top of page
  • Writer's pictureDialabank

CASH CRUNCH DURING COVID 19? WHY GOLD LOAN IS A GOOD OPTION?

Updated: Jul 31, 2020




COVID 19, the global pandemic which has caused a lot of disruptions since the year has started. With the economy taking a huge hit due to the nationwide lockdown, a lot of lives have been affected. Three months into this pandemic and thousands of people lost their jobs, businesses slowed down and the global economy entered into the phase of recession


The purchasing power of people has gone down and the prices of necessity and medical expenses are touching the sky. The sources of income are few and the needs are increasing every day. This was not news for people that they might need cash on an urgent basis. A huge part of the population is still facing a financial crisis. In this scenario where people cannot move out of their house and need money, the banks and NBFCs (Non-Banking Financial Companies) have come up with the option of applying for a loan online.


Among all, a gold loan is the only form of loan where the applicant does not have to bear the load of hefty paperwork and documentation. Many people have gold at their home, kept idle just like an unproductive asset. They can use it as a medium to solve their financial issues. They can use the gold article as collateral and get a loan against it.

The applicants need to attach KYC documents with the signed application and apply for the loan through the banks or NBFCs website. The bank or NBFC will evaluate the gold article and the documents. The gold loan amount to be sanctioned will be 75% of the current market value of the gold and the price of gold is leaping now and then, so the lenders are also more inclined towards providing the gold loan.


The best part is that even if the applicant’s credit score has been adversely affected during COVID 19, he/she does not need to worry as the institution does not consider the credit history of the applicant while processing the loan.


HDFC gold loan policy processes the application and grants the gold loan within 45 minutes with a gold loan interest rate starting from 9.90% and flexible repayment options.


Good times or bad, gold loans are always a good option if a person wants a loan policy that is flexible and within their capacity.





7 views0 comments

Comments


  • Twitter
  • Black Facebook Icon
bottom of page