by them. The funding institutions provide a loan amount of up to 85% of the market value of the gold at the particular time. Also the interest rates are also affordable as compared to other loans. A gold loan is a loan in which money is provided to the loan applicant on the basis of the quality of the gold that the person owns. An added advantage of these Loans is that the person applying for these loans can even have a poor credit score. The banks do not ask for the income proofs or the previous credit history of the customer. For more information on gold loans, click here


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