Traditionally in India, gold has been a trusted source of investment. Indians love for gold can be seen in the fact that Indian households hold a good amount of gold. From the time of ancient civilizations to the modern era, gold has occupied the minds of people from all parts of the world as an interest, including India. This is because gold is considered a safe investment that can be of help during crisis. As a result, gold carries sentimental value to many Indians. India’s Best Free Online Gold Loan Financial Advisory observes that gold gets passed down through generations as an investment tool. Since it is used during times of financial crisis you can use it when you face a cash crunch or immediate need of money.
During times of need, if you have gold, you can take a loan against gold/Gold Loan. Gold comes in many forms like Gold Bars, Gold Coins, Gold Rounds, Gold Exchange Traded Funds, etc. But the most popular one is Golden Jewellery.
What is Gold Loan?
Gold Loan is a loan given against gold. Nationalized banks, private banks and other financial companies give loans against gold. Rather than keeping gold idle at home, India’s Best Free On-call Gold Loan Financial Advisory, says that you can get a loan against the gold you have at home. This loan can be used for all purposes such as children’s education, marriage and other financial problems.
You should, however, be confident about clearing the loan on time that you take against the gold you are pledging to them. Otherwise the lender can take your gold as repayment and you will have to let go of your gold. Loans against gold works well as far as you aren’t emotionally linked to it.
Features of Gold Loans
- Tenure up to 48 months
The tenure of Loan against Gold ranges up to a time period of 48 months (4 years).
- Safety of customers’ gold
Lenders often keep high security of the gold given as collateral by the borrowers.
- Loan sanction is quick
Gold loans are sanctioned quickly so that you can take care of your financial needs at the earliest.
Merits of Gold Loans
- Credit score isn’t obligatory for Gold loan
If you have no credit history or have a low credit history, you need not worry about loan refusal.
- Low interest rates
Generally, gold loans are provided at low interest rates compared to Personal loans. But check with your lender.
For more information visit www.moneymindz.com or give a missed call to 022-62116588