We are all aware of the importance of fixed assets in our life. Not only do they act as the perfect factors of production engaging the other active factors into a process of regulation through which productivity can be achieved and organizational growth can be attained but also acts as the perfect harbinger in times of cash crisis when liquid cash is necessary to optimize expenses in our daily life.
With that in mind, we must always remember that Gold Loans are the primary form of asset-bearing loans that must be encashed during times of personal cash crunch and crisis in the economy. Gold Loans refer to the secured loans that can be obtained from the banks after depositing a particular amount of gold as collateral security. This gold can be taken back by the borrower upon the repayment of the loan along with the cumulative interest amount.
ICICI Bank Gold Loan facilities have truly become one of the premium gold loan providers in the market. The biggest benefits that it offers is the safety and the security in the transaction. With ICICI Bank the borrower’s gold is completely safe and secure with no chances of any discrepancies taking place. Moreover, ICICI Bank uses a Gold Loan calculator to Identify the amount of interest that would be incurred while repaying a Gold Loan.
The interest rates for Gold Loans are comparatively less and much more attractive than personal loans taken by the borrower. Moreover, in the case of gold loans, no documents are required to be submitted. No verification of documents is necessary as the gold jewellery and ornaments act as the personal guarantee on behalf of the borrower that he would successfully repay the loan. Upon the non-repayment of the amount, the gold may be seized by the bank after sending authorization letters consenting to the borrower’s final approval.
Thus ICICI Bank Gold Loan facilities have come up as a renowned source of self-financing in the market ensuring stability in transactions and flexibility in the repayment process.