It is true to say that Gold is the most valued commodity among people in our country and always stays on top with its top value. However, many individuals are unaware how they can utilize their ornaments to meet their financial needs. Nowadays, numerous banks and NBFCs offer funds against your gold ornaments. So people in need can “APPLY FOR GOLD LOAN“ as it has lowest possible interest rates and easy loan processing.

On contrary, some people still believe that personal loans are easy option for covering any immediate cash needs in case of crises but gold loans are the best option to meet your immediate expenses as they are secured type of loans are disbursed in 1-2 hours with basic eligibility criteria.

There are number of reasons for a loan seeker to get a gold loan as they can avail various benefits over taking a loan against gold which we have mentioned in this blog post. Let’s take a look on those benefits:

✓ Quick processing: Being a secured loan, your gold is required as collateral by lender to acquire a gold loan. Every lending institution approves your loan amount depending upon the purity of your ornaments and market value of the yellow metal.

The secured loans are safer alternatives for credit intermediaries as in case of default, lender has the right to sell or auction your asset to recover their outstanding dues depending upon market value. Therefore, lenders usually sanction the gold loan in few hours.

✓ No need of credit score: Mostly the loans are passed to the borrower after determining their repayment capacity which is evaluated from their credit score. One wouldn’t have to bother about their credit report when it comes to “AVAIL GOLD LOAN“.

As borrower pledge his/her ornaments with specific lending institution so they don’t look at their credit rating which means they don’t need to disclose any pre-existing loans or other financial responsibilities.

✓ Safety of your gold: The gold you pledged as collateral with lender will be kept safe because it will be returned you in its actual form after completing the repayments. In case. You failed to make the repayments or miss the EMIs then lender has right to charge you late fee/penalty or can auction it to recover all their money with interest rate.

✓ “Pay interest only” option: It is the best ever thing offered by lender in gold loan where a borrower can opt a flexible repayment option where he/she just have to pay the interest only till the fixed tenure and at the end of repayment period he/she has to repay the whole principal amount.

Hence, your gold kept in lockers may not be worth much but can be utilized to cover your urgent financial needs. You can “APPLY FOR GOLD LOAN ONLINE“ or offline as it is regarded as secure investment because it can be availed at most attractive interest rate and repaid in flexible means to enjoy stress free loan journey.

Anyone who has sufficient gold can take a gold loan from ShubhBank to fulfill their urgent financial needs.