Almost everyone once in a lifetime faces a situation where they suffer financial crisis. It may be either paying medical bills or debt consolidations. Whichever the situation arises, it is possible to acquire money quickly in the form of a gold loan and without having to submit various documents.
If you possess gold in the form of jewelry, then you can use it as security to avail of money immediately. Gold Loans are the best possible option that you can use to handle financial crunch. Some of the banks claim to offer money in just 3 minutes, whereas some banks offer you money within an hour.
As the gold prices are high, banks consider a safe deal to offer loans against gold. An individual can get up to 80 percent of the market price of gold. For such kinds of loans simply very few documents are required Documents Required to avail loan that makes is the fastest way to acquire money.
These loans are offered for the term of one year and can put a closure to the loan anytime. Banks charge 13-14% of Interest Rate on loan against gold, and you have to pay the interest on a monthly and quarterly basis.
There is no EMI to pay or worry about. The gold placed as collateral is released by the bank when the borrower repays the whole loan amount. In case you do not pay interest on time, then you may have to pay penalty charges.
The most highlighting feature of this loan is that you need not have any source of income. Thus, an unemployed person can also avail this loan. People who are not able to qualify for other loans can easily avail of this loan.
Salient features :
• No upper limit of the loan amount
• No EMIs to pay
• Hassle-free and quick disbursal
• Least documentation required
• No source of income is mandatory
You can visit any bank or fill an Online Form to avail of this loan. You will be asked to submit the gold you want to mortgage. The bank evaluates the jewelry to check if it is not fake. Once the jewelry is evaluated, money is offered to you immediately. The gold is kept with the lender until you pay the whole loan amount without any default. You can use the loan amount for any purpose according to the need.
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