Gold loans are a convenient tool to meet your urgent financial requirements. You can use gold as collateral to avail this loan at low interest rates. Gold loan is an easy and convenient way to avail a financial transaction, without investing time in pawning or selling your jewellery items.
WHAT IS A GOLD LOAN ?
If you have a sudden financial crunch and you do not want to cash out your investment in gold, taking a gold loan can be a convenient solution for you. It also offers various benefits such as low interest rates and quick disbursal. Since the loan is backed by valuable assets, the collateral is more secure than other methods of borrowing money.
THE MANY REASONS TO CHOOSE A GOLD LOAN
Gold loans are fast and hassle-free with quick processing and no hidden charges. Safe storage of the collateral for the duration of the loan will ensure that your loan is protected. Get your gold loan today!
- Gold loans can be availed at a lower interest rate compared to most other loans. Your gold is given a fair assessment and then valued by the industry’s top gold loan valuation experts.
- Loan tenure ranges from a few days to 5 years or more, depending on the nature of your insurance needs
- Minimum loan amount of INR ₹1500 with no upper limit
- No pre-payment penalty on gold loans
- Minimal documentation
- Safe custody of gold given as collateral
Gold loans are flexible in terms of amount, tenure, and amount of Gold Loan interest that can be paid at the end of the loan period. This makes it easy for you to have access to gold whenever you need one. At the same time, it is also the reason why many prefer gold loans over other types of funds.
ELIGIBILITY CRITERIA FOR GOLD LOANS
Gone are the days when gold loans were offered to only salaried employees and those with a steady income. Now, even the self-employed and senior citizens can avail this facility. Gold loans are available online at any hour of day or night and you can get approved in under a few hours. You do not have to wait for days to be approved or fulfil stringent eligibility criteria to avail gold loans like you would with other conventional forms of credit.
DOCUMENTATION REQUIRED FOR GOLD LOAN
To apply for a gold loan, you need to complete your KYC documentation. This can be done by visiting any of our branches across India, or applying online through a dedicated portal. Our gold loan also comes with minimal documentation criteria, which makes it easier and quicker to avail the loan.
- Two passport size photographs
- Proof of identity such as voter ID card, passport, driving license, ration card
- Address Proof such as Aadhaar card, electricity bill, telephone bill, other utility bills, etc.
TIPS FOR CHOOSING A GOLD LOAN
Gold loans are the most popular and suitable choice for meeting an emergency fund requirement. However, you need to understand that you are borrowing money against your gold, which you must repay with interest. If you default on payment, then your lender has the authority to confiscate your gold to make up for their loss. Therefore, it is important that you conduct thorough research on your options before opting for a gold loan.
Here are a few tips for choosing a gold loan-
- Gold is a popular asset class and gold loans give you liquidity to invest in gold without selling your existing holdings. There are many banks and NBFCs offering gold loans. So, to get the best interest rate make sure to compare the interest rates of different providers before choosing one.
- Similar to other loans, there are certain add-on charges associated with a gold loan. Before taking a gold loan, check with your lender what all the add-on charges are.
- As the gold is only for collateral, there are no other risks involved. However, ensure that the security measures at the loan provider’s end provide adequate protection so that you may be able to retrieve your gold in case of a default.
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