Nowadays, your gold ornaments are not just a priced possession or investment but also equip you with the potential of borrowing the money. In this article, we will guide you how to use your gold jewelry for instant funding.
Every Indian has a soft corner for gold and our country is one of the largest importers of gold across the globe. It provides you with certain sense of financial security at times of financial crunch where you can sell your gold to meet the obligations. However, selling your gold is not an option these days when you can “Apply For Gold Loan“ instead of selling it. Let’s have a look how you can borrow money with the help o your gold ornaments.
Gold Loan: This loan allows you to borrow cash by pledging your gold with specific lender. In other words, you have to keep your assets with the lender to borrow funds against it. You have to repay the borrowed amount within fixed tenure to get your ornaments back. However, you can’t process loan of the entire value of the gold you going to pledge. You will be provided with some fixed percentage of the market value of pledged gold. A loan against gold makes much sense in a financial emergency.
A gold loan is a short term loan with tenure of 12 months to 3 years. The loan amount is offered per gram of gold to provide enhanced convenience to the customer. Every lender has his/her lending limits and rate of interest per annum for the gold loan. Thus, compare all the lenders to pick up the best one.
Unlike other types of secured loan, a gold loan has minimum eligibility criteria. One needs to be 21 years or above in age and should be the genuine owner of gold jewelry. The lender will not consider your profession, credit history, income etc. with such loan as you are keeping your prized metal as collateral against the loan money. In case of default, the lender has complete right to auction of your gold to recover the outstanding dues.
Apply for Gold Loan: A loan against gold is secured type of loan, so loan processing and approval is quick. In fact, you can “Apply For Gold Loan Online“ to get the money disbursed in your account within a single day. You just need to select the right lender who offers you maximum loan value at attractive interest rate. After fulfilling the eligibility criteria, you can fill out the loan application and apply for a loan. Most of the lenders accept ornaments with purity of 99.99% for authenticity.
In life, there are several events where you require quick funds that might not readily available to you in the times of business loss or medical emergencies. Therefore, if you have gold jewelry, a gold loan can be better way out. ShubhBank gives you the instant access to the required funds to meet your emergencies with competitive rate of interest, fast approval, best customer services and minimal documentation.