Gold Loan Benefits: Many times such occasions come in life when our savings get over and we suddenly need money. In such a situation, many times there is a need to take a loan from outside. At such times, you have the option of taking a loan against property, house or gold from a bank or a private finance company. Nowadays there are many online platforms and private companies too which provide quick loans with fewer documents. If needed, you can easily get a gold loan by keeping gold at home.
There was a time when there was a sudden need for money, people used to sell gold to meet their money needs, but now banks give gold loans easily in exchange for gold. We all know that gold is pledged as a guarantee in a bank gold loan. There is less hassle in getting this type of loan. Banks like Union Bank, HDFC Bank, Uco Bank, Kotak Mahindra Bank and SBI provide a gold loan with 7% to 9% interest rates.
Why it is beneficial to take gold in case of an Emergency Fund.
The entire process of applying and getting a Gold loan is very easy, short and the loan gets approved quickly. You can get a loan of up to 75% of your actual gold value in the market. Here are some benefits:
Loan gets approved quickly:
Most banks give collateral loans easily to their customers. In such a situation, it is very easy to take a gold loan. You can easily get this loan by giving only gold. You can get a loan of up to 75% of the value of your gold without any hassle. The special thing about this loan is that you do not need income proof to get it.
Lower Interest rate:
Gold loan is considered a secured loan, due to which banks charge a lower interest rate on this loan. Banks charge an interest rate of 15 to 30 percent on most risky loans such as personal loans, business loans, corporate loans, etc. On the other hand, the bank usually charges an interest rate of 7 to 10 percent on the gold loan. Banks like Union Bank, HDFC Bank, Uco Bank, Kotak Mahindra Bank and SBI provide gold loan with 7% to 9% interest rates.
Higher loan value:
Many times when people suddenly need money, then the biggest problem they face is that they are not able to get as many loans as they need. Customers usually get a higher loan value on gold loans. Gold loan is such a loan in which investors can easily get up to 75 percent of the value of the deposited gold, which is very high in comparison to other loans. Along with this, you get easy repayment options on this loan. In this way, you can choose the repayment option of these loans according to your need.