Gold loan is becoming a word of every mouth nowadays. People have realized the potential of yellow metal and turning more towards depositing gold with lenders. There are various kinds of loan that are available in the market for borrowers. The most popular among them are home/property loans, car loans, education loans, personal loans and many more. So along with these loan products, a loan against your asset like gold loan can also be availed from a bank. Most of the Indians love their gold jewelry and take pride in the fact that it is seeing a good amount of capital appreciation over the years. The process of pledging gold is available from ancient times but today this process has become transparent and formal with an entry of organized lending portal. The gold loan was high-cost affair decade’s back but now the lenders in the market offer the loan at 15-24% per annum. It offers you instant cash for a down payment on a car purchase, a family holiday or can bail you out in a cash crunch. The gold loan market is expanding as it has more convincing benefits than other loan products which are discussed below:

• Quick processing: When you pledge your gold, the lender evaluates it, credit the loan amount into your account and secure your gold until you repay it. The appraisal of the gold is done by an expert on the spot and the quantum is disbursed within few hours, cutting down the processing time and even sometimes eliminates processing fees too.

• Only basic details are required: Unlike for other loan products, the credit history is not asked for gold loan. You just need to provide your basic details along with the gold jewelry. Being a secured loan, as you have pledged your gold as a collateral, lender is not too worried about recovering the principal.

• Lower rate of interest: NBFCs and banks charge a lower rate of interest as compare to other loan products, as your gold is in their hands as collateral. The interest rates are as low as 8% while other loans come with starting range of 12%.

• Gold safety: Once you will repay the loan you will get your gold back and till that time your gold will remain in a secured bank vault throughout the time.

• Flexible repayment convenience: As per convenience, the borrower has flexible repayment options and loan can be repaid in many ways. You can opt for paying the interest monthly and the principal amount can be paid at the closing time of loan. You can also pay the loan as fast as possible.

• High loan to value ratio: The important question that always runs on the mind of borrower is that how much of the asset value can be financed. So in case of gold loan, lenders consider 75%-80% of the gold value as the loan.

Get in touch with verified loan experts through ShubhBank.com for “Quick and Hassle Free Gold Loan” and fulfill your needs.