Weddings in India are huge and are meant to be auspicious. Gold jewelry is significant in Indian weddings. Without gold Indian weddings are like coffee without coffee beans. Over the centuries gold has become the most integral and inevitable part of Indian marriages. Planning for gold investment for your children’s marriage well in advance can be a very effective strategy since it will save valuable time and money during the marriage in the future. Given that gold prices always tend to grow, accumulation of gold for your children’s marriage will stand you in a good position.
Gold is something that does not only work as jewelry but also helps you in times of financial crisis. At the time of the wedding, there is a possibility that you get short of cash and you need money urgently. Here comes the gold into play. Gold not only enhances beauty but also works as security in times of need. Now, this urgency of money will not lead to any other kind of loan as they take a lot of time to get sanctioned and money to disburse
A gold loan is a secured loan where the borrower pledges his gold as collateral with *lending institutions (banks/NBFCs). This is the quickest and easiest loan available in the market. You do not need a good credit score or income proof when it comes to gold loans. The borrower is supposed to have gold ornaments (jewelry/coins/biscuits) and you can avail the gold loan anytime you want. The only eligibility here is that the borrower should be above the age of 18 years and below 75 years. It requires minimum documentation and takes half an hour to 24 hours to get your money disbursed, as quickly as it can get. Since it is a secured loan so the gold loan rate interest is also low. The tenure of gold loan ranges from 3 months to 3 years. The lending institutions do not have restricted areas where you can spend the cash generated from the gold loan. You can use it anywhere you want.
Hence, a loan against gold is a good option to opt for during the financial crisis at a wedding.
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