If you are looking for a simplified and ideal way to raise funds, apply for a gold loan!
A secured loan known as a “gold loan” is obtained from a lender by offering gold items as collateral. Gold loans can be utilized to address a variety of financial demands. The loan amount is calculated based on the quantity and purity of gold. There are situations when we have to borrow money urgently to fulfil pressing needs. In such cases, the option of cashing in on instant liquidity in the form of gold assets is a boon. If you have sufficient gold assets at your disposal, you can always use them as collateral and avail a gold loan.
Things to know before applying for Gold Loan:-
- If you fail to pay your dues by the due date, then the bank reserves the right to sell your gold items to retrieve the loan amount.
- A gold loan is available for tenures starting from 3 months up to 24 months.
- Your loan amount cannot exceed 75% of the value of your gold.
- Loan Repayment
Eligibility:-
- No credit score required
- Should be resident of India
- Minimal documents without providing your Income proof
Features & Benefits of Gold Loan:-
- Online Process
- Secured Loan
- Attractive Interest Rate
- Complete safety of your jewellery
- Gold loans can be used for personal or business purposes, not specifically to buy a home.
Documents Required For Gold Loan:-
- Passport size photo
- Identity proof
- Address proof
- Form 16
