One has surely faced a situation where funds are needed in an emergency and there is a shortfall of cash. It is in such a situation that one remembers the family gold ornaments. This is not a situation anyone would want to be in but desperate needs call for desperate measures. There have been cases when many successful businessmen especially in the construction business have had to mortgage the family gold in order to tide over an emergency. In rural households, gold jewelry is available sometimes in plenty but there is a paucity of cash. The gold loan is a popular route for raising cash particularly for medical and other emergencies. Availing a gold loan is no longer taboo and is gaining popularity in middle-income families.
Gold loan is popular in India due to its diverse nature and traditional belief among Indians. We are the largest trader of gold worldwide.
A gold loan is a secured loan against the gold ornaments providing you a loan amount as per the market value of gold, providing an EMI option to repay the loan with interest for quick and easy fulfillment of your financial needs.
For an employed person, it becomes impossible to meet all the required luxuries of life, to meet some of the basic necessities that cannot be accomplished due to scarcity of funds and the recent price due to inflation. Most of people do not invest in gold loans thinking them as unsecured. This is a wrong assumption among that they are one of the most secure means of getting a loan.
Why go for a personal or business loan when you have the power of gold with you.
Many nationalized banks, private banks, and other financial companies offer this loan at attractive rates by taking gold as security. Many go for this short period to meet the requirements of their children's education, marriage, and other financial problems in family. Gold loan is a new and emerging concept in the banking industry in India.
It has the easiest procedures and requirements for the approval of a loan. You need to be above 18 years and should own gold to avail the loan. No income proof and credit history are required when applying for the loan. Being a secured loan provides lower Gold loan interest rates than other loans. It is also a short tenure loan and has multiple repay options available.
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