Gold is one of the most valuable assets that every Indian possesses. It is attached to the potential for capital appreciation in the future, due to which people consider it a safer investment option. These days, you can utilize your accumulated gold to fulfil emergency cash requirements. Many banking and non-banking financial institutions offer gold loans at affordable interest rates against gold jewellery, items, or coins as collateral. You can apply for a gold loan online on your preferred lending platform against the gold kept unutilized in your bank locker.
If you are contemplating getting gold loans from NBFCs, then here are their top benefits that will help you make the decision:
Quick Processing
NBFCs have a quick processing time for disbursing gold loans. As physical gold is the collateral served at the time of loan application, the verification process does not take much time. Besides this, the key loan application processes have been digitized, which has further eased the processing time. You can apply for a gold loan online, upload documents, and check the application progress in just a few clicks on your smartphone.
Affordable Loan Interest Rates
Gold loans have cheaper interest rates as compared to personal loans. So, people prefer to opt for a gold loan to save some money on the interest charged on the entire amount. NBFCs offer competitive interest rates along with a bunch of other facilities that lure in a huge number of customers.
Balance Transfer Facility
NBFCs offer gold loan balance transfer facilities to their customers. This means if you get better facilities, customer service, and interest rates, then you can transfer your existing balance from one lender to another.
Lenient Eligibility Criteria
Anyone can avail of a gold loan if they fall in the eligible age bracket and own gold with a proper receipt. There are no income-proof criteria that need to be fulfilled if you are taking a gold loan from an NBFC. This allows people from different walks of life to take a gold loan and fund their emergency requirements.
Minimum or No Foreclosure Charges
Depending upon the NBFC that you choose, there are minimum or no pre-closure charges on gold loans. This allows you to repay the whole amount at once and get closed status from the NBFC on your gold loan.
Security of Physical Gold
NBFCs make sure that the physical gold kept as collateral is in a safe place. So, you do not need to worry about your gold’s security. When you have successfully repaid the entire loan amount, including principal and interest, you will get the gold that was kept as collateral.
Minimum Extra Charges
Some of the NBFCs do not take any gold valuation charges. So, if you do your research right, you can completely skip this charge at the time of loan disbursal.
A gold loan is one of the most preferred ways to get instant funds without any hassle. Less paperwork and lenient eligibility criteria make the process simple and quick.
https://rupeek.com/blog/things-to-know-about-gold-loan-renewal/If you have repaid your loan amount in full along with the interest, you can take out another gold loan with the same lender, pledging the same gold assets.
Udaipur is a city in Rajasthan.
Surrounded by many lakes, the city is also known as the city of lakes.
Apply for a personal loan in Udaipur from many banks and NBFCs.
Benefits are instant approval, high eligibility, and balance transfer.
Gold Loan - Apply for Instant loan against gold jewelry with 1%* Interest Rate & MinimumDocumentation!https://www.manappuram.com/gold-loan.html
