Financial emergencies can throw you off guard, especially amidst an economic downturn. Consecutive salary cuts and layoffs also make it difficult for many to save significantly for a contingency fund. The go-to option under these circumstances can be pledging your gold jewelry to avail of instant cash loans online. Individuals can meet almost any requirement with a gold loan, given its flexible usability.
What are the Benefits of an Instant Gold Loan?
Here is a list of the top 6 ways in which you can utilize a gold-backed loan:
- Financing medical emergencies
- Meeting home remodeling expenses
- Funding education
- Purchasing appliances and gadgets
- Setting up or expanding a business
- Covering wedding expenses
Here’s a detailed description of each of the above-mentioned advantages of an instant gold loan:
- Financing medical emergencies
Medical requirements are heavy on the pockets and can arise unannounced. The affordability and instant availability of gold-backed loans make them ideal for such emergencies. Borrowers can utilize the acquired funds to finance diagnosis, doctor consultation, hospitalization, and treatments right away.
- Meeting home remodeling expenses
Whether you want to upgrade the kitchen or repaint the interiors, a gold loan can help you start the process without further delay. Individuals can assess the extent of modifications required along with associated costs. Thereafter, they can borrow a suitable amount to give their home a new look.
- Funding education
Individuals can also use funds raised against their gold ornaments to finance higher studies. Although there are multiple financial products specially curated for students, they come with extensive requirements.
Individuals can only avail a student loan for specific courses under selected institutions. Additionally, they need to submit their confirmed admission letter and proof of educational qualifications to avail a student loan.
On the other hand, gold loan providers do not mandate any such requirements. Individuals can get access to funds conveniently to finance expenses, such as admission costs, tuition fees, accommodation charges, and more.
- Purchasing appliances and gadgets
If you are willing to buy a new appliance, like a refrigerator, air-conditioner, or laptop, do not let your finances hold you back. Availing a loan against gold ornaments can help you avail a substantial amount to upgrade your desired gadget.
- Setting up or expanding a business
A common hurdle for new and small businesses is acquiring substantial funds to establish a strong foundation for their enterprises. This is because most financial institutions stress business vintage and turnover to assess such borrowers’ credibility.
Since start-ups and MSMEs lack both, they often fail to avail such financial aids. A gold-backed loan can come across as an excellent solution for entrepreneurs, given its relaxed eligibility requirements.
- Covering wedding expenses
Indian weddings are traditionally known to be grand events involving lavish expenditure. However, individuals can avoid exhausting their lifelong savings to meet such expenses by opting for gold-backed funding instead. With a high loan value, this form of credit can help you fund catering services, decorations, guest lodging, and other associated requirements.
Besides flexible usage, a gold loan comes with a number of other advantageous features that make it a multipurpose financing option.
Moreover, digital lending platforms like Rupeek Fintech have made this financial product even more accessible with easy-to-meet eligibility criteria.
Who Is Eligible to Get Instant Loans against Gold Jewelry?
As already mentioned, gold-backed loans come with relaxed eligibility parameters, making them a suitable funding option for most loan-seekers. This is because the high value of collaterals brings down the lender’s risk. Accordingly, financial institutions are less stringent regarding an applicant’s financial background.
The primary requirements to qualify for this financial product are as follows:
- Age: Applicants must be aged above 18 years.
- Collateral: Individuals must possess an adequate amount of gold to get access to the required amount of funds. Note that eligible gold items include jewelry items only. Individuals cannot avail funds by pledging gold bars and coins.
Such flexible requirements make gold loans ideal for individuals seeking instant cash loans with no credit check in India. As a result, even applicants with a poor credit history can qualify for such funds by simply meeting the above parameters.
Besides, gold loan providers also demand minimal paperwork. Applicants only need to submit KYC documents to substantiate their eligibility claims. A brief documentation process also means faster loan approval and disbursal, making these loans ideal for emergency requirements. Therefore, individuals looking for an instant loan without documents can resort to this funding model.
In addition to the above advantages, a Rupeek gold loan comes with a wide range of additional benefits.
What Are the Added Advantages of a Loan against Gold?
Here is a list of notable benefits borrowers can make the most of by availing a gold loan from Rupeek. Have a look.
- Substantial loan amount
A high loan-to-value (LTV) ratio allows borrowers to avail up to 80% of their collaterals’ value as a loan from Rupeek. Borrowers can get access to a maximum of Rs.1.5 crore, which is sufficient to fund most financial requirements. You can also use our online gold loan calculator to determine the maximum loan amount you can get by pledging your gold jewelry.
- Convenient repayment options
A flexible repayment structure makes our gold loan services suitable for individuals of varying financial backgrounds. Besides the conventional EMI mode, borrowers can choose to repay any amount at any time within the tenure, according to their convenience. This also includes a one-time bullet payment facility.
- Compact loan tenure
Gold-backed loans are highly suitable for individuals seeking short-term funding owing to a brief repayment tenor. Borrowers can opt for a repayment window of up to 6 months, which they extend to a maximum of 12 months. A short loan term also reduces the total interest outgo. This, in turn, brings down the borrowing cost, making gold loans an affordable funding option.
- Low-interest rate
Rupeek offers gold-backed loans at competitive interest rates starting at 0.49% per month. Individuals can choose a scheme that is in line with their financial standing and requirement.
- Zero prepayment and foreclosure charges
Various lenders allow borrowers to make part and prepayments of their outstanding amount without incurring any additional charges. Similarly, Rupeek enables borrowers to close a loan before the completion of its tenure without levying any foreclosure charges.
- Collateral safety
If the only thing holding you back from availing a gold loan is the safety of your pledged asset, there’s no need to worry!
Rupeek ensures the complete safety of collaterals with ISO 9011:2015 certified gold handling procedures. Pledged ornaments are transported to the nearest partner bank in GPS-enabled bags. Thereafter, they are stored in high-security vaults under constant surveillance. Customers also need not worry about theft or damage as we offer 100% insurance coverage against collaterals.
- Easy online application procedure
The best part about getting a Rupeek gold loan is that you can avail all the mentioned advantages from the comfort of your home. Individuals can easily apply for a gold loan online and complete the verification process at their residence owing to our doorstep service.
Want to know in detail about our easy application process? Keep reading!
How to Apply for an Instant Gold Loan from Rupeek?
Here is a step-by-step guide on how to get instant cash loans online from Rupeek.
Step 1: Visit our website or download the Rupeek app to place a loan request via your contact number. Alternatively, you can place a direct call to communicate the same.
Step 2: After application, you will receive a call to confirm your loan requirements.
Step 3: Once confirmed, a nearby loan manager will visit you at your provided address.
Step 4: Upon arrival, the loan manager will enter the OTP previously shared with you to establish authenticity.
Step 5: After that, the loan manager will use an ISI-certified kit to appraise your gold. The evaluation details will then be confirmed by our team based on the current market rate.
Step 6: Once confirmed, the approved amount will get transferred to your account instantly under the supervision of our loan manager. He/she will then transport the collaterals securely to the nearest partner bank.
Now that you know how to get an instant loan, you can easily follow the above-mentioned steps to apply for a gold loan with Rupeek. Enjoy the latest offers in addition to zero end-use restrictions and meet all your financial requirements with ease.
