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Here’s All You Need to Know About a Gold Loan

In India, people have always valued and treasured gold. Not only is gold considered auspicious, but also a good investment option because of the monetary value it offers on liquidation.

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Here’s All You Need to Know About a Gold Loan

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  1. Here’s All You Need to Know About a Gold Loan

  2. Gold Loan In India, people have always valued and treasured gold. Not only is gold considered auspicious, but also a good investment option because of the monetary value it offers on liquidation. Gold loans have given people a good and safe option to get liquid cash as in many households selling off gold ornaments to get cash is considered inauspicious and as such is totally forbidden. The following slides elaborate on all aspects of the gold loan process.

  3. When to Apply for a Gold Loan Nowadays, many banks and financial institutions offer gold loans and this facility has made it very convenient to get liquid cash whenever there is an urgent requirement. Since in this form of a loan the gold ornaments are pledged as collateral, people should opt for it only when they know that they can return the money on time and take back the ornaments. Usually, people opt for gold loans when there is any financial or medical emergency as the process is quite simple and takes very less time.

  4. The Documentation Gold loan processis considered fairly simple as it does not involve the submission of too many documents. The banks and financial institutions offering gold loans only ask for the applicant’s ID proof, address proof, and income proof. Also, there is a simple loan application that needs to be filled out and two passport-sized photos affixed. Basis these documents and the gold’s value, the bank or financial institution offers the gold loan.

  5. Interest Rate and Foreclosure With gold loans, the best thing is that the rate of interest on these is quite low as the gold itself is pledged as collateral, making it a secured loan. Since there is absolutely no or minimal foreclosure charge on gold loans, borrowers can always repay the whole amount and take back the ornaments. On not being able to repay the borrowed amount, the bank or financial institution has the right to auction the ornaments after notifying the borrower.

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