It is an old saying “Your gold is your best friend in the financial crisis”. The price of gold is rising day by day, touching the sky. It has become impossible for a normal person to meet up all the necessary luxuries of life. In India, gold is one of the most beautiful and precious metals. It is loved by all in jewelry especially by women.
Along with the use of gold as jewelry, you can also use it in your financial bad situations to overcome the problem. Sometimes, people need instant cash due to some unpredictable moment. They feel shy to take financial assistance from their friends or relatives.
In such conditions, you can avail of a gold loan. There are many banks and financial institutions that provide loans against gold. The loan amount can be used for various purposes like wedding arrangements, paying hospital bills, and many more.
Now, these days it is the best offer to grab Gold Loans. This loan is a safe and reliable way to make instant money. It is the secured type loan. In this loan scheme, one has to pledge his/her gold items as collateral to take the loan. The loan amount is repaid in small installments that are unproblematic for the borrower. So Gold is your best friend who supports you in hard times of financial needs.
No income needed
In the gold loan scheme, borrowers deposit gold to the financial companies granting loans, and an equal amount is returned to the borrower. So there is no need for income or salary that creditors look for you are that gold ornaments. Even an unemployed person can also get applied for this loan without any hurdle if he has gold items. When gold is your best friend there is no income needed to get a loan.
How can we approach the gold loan?
You can go personally to a bank or finance company and ask for Loans against gold and can get information about the interest rate offered by different banks and firms. You can choose among all services which one suits you.
You can apply online for a Gold loan. It saves you time. You have to fill the application form for a loan. It is a very fast and simple process. There are no applying fees. You will get the confirmation of loan approval within the half-hour.
Ultimately Gold is your best friend at uncertain financial situations or financial crises. There is no other option than only one friend there i.e. gold is your best friend
Gold Loan is one of the best and reliable options and to avail this loan you just need to pledge your gold and after evaluation of your gold’s value, the bank or NBFC will offer you a loan. One should avoid mistakes while availing gold loan so that get the best offers and benefits of gold loan
While Gold Loan offers comforts and convenience that most loan products don’t offer, it is important to avoid these common mistakes while availing Gold Loan. Following are the Mistakes while avail Gold loan.:
Check your Lender’s Credibility: If we compare gold to personal loans then the gold loan is one of the secure loans. In a gold loan, you won’t face the lengthy paperwork and procedures. Well, the loan can be dangerous for you as well, since your gold is with the moneylender till the duration you return the complete amount. Hence, it is recommended to wisely select a reputed bank or NBFC.
Check other banks and NBFCs: All lenders agree to sanction a loan for a sum that will be decided on your gold’s current market value but never finalize the first offer. It is strongly recommended to confirm interest rates and market value from other banks and NBFCs as well. Navigate to a lender who keeps an offer of a lower interest rate or a higher loan to value ratio.
Be attentive at the time of evaluation: Usually, banks offer a loan on your gold’s current value with 18 karats or more than that. If your gold is not matching that number then it’s a waste to apply for a gold loan. When any professional is evaluating your gold, be careful at that time because evaluation checks your gold’s weight and purity, not additional gem or stone.
Comprehend the repayment structure: Without comprehending the repayment structure, never select any bank or NBFCs. Once you understand the complete structure it will help in matching your needs.
Monthly EMIs: For any salaried borrower, the basic repayment structure designs monthly EMIs which include both principal sum and interest.
Partial Payment: This structure permits you to repay the interest and principal sum as and when you want to. This is not essential to grip the EMI plan designed at the start. The repayment is personalized so it can the customer can feel no burden.
Pay only Interest EMI: Under this scheme, the moneylender asks you to make only payment of the interest as EMI and the principal is to be paid in complete on the decided date. That’s really good for the borrowers who are a heavy amount as FD or RD maturity. Avoid these mistakes while availing gold loan and try to pay only interest as EMI
So Gold Loan applicant must avoid Mistakes while availing Gold loan. To get the best offers on the gold loan you can apply with Dialabank and must avoid mistakes while availing Gold loan.
Apply Online: You can apply online with Dialabank to get the best offers on Gold Loan.
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