Opt for Gold Loan if You Need Instant Loan

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Opt for Gold Loan if You Need Instant Loan
Gold Loan  Gold has always been regarded as a
safe haven for financially turbulent times. As a
result, investors flock towards gold whenever the
market is facing any upheaval as it offers them a
safe avenue of investment. In addition to being a
go-to investment option, gold also happens to be
one of the most liquid forms of assets. You can
easily sell-off the yellow metal and generate the
required funds instantly for an emergency.
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However, we Indians have an emotional connection
with our Gold Jewellery, and we would rather want
to protect it at all costs.
In such a scenario, it indeed is a great
alternative to Avail a Gold Loan against your
ideal gold (jewellery, coins, biscuits, etc.) and
meet the financial exigencies without having to
part with it. Various financial institutions now
offer Instant Cash Loan against your Gold and
allow you to access a ready source of funds as
and when required.
Features of Gold Loan As the name suggests, Gold
Loan is a secured loan offering. You use Gold as
collateral to avail this Instant Cash Loan from
banks as well as Non-Banking Financial
Corporations. The money availed as Gold Loan can
be used for any financial requirement of yours as
there is no need to inform the lending
institution regarding the end use of the money.
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The key features of Gold Loans are listed
below 1- The amount for Gold Loan is
proportional to the value of asset pledged. You
can avail up to Rs. 10 Lakh by most lenders. 2-
Extended repayment tenor of up to 36 months
offers financial flexibility. 3- The interest
rates on personal loans are higher than Gold Loan
Interest Rates. 4- Flexible repayment options
are available to the borrower. 5- Minimum
processing and foreclosure charges make Gold
Loans a better option than Personal Loans. 6-
Freedom to use money as and when required by the
borrower. 7- Quick approvals and instant
disbursals within a few working hours. 8-
Safekeeping your gold is the responsibility of
the lender. 9- High loan to value ratio of up to
75. 10- Gold Loan is available with low CIBIL
Score as well.
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How to avail a Gold Loan? Availing Gold Loan is
an extremely simple and straightforward process
which includes the below-mentioned steps
1. Identify the preferable lender With multiple
financial institutions offering the facility of
Gold Loan, it is not a cakewalk to choose one.
You must, therefore, conduct detailed research
online regarding the key parameters offered by
respective lenders such as interest rates,
maximum amount available, repayment tenor,
processing charges etc. Select the lender whose
offering is suitable for you. Online you can
compare various Gold Loan offerings.
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2. Set-up an appointment with the lender Now,
set-up an appointment at any of the branch
offices of the lender. This will help you get
proper attention when you go for the transaction
and avoid unnecessary delays due to
unavailability of the valuer. Usually, you can
simply walk-in to the branch office of the lender
during working hours.
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3. Visit the branch with your gold and KYC
documents You need to take your physical gold
to the office of the lender along with your KYC
documents such as Pan Card, Address Proof and ID
Proof. Make sure you carry multiple copies of the
documents.
4. Get your gold evaluated by the valuer The
official valuer of the lender will check the
quantity and quality of the gold in front of you.
Make sure you follow this process carefully. You
will be intimated regarding the value of the
gold, and if it is acceptable to you, the valuer
will pack the gold in a sealed bag and take your
signatures on the same.
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5. Sign the application and disbursal form You
will then need to sign a few forms as required by
the lender. Moreover, you also need to specify
your preferred mode of receiving the payment.
Please note that if the amount is above Rs. 2
Lakh, you will be offered the money through Bank
Transfer only.
6. Receive loan as cash or bank transfer You
will need to submit a cancelled copy of your
cheque to the lender to receive the amount in
your bank account. If you need the money in cash,
the lender will pay you the money in cash,
subject to the limit of Rs. 2 Lakh.
Benefits of availing Gold Loan If you are still
unsure about the benefits of availing a Gold
Loan, here are some of the advantages you will
enjoy with a Gold Loan
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1. Instant disbursals You need not wait for
several days for the loan amount as Gold Loans
are approved and disbursed within a few working
hours only. 2. Available with low Credit
Score You can avail a Gold Loan even if your
Credit Score is below the required threshold of
700. It comes in handy during the times of
emergency. 3. Competitive interest rates Gold
Loan interest rates vary between 12-14 per
annum, which is significantly lower than Personal
Loans Interest Rates. It helps to reduce the
amount of interest you need to pay during
repayments.
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4. High-value loans You can avail high ticket
Gold Loans for up to Rs. 50 Lakh in a few minutes
and use this amount to meet your liabilities in a
timely manner. No need to take multiple Personal
Loans. 5. Flexible repayments You can opt from
multiple repayment options as per your
convenience,e. pay the entire amount at the end
of the repayment tenor, pay only interest as EMI
and principal at the end of the tenor, or pre-pay
the entire amount as your financials allow. With
a hassle-free process and multiple benefits on
the table, a Gold Loan allows you to enjoy
significant financial freedom even during times
of emergency.
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