This loan is a good and easy option to raise huge funds for meeting emergency huge cash needs such as types of hospitalization. The best thing about the gold loan is neither you require a very good CIBIL score or credit score nor any of the income proof to avail of this. Those people above 18 can simply avail the best gold loan without any hassle.
Both banks, as well as nonbanking financial companies, simply offer the best gold loan. This gold loan is among the very cheapest and very hassle-free options to get the fastly huge cash. The gold loan is very secured by the physical gold or household gold, every lender typically never requires a very high credit or CIBIL score to sanction the gold loan.
Also, the time taken to disburse the gold loan is very less. These are some best features of the gold loan.
This gold loan is simply issued for the tenures of up to 2 years and after the tenure, you can easily renew this gold loan.
Most of the banks simply offer the flexible repayment option. You can simply go for the EMI option or opt for the bullet repayment. Partial repayment is simply available in such cases as the gold loan.
In such cases of the gold loan, you simply have to keep gold, jewelry as collateral. Banks simply offer 80% of the value of gold.
4. Credit score:
For simply availing of the gold loan you do not need to have a very good credit or CIBIL score history. But if you have a very good CIBIL or credit history, then you can easily avail gold loan at a very cheap rate.
5. Interest rate:
The gold loan is very secured, the rate on this is very less than a personal loan or another loan, which is not a secured loan. At present, the personal loan rate is a little bit higher than a gold loan.