Nowadays it’s common for people to take out loans for number of reasons such as for personal expenses, to buy a home or funding a business etc. There are number of loans offered to borrowers to fulfill their different requirements. Loans against gold have become increasingly popular these days as they can be availed without fixed purpose, thus serving multiple needs. The advantages included in gold loan are affordability, convenience and fast approval. “Apply For Gold Loan“ as it is a right fit for your financial emergencies.
Knowing the numerous benefits of gold loans can help you what you should look for while choosing a lender. Analyzing each and every benefit offered by different lenders can help you to get most value for your gold in every way. Some of the benefits of gold loan are listed below:
Secured Loan: A loan against gold is secured loan which borrower can secure by pledging any collateral to the lender. By providing an asset to lender ensures him no risk of loss beforehand. It will assure the lender to offer the loan to borrower without any hesitation and your loan application get immediately approved which is a tough task in unsecured types of loans.
High LTV ratio: It is important to know that the LTV of unsecured loans is based upon the credit history of borrower where as Gold Loan have fixed value and proves to be better option in term of LTV as gold itself is a highly valued commodity in the market. It is the significant reason why the LTV ratio of gold loan is huge which ensures the borrower to get the best value of their asset.
Quick loan transfer: Getting a gold loan gives you the power if accessing the funds faster. It is one of the key advantages of gold loan that it’s handy in times of emergency like medical or business needs. In case of urgency, a lot can be at stake for a person who can’t wait for the loan disbursal. However, a gold loan can be disbursed in a matter of few minutes after loan approval.
Convenient option: India is the country where the consumption of gold is much higher than any other country which makes gold an accessible asset in homes. People here use to store the gold at home or in lockers at banks. Taking all such things into consideration, a loan against gold becomes more convenient option as compare to other secured types of loans.
Enhance the credit: There is always a simple set of eligibility criteria over gold loan but it acts as a credit enhancer in innumerable ways. Since the repayment is flexible and this works to build up your score to secure other loans in the future either you “Apply For Gold Loan Online“ or offline.
ShubhBank offers all these great benefits along with flexible repayment, lowest interest rates, simpler documentation and many more. To know more, click at our website ShubhBank.com to make your gold loan experience the best.