Obtaining a gold loan is quite easy as compared to other loans. It can be availed by pledging some gold ornaments or issued gold coins from a bank. If you urgently need money with less hassle, then applying for a gold loan is the best option for you. You need to have a supporting address proof or an ID proof to avail the gold loan. Disbursal of this kind of loan is faster in comparison to other types of loans. The gold loan interest rate is usually meagre so it serves as an easy and quick way to fulfilling your financial needs. Gold loans can be used to fund a variety of requirements such as business expansion, funding a start-up, education and weddings. Secure storage makes gold loans an easy funding option to suit your needs.
Tips to get a gold loan quickly by selecting appropriate schemes such as: -
Bullet scheme- You can only pay the interest in this scheme either quarterly or monthly.
EMI scheme- The total amount of the gold loan is divided into equal EMI’s which you have to pay at regular intervals.
Flexi scheme- There are multiple options in this scheme for top up without any charges and part payment (innovated for businessmen, big traders and builders).
Upfront interest- In this scheme, you can pay interest right away at the starting of your loan period. The rest of the interest amount can be paid after the completion of the stipulated period.
Gold loans are very beneficial and require minimum documents such as passport, driving license, ration card or voter ID. There are no time-consuming formalities involved in this type of loan. The varied number of schemes can suit different income groups.
Sometimes, you might have extra cash at hand. In such cases, you can choose to pre-pay a small part of your loan amount right there. This will not only reduce the overall tenure of your loan but will also assist you to pay off your loan as soon as possible.
However, the minimum pre-payment sum cannot be less than the total of 3 EMIs. There is no maximum limit for pre-payment of the gold loan.
Features of Gold loans: -
Loan amount- Gold loans not less than INR 50,000 is available in urban areas, while in rural areas loans below INR 50,000 is also available.
Interest rates- Gold loan interest rates come with very competitive and low rates on EMI loans, Overdraft and Term Loan.
Collateral- Gold which is surrendered as collateral is guarded safely and securely in the bank’s locker.
Servicing- The servicing is efficient and quick as disbursement over the counter just takes about 45 minutes.
Complete Transparency- The charges and loan rates are communicated through writing with the quotation, so there is no tension of extra fees or hidden costs.
Tips to get a gold loan quickly by selecting appropriate schemes such as: -
Bullet scheme- You can only pay the interest in this scheme either quarterly or monthly.
EMI scheme- The total amount of the gold loan is divided into equal EMI’s which you have to pay at regular intervals.
Flexi scheme- There are multiple options in this scheme for top up without any charges and part payment (innovated for businessmen, big traders and builders).
Upfront interest- In this scheme, you can pay interest right away at the starting of your loan period. The rest of the interest amount can be paid after the completion of the stipulated period.
Gold loans are very beneficial and require minimum documents such as passport, driving license, ration card or voter ID. There are no time-consuming formalities involved in this type of loan. The varied number of schemes can suit different income groups.
Sometimes, you might have extra cash at hand. In such cases, you can choose to pre-pay a small part of your loan amount right there. This will not only reduce the overall tenure of your loan but will also assist you to pay off your loan as soon as possible.
However, the minimum pre-payment sum cannot be less than the total of 3 EMIs. There is no maximum limit for pre-payment of the gold loan.
Features of Gold loans: -
Loan amount- Gold loans not less than INR 50,000 is available in urban areas, while in rural areas loans below INR 50,000 is also available.
Interest rates- Gold loan interest rates come with very competitive and low rates on EMI loans, Overdraft and Term Loan.
Collateral- Gold which is surrendered as collateral is guarded safely and securely in the bank’s locker.
Servicing- The servicing is efficient and quick as disbursement over the counter just takes about 45 minutes.
Complete Transparency- The charges and loan rates are communicated through writing with the quotation, so there is no tension of extra fees or hidden costs.
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