India is known as the biggest importer of gold. Indians cherish gold, it is considered to have a great value and its value keeps appreciating so people consider investing in gold as well. Gold is a lot more than that and people are not aware of it. Gold can be used when you require urgent cash flow. Rather than asking someone for help, you can use your gold for starting a small business, for education, health expenses, and many other things.
You can take a loan against the gold that is kept in lockers to fulfill your cash needs. You get the best gold finance rate.
Look at the benefits it has:
Gets processed quickly
The loan given is against physical gold. The banks or other finance companies know that if the customer default, they can sell the gold and get the money back. So, it takes only a few hours to get your cash if you take a gold loan. Less paperwork hence less processing time is required.
You can choose to pay only the interest
Some loans have special features that allow the customers, to pay only interest installments initially if they choose. They can pay the principal amount at the time of closing the loan when the tenure ends.
The rate of interest is low
The interest charged from the customers is low in comparison to the other loans. Gold loans fall in the category of loans that are secured. This means that even if the customers default. The gold deposits can refund the amount of the bank. That is why the banks charge less interest.
No fee for processing
All the loans have processing fees, but not the gold loans. The banks take very little time to approve the loan, as the gold is deposited with the bank against the money. Processing time is very less so no fee is charged.
Less fee for foreclosure
The companies or banks have a very little fee, just around 1 percent if you close the loan due to prepayment.
You get a loan even if you have a poor credit history
No bank or finance company would give a loan to you if the credit history of your previous loans shows a negative record. While you get the gold loan, the history does not affect your approvals as you get the loan if you deposit your gold in the bank. If you fail to pay the money, the lenders can keep your loan to get your money back.
Your physical gold is secure
Your physical gold is kept safe by the lenders and they maintain it well. Once your tenure gets over and you have paid the loan. You are handed over your gold.
You can make use of the best gold loan in mumbai. It is very convenient. You get it quickly without any hassle and you can get it against jewellery, coins, and bars. So, make the most of it and use your gold to take care of urgent cash needs.