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What are the benefits of gold loan in India?

When you are in a dire situation and you need cash then you can use your gold jewellery to fund the emergency cash requirement<br>

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What are the benefits of gold loan in India?

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  1. Benefits of Gold Loan in India Indian’s love for gold in known to the world. We are the biggest importers of gold in the world. Gold is not only the store of value but has also seen good amount of capital appreciation over the decade. Every Indian likes to purchase gold ornament and coins at the time of Diwali or any moment he feels himself financially strong. But did you know that you can use this gold to fund your emergency cash requirements such as medical emergency, child education, business expansion or family holiday. When you are in a dire situation and you need cash then you can use your gold jewelry to fund the emergency cash requirement. There are many banks and non-banking financial companies (NBFCs) who offer gold loans. These loans are one of the quickest and hassle- free ways of getting instant cash. Loan against Gold Ornaments has been designed to provide liquidity against gold ornaments/coins which a customer pledges with the bank or NBFC and that way the customer is not required to sell his gold ornaments at the time of emergency. Following are the plethora of benefits that gold loan offers. Instant loans available on the gold jewellery you own. Lending against gold is safe as the NBFCs or banks can sell the gold in case ones default. The processing time for such loan against gold is lesser and you can expect to get the cash within a few minutes or hours. Assured security of your gold jewellery. The onus of the security of the gold lies with the lender. It will remain safe in its vault. One just has to repay the loan amount with the interest and then they can take the gold back. High Loan To Value (LTV) is a benefit of loan against gold. Loan amount could be 60- 80 percent of market value of gold. Since loan against gold is a secured loan hence, the rate of interest is much lower compared to unsecured loans such as personal loan. The interest rates generally range between 12% – 14% in case of Gold Loan wherein it increases to 19%-21% for the personal loans.

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