TOP 3 ADVANTAGES OF TAKING A GOLD LOAN
GOLD LOANS
Almost every Indian household owns gold in the form of jewellery. Taking a gold loan from an NBFC can be a good way to raise cash, whether it is for a sudden business purchase or a medical emergency. NBFCs have a faster loan approval and disbursal process in comparison to banks and offer gold loans to people from all walks of life, whether they are salaried professionals, businesspersons, farmers, or homemakers.
There are many benefits of taking a gold loan. Some of them have been discussed in the following slides.
FASTER PROCESSING
As this type of loan is backed by a precious metal, i.e. gold, most financial institutions are more than happy to offer them. Lending against gold is safe for NBFCs as they use it as collateral. The processing time involved in such loans is less and they can be disbursed within a couple of hours.
Most lenders do not ask for income proof for gold loans. This is because such funds are secured against the gold. Therefore, people who are in-between jobs or businesses can take a gold loan without facing any hassles.
NO-INCOME PROOF
REQUIRED
CREDIT HISTORY ISN’T A PREREQUISITE
Whenever a borrower takes any other type of loan, the amount is disbursed as per their repayment capability and credit history. In case their credit scores are low, then the lender may even choose not to accept the loan application. But when it comes to gold loans, this is not the case. Even people with no credit history can take gold loans, as the lenders are not worried about the principal component when gold is used as collateral.
APPLYING FOR GOLD LOANS
If you are looking for the best gold loan company in India, then it is recommended to compare the interest rates, EMI plans and repayment options of top-rated banks and NBFCs to make a smart financial decision.
