Just like banks give different types of loans to people. Such as home loan, business loan, car loan, mobile loan, personal loan, educational loan etc. Similarly, gold loan is also a type of loan which are given by any bank or financial companies.
Nowadays gold loan advertisements in TV, mobile advertisements continue to run throughout the day, in which people are attracted towards this loan by showing offers related to gold loan. The process of gold loan is increasing rapidly in India.
Most people living in the country definitely have some gold. Because people living in India think more about saving than investment, due to which people keep investing some part of their savings in different schemes like savings schemes, fixed deposits etc. Whereas in risky activities such as share market, people investing in mutual funds are very less.
Some of the banks which provides the Gold Loans are
What is Gold Loan ?
Gold loan is a type of loan like other loan. Where you can take money by pledging with your gold, bank or financial companies and later you can withdraw your gold by paying that money.
If you have a money problem and want to take any type of loan in a hurry, then gold loan can be a good option for you. Because you do not face much problem in taking a gold loan and you can get it easily.
By the way, you can get money by selling gold, but if you have a gold family which you want to keep as an identity then In such a situation, you can think about gold loan. You can withdraw your gold at any time by depositing the money received through gold loan.
This will also do your work and the gold will also be returned.
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What are some important benefits of gold loan ?
- You get a gold loan much quicker than other loans. Some gold loan companies claim to give loans within minutes.
- You do not even need to submit a lot of documents to get a gold loan.
- Gold loan interest rate is also much lower than a personal loan.
- Your CIBIL score does not matter for taking a gold loan, even if your CIBIL score is bad, you can take a gold loan.
- You can spend the amount received through gold loan like a personal loan.
- To get a gold loan, you do not need these less prudent times that you do job or business, you can get a loan. All you need is gold.
- The processing fee of gold loan is very low as compared to other loans and in some cases it is also zero. While personal loans, home loans and auto loans have higher processing fees.
- If you repay the money before the gold loan, then you do not have to pay any extra fee.
- But if you want to repay the personal loan before the fixed time, then you still have to repay up to 4% of the bank balance, whereas in gold loan it does not happen.
- After taking a gold loan, your gold loan companies remain safe. Your gold is kept in a safe vault where it is under security watch for 24 X 7 time. Gold loan companies also insure gold so that it can be repaid in case of robbery or theft. So there is no need to worry about the gold kept with the bank or any gold loan companies. It is much safer than your home.
- You do not need to provide income proof when taking a gold loan. But if you take a home loan, car or two wheeler loan from the bank, then you have to show income proof only then you will be able to take the loan.
- Gold loan helps in meeting your money needs. Whether you want to take a loan to start a business, or want to get married at home, or to meet medical needs in an emergency, you can take the help of gold loan. In today’s time, gold prices are also skyrocketing.
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- In fact, due to the transition of Covid-19, many people are getting unemployed in this era of tremendous economic crisis, due to which people have a lot of cash. Taking gold loan is becoming the biggest support for middle class people.
- Whenever it is thought about taking a gold loan, then it comes to light that from where we take the gold loan so that we get maximum benefit, it is also taken care that our gold is more secure. In such a situation, where should we get the most beneficial gold loan for ourselves, for this, what things are important to take care of.
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What are the things that you should keep in mind while making a gold loan ?
- While taking Gold Loan, you should take your gold only to the nearest Gold Loan reliable branch. First, you will check your gold, check its purity and if there is a different stone in the jewelry. He will decide whether to add it or not. After this, they will weigh him.
- Banks or financial companies that give gold loans, after looking at your gold, will tell you exactly what percentage of the loan you can get on gold. You should already know how much government rate is going on in the present time.
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- There is a bit of paperwork in taking a gold loan so that later you can take your gold back by showing your information. At the time of taking a gold loan, you must take your passport size photo, identity card, Aadhaar card or passport. Gold loan cannot be granted without ID proof.
- At the time of gold loan, you should choose a scheme in which you can first give service interest. Let’s understand with an example – if you have to take a 6-month gold loan and you think you can get a bonus by October. In such a situation, pay interest till October and immediately release it when you have the amount to withdraw your gold.
- Before taking a gold loan from any bank or financial company, you should inquire in many places, do not be in any hurry. If possible, get information from Internet also. Home in Gold Loan.
- Interest has to be paid less than a loan or auto loan, due to which many people deposit their gold in the wrong place. Gold loan proves to be very helpful in case of emergency.
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