Need A Loan? Here’s How To Use Your Idle Gold-MoneyMindz

By | 27/12/2018

Need A Loan? Here’s How To Use Your Idle Gold-MoneyMindz

India’s First Free Online/On-call Financial Advisory Portal – MoneyMindz

      Gold loans have been gaining significance in recent days as it is the quickest way to get funds for personal or business requirements. Unlike personal loans and other secured loans, to avail a gold loan, you don’t require any income proof and it is disbursed in minimum possible time. You also get a lot of flexibility when it comes to repayment of gold loans. MoneyMindz, Financial Advisory Portal advices you with the required details of Gold Loan.

Gold loans have been gaining significance in recent days as it is the quickest way to get funds for personal or business requirements. Unlike personal loans and other secured loans, to avail a gold loan, you don’t require any income proof and it is disbursed in minimum possible time. You also get a lot of flexibility when it comes to repayment of gold loans. MoneyMindz, Financial Advisory Portal advices you with the required details of Gold Loan. 

Description of Gold Loan

Loan against Gold Ornaments, designed to provide liquidity against gold ornaments/coins which a customer pledges with the bank and customer do not require selling their gold ornaments. The loan amount can be utilized for personal / business & any other non-speculative purposes. It is a very quick and easy way of fulfilling one’s financial needs as compared to the other kinds of loans.

Benefits of Gold Loan

Instant loans available on the gold jewellery you own

Assured security of gold jewellery

Loan amount could be 60-80 percent of market value of gold depending upon terms and conditions of different financial institutions.Flexible interest rate according to time period and loan amount depending upon terms and conditions of different financial institutions.

You May Like This Also  What Should A Student Know About Finance Before Going Abroad? - MoneyMindz

Required documents for gold Loan

Identity Proof (Voters ID Card/Driving Licence etc)

An Address Proof (Telephone/electricity bill/Ration Card/Sales tax certificate)

Passport size photographs

Essential Dos and Don’ts while applying for a gold loan

Do’s

Compare rates and rules. Not all lenders offer the same product features. So pick a lender who offers you the best rate and features or you could end up paying more interest.

Check if the lender is credible. Since you are entrusting them with your gold, opt for reputed lenders. Do not take gold loans from lenders who have bad reviews.

Consider the extra cost because of processing and other charges, especially if you opt for flexible repayment options. They could end up costing more.

Don’ts

Don’t compare just the loan amount or the EMI cost. Look at the other charges and clauses too. Compare the total cost of the loans and pick the best gold loan.

Don’t forget to budget the gold loan EMI thoroughly. Do not default as you could lose your gold assets.

Don’t apply for a higher gold loan amount than required; you could lose the asset if you can’t repay the loan.

Most of the people who buy gold as an investment for future purposes. It is the most beneficial for people who need a loan for instance financing. When loans are available on gold, it becomes very easy for the borrower to apply for them as he doesn’t need to go for long procedures or verifications. There are many Features of Gold Loans that are available for the person to avail.

You May Like This Also  RBI Repo Rate Hike: Home Loans Will Become Costly | MoneyMindz

The best thing about gold loans is that they are easily available in the market. That is, all the banks and financial institutions give such loans to people. The provision of the loan is solely on the discretion of the banks. By taking gold loans, one can maintain liquidity in his finance, without selling off any asset or the gold itself. Gold works as a security for getting a required amount of finance from any bank. The most attractive part of these loans is that the loan is given for an amount which is more than 80% of the value.

Is there any risk as gold prices move up or down?

As you have probably seen in the media, gold prices are at an all time high (in nominal terms), and are expected to go higher. However, you face no risk if there is a price movement during the time your loan is outstanding.

As long as you pay your loan back on time, you will get your gold ornaments back, exactly in the same state and weight that you gave at the time you took a loan.

Typically, your gold is safe with the lender. Most of these lenders come under strict regulatory supervision from the RBI. Go with a lender that has been around for a while, not just any upstart lender.

Hope this article will be beneficial as it contains the necessary information about a gold loan. Kuber Mindz, Smart Financial Adviser guides you with the important financial assistance to avail the right gold loan plan.

For more information visit www.moneymindz.com or give a missed call to 022-62116588.

For More Information Visit:

India First Free Online/On-call Financial Advisory Portal, Best Free Financial Assistance Portal Corporate Fixed Deposit (CFP)- MoneyMindz

To Get Personal Finance Information From Certified Financial Planners:

 

 

Leave a Reply