Gold Loans – The key to generate fast cash
Posted: Oct 06, 2018
Gold loans are now gaining popularity and both banks and NBFC are offering gold loans. Depending on your need - lower interest rates, faster loan disbursal, you can easily choose the lender. Gold loans have for long been an easy means of obtaining finance in India, as most households in the country invariably have the yellow metal as an asset which can be given as a collateral. However, the popularity of loan against gold increased during the latter part of last decade when specialized gold loan NBFCs in Kerala spread their wings to other parts of the country. Thereafter, banks also started popularizing this product and started marketing instant gold loans aggressively.
You should be really careful about loan against gold repayment as they are secured against your gold and should take loan amount that you actually need and can repay with ease. Failing to repay your loan amount will affect your credit score and may affect in cancellation of your future loan application. The benefits of taking a loan against gold are many: Complete transparency with no hidden charges, low interest rates, flexibility in payment, no part payment charges and no extra charges for gold security. Instant gold loan is one of the most affordable credit facilities that you can use for financial emergencies. Since gold assets always appreciate in value, it helps lenders to trust you and provide you a loan on the jewelry.Documentation required for availing instant gold loans vary from lender to lender. The common list of required documents include: Identity proof, Address proof and passport size photographs. Banks and NBFCs are eager to provide gold loans because most of us Indians possess gold in form of jewelry and as the gold ornaments see a good amount of capital appreciation over years, it is considered as secured asset for providing a loan on. Many NBFCs are currently offering you very decent gold loan interest rates. So, opt for them, in place of other loans, you can also calculate the exact rates for you gold easily with the help of gold loan calculator, since the entire process is very speedy.