blog address: https://www.iclfincorp.com/
blog details: Why should you choose Gold Loans?
Even though careful about our finances, there are situations in our life where taking gold loan becomes important. There are a plethora of choices in loans for those who requires money. Out of all these choices, a Gold Loan is the best and the safest way to fulfil your financial needs.
What are Gold Loans?
A Gold loan is a secured loan where customers can take from the lender in exchange of gold ornaments like Gold jewellery. It is the easiest way to fulfil your financial needs.
Advantages of Choosing Gold Loans
● Can draw cash instantly by pledging your gold ornaments
● No more bank visits
● No need to mortgage gold
● Quick loan for Funding your business needs or financial crunches
Characteristics of Gold Loan
● Higher Loan Amount: Gold loans have a more significant amount cap compared to personal loans. Through gold loan, you can draw up to 5 crores, while personal loan allows up to just 40 lakhs.
● Low-interest Rates: Gold loans have low-interest rates when compared to personal loans. Due to Low interest rates, Gold loans are less expensive than personal loans. The gold loan rate in Kerala ranges between 14% to 17% for banks and 14% to 26% for NBFCs.
● Flexible Repayment Policies: Gold loans provide a variety of repayment options. The options are given :
1. Pay in Regular EMIs
2. Paying the interest during the loan term and the principal later.
3. Paying the interest and loan balance after the loan term, when no payments are made in between.
Banks offer a wide variety of gold loan schemes to suit customer's needs and comfort.
Terms & Conditions for Gold Loan
● Those who are at the age group between 18-16 years
● Customer should provide the gold jewellery within a specific karat value and weight. The amount will be sanctioned based upon on the gold rates of the day and current market price.
● Customer should provide any one of the identity proof such as Indian passport, voter ID card, photo credit card with signature, or driving license; along with one residential proof.
● Customer if misses his loan amount within 30 days, he must then provide additional collateral charges to purchase extra time to repay the loan.
Get Paid in Cash for Your Gold at Low-interest Rates
Gold loan is the most feasible option for anyone who is in immediate financial requirement. It can be quickly sanctioned and has low-interest rates; which is the reason many banks provides the best gold loan options.
keywords: best gold loan provider, best gold loan finance, cheapest gold loan bank
member since: Sep 28, 2022 | Viewed: 1070