Bid goodbye to your financial worries, apply for a Gold Loan. It is a kind of secured loan where you can pledge gold ornaments as collateral to fulfill your instant cash requirements with the banks or NBFCs. The lender against the jewelry will give you a loan amount based on the market value of the gold.
One can apply for a gold loan to meet any kind of financial requirements like medical expenses, business expenses, or any other financial needs anytime. It is one of the best and quickest financing options available at low-interest rates.
But when you apply for a gold loan online, there are some questions raised in your mind, here we discussed in detail gold loans in India.
- What kind of gold jewelry you can pledge?
It is one most important point to keep in mind when you are applying for gold loans in India. The better is the gold purity, the higher will be your gold loan amount eligibility. Please remember that bank never accepts bullions, gold bars, and coins.
- What is the Gold Loan eligibility?
To be eligible for a gold loan, you need to fall within the below-mentioned criteria:
- Nature of employment: Either a Salaried, Self-Employed Professional, Businessman, Farmer, or Trader.
- Age limit: To get a gold loan, your age limit should be in between 21 and 60 years.
- Documents required to apply for a gold loan in India
Valid KYC documents
- PAN card
- Aadhaar card
- Current Address Proof
- What is the best gold loan offer?
Low interest rate: The best gold loan offer always comes with the lowest interest rate and easy repayment options. These interest rates on loans against jewelry are very low compared with other quick financing options.
Low processing fees: Another benefit of getting the best gold loan offer is that it comes with a low-processing fee. Usually, the processing fees in the gold loan start from 0.1% to 4%. So, if someone takes a loan of 100,000, they will end up paying processing fees of 4,000 and get only 96,000.
Insurance cover for the borrower is another unique gold loan benefit. If the borrower meets with an untimely death, the insurance cover pays off the outstanding loan amount. Also, the pledged gold is handed over to the borrower’s family.
Flexible Repayment Options
The best gold loan offer always comes with flexible repayment options. Borrowers are allowed to settle the repayment of gold loans taken through easy EMIs, which cover both interest and principal obligations.
The loan to value (LTV) ratio determines how much loan you can get as a percentage of the total value of your gold. The best gold loan always comes up with a high loan to value ratio. It offers loans of up to 75% of the value of the gold pledged as collateral. It is among the highest loan-to-value ratios in the industry.
Ease of Documentation
The loans against ornaments involve minimal documentation. One can get a gold loan with basic documentation such as identity proof, address proof, and photographs. This is a unique benefit of loans against high carat gold.
Apply gold loan online with IndiaLends. We offer you the lowest interest rate offer starting from 0.89%*. We assure you to get the fastest access to cash.
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