KnowtheprosandconsofaGoldLoan
Optingforagoldloanhasnumerousadvantagesandreliefduringfinancialchallenges.
Letuslookintotheadvantagesanddisadvantagesofthegoldloan
Goldloanadvantages:
1. Aninstantloanagainstjewellerywithminimumdocumentation:
You can avail of a gold loan with minimum documentation like a PAN card and Government approved ID. ONE Muthoot, one of the leadingNBFCsinIndia,offersunparalleledconvenience ofgoldloansfromthecomfortofyourhome.Clickheretobookanappointment.
2 Quickapprovalanddisbursalofgoldloans:
ONE Muthoot offers gold loans within 30 minutes* from the comfort of your home. Once you book an appointment with us, one of our loan managers will visit you to walk you through the entire process. After gold evaluation and approval, theloanamountwillbequicklytransferredto youraccountwitha0%processingfeeandnohiddencharges.
3. Thelowestinterestrate:
Gold loan interest rate is the lowest compared to other types of loans ONE Muthoot provides best-in-industry interest rates as low as995%*perannumwithoutforeclosurepenaltyandwedo notchargeforourgoldevaluationandcollectionservices
4. NoCIBILScoreisneeded:
Gold loans are secured loans as it is issued against the gold pledged as collateral. Your salary certificateorcreditscoreisnotmandatoryforONEMuthootgoldloan.
5. Flexiblerepaymentoptions:
ONE Muthoot offers different repayment models like partial payment, upfront interest, interest plus components of the principal, or bullet payment. Access the ONE Muthoot online gold loan calculator to learn more about customized loan schemes. With our easy and flexible repayment options,youcanrepayyourloansbeforethetenureperiod.
6. MaximumLoan-to-Valueofthegold:
Since it is a secured loan, you can monetize the best value for your gold in the market with no hidden charges. We offer the maximum rateforthepledgedgoldonverificationofthepurityand thecurrentmarketpriceofgold
7 Securedandinsuredalways:
The collateral gold will be stored at a Muthoot FinCorp branch nearby, secured and always insured foranaddedlayerofsecurity Youcanaccessyourgoldanytime,atyourdoorsteporfrom ourbranch
8 Norestrictionsontheenduseofcash:
Unlike auto or home loans, the end use of the gold loan amount is not limited to a specific purpose
9 Taxexemptionongoldloan:
You can avail tax benefits on gold loans based on theutilizationoftheloanamount Fundsspent on home improvement, residential property purchase or construction, asset purchase, or utilized for business purposes are eligible for tax benefits, subject to the provisions put forth under the IncomeTaxAct,1961
Agoldloancanbeawiseinvestmentifyouconsiderafewthings
Limitedloanamount:
The gold loan amount is limited to the purity and weight of the collateral ornaments. Lenders do not consider the value of any precious stones attached to the ornaments The loan to Value ratio (LTV) determines the loan amount Banks andNBFCsareallowedtoadvanceamaximumof75%ofthemarket valueofgold,whichmeanstheborroweralwaysreceiveslessthanthemarketvalueofgold. Bankswillacceptonlygoldornamentsascollateral,notanyotherformofgold.
Maylosegoldifdefaulted:
If the loan amountisnotrepaidintime,thelenderwillsendremindersandchargepenalties.Thelenderis entitled to auction the goldandcoverthetotaloutstandingiftherepaymentisnotmadedespitefollow-up reminders Non-paymentcouldresultinanegativeinfluenceonyourcredithistory
HowdoesONEMuthootgoldloanfromhomecanbebeneficialtoyou?
When you opt for ONE Muthoot’s gold loan from home, you can access your gold anytime, at your doorstep or from our branch With our easy and flexible repayment options, you can repay your loans before the tenure period Explore the customized schemes using ONE Muthoot online gold loan calculator.
You should always choose a reputed organization likeONE Muthootfor goldloansandenjoyquickloan disbursal and the best-in-industry interest rates. Theflexiblerepaymentoptionswillhelpyoutosettlethe loanatyourconvenienceandhelpresolveyourfinancialchallenges.
Headtoourwebsitewwwonemuthootcomtobookanappointmentnow *T&Capplies
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