Take Loan against Gold
If you are facing some health and personal emergency, choose an online gold loan apply option. A loan against gold is the best source of arranging instant funds in times of emergency. Although every bank and financial institution has the provision of loans, the process is too complicated. Moreover, you need to produce many documents besides arranging the security deposit.
If you don’t like to visit the bank in person, you can choose the option of an online gold loan apply. Once you complete the formalities through the online process, the bank will send the representative to your home to collect the gold jewellery. After verification, they will issue the cheque for a loan. You can’t think of any other easy and convenient loan.
Virtually No Paperwork is required
The good thing is that there is hardly any paperwork needed to avail gold loan in India. Lenders don’t even ask for your income certificate, your IT returns details and the guarantor’s name. They will check the purity of the gold you wish to pledge, and once they are satisfied, the loan is instantly disbursed. It would be best if you carried the gold ornaments to the bank, and within half an hour, you could walk out with the loan money.
Anyone who needs money immediately and has no source to arrange it thinks of a gold loan. There are hundreds of banks and private lending institutions that offer gold loans. So, how to know about the best gold loan company in India?
How Much Loan Gold Loan Per Gram Can You Get?
The amount of the gold loan depends on the purity of the gold you plan to pledge with the bank. For example, a loan against 10 grams of 18-carat gold will be lesser than the same weight of 22-carat gold. As per rates mentioned on the bank’s website, if you are taking a loan against 18-carat gold, your entitlement for the gold loan will be at the rate of Rs. 2,700 per gram of gold. Similarly, for 22 – carat gold jewellery, you can get a maximum loan of Rs. 3,329 per gram.
Procuring Gold Loan is Easy
The gold loan has now become the most well-known form of credit. The main advantage of a gold loan in India is the faster processing time. You need some basic documents to seek a gold loan. A simple KYC is enough for credit endorsement. After approval, the loan dispersal is extremely fast, within a couple of hours. The quick processing of the gold loan makes it an excellent choice in the case of a medical or personal emergency.
Avail God Loan for any Reason:
Gold loan is a multipurpose credit facility that can be availed for different purposes like a wedding, medical emergency, schooling, overseas travel, redesigning a home and other reasons.
Low-interest rate and Low processing charges:
The interest rate on the gold loan is lower than most unstable credit alternatives. Few banks don’t even charge any handling and processing fee on gold credits. Moreover, banks aren’t bothered about income proof or the CIBIL score of the loan seeker.
Gold Loan is easily accessible:
Usually, the process involved with loans is complicated and time taking. Sometimes, it takes a couple of months before your loan gets sanctioned. In comparison, gold loans are highly accessible. Any individual over 18 years of age possessing gold is eligible for a gold loan. There are no preconditions for who can take a gold loan.
You can cancel your gold loan application even before the payment gets deducted. You can also decide not to use the gold to repay your loan and keep it in the bank’s custody as security and avail of the cheapest gold loan in the future.
How safe is a Gold loan? The safety factor is very important in a gold loan because there is always the possibility of frauds who may get away with your life-saving. Therefore, it is always better to deal with a certified financial institution you can trust. Well-known banks disburse gold loans in India, like SBI, PNB, HDFC Bank, and ICICI bank. All these banks have been highly trusted for last over many decades. You can relax if you choose one of these banks to take the gold loan. So, if you are looking for an instant solution to your financial problems, you know where to get the cheapest gold loan.