Gold Loan in Palghar

Since a gold loan is a secured loan, it offers many benefits that the other sources of funds do not offer. Some of the benefits offered by a gold loan include:

1. Low rate of interest
2. Minimal documentation
3. High loan amount
4. Flexibility in repayment options
5. Instant loan approval, etc.

The requirement for eligibility for a gold loan isn’t much. To avail a gold loan, the borrower has to fulfill the below-mentioned criteria:

1. The borrower shouldn’t be a minor
2. The mortgage loan should be of 18 karat or above
3. The gold should be in the form of ornaments or jewelry.

The loan amount is then calculated by the lender by multiplying the quality, purity, and weight of the gold. The lender then multiplies it with the average price of gold for the past thirty days. The resultant amount id the loan amount that the borrower can borrow.

When you require emergency funds or urgent loans, a gold loan is one of the most flexible and hassle-free loans that you can acquire. A few of the benefits that are exclusive to gold loans are listed below:

1. Low loan interest rates - the interest rates are less because of the security of the collateral.
2. Minimal documents – the only documents that the borrower is expected to submit are the address proof and identity proof
3. High-value loan – up to 75% of the market value of the gold can be obtained as the loan and in some cases, up to 90%.
4. No upper limit – the amount that you can obtain is determined by the value of the pledged gold.
5. No requirement of income proof – the borrower can be unemployed or have an irregular income and still get a gold loan.
6. No requirement of credit history – the borrower can have a poor credit score or CIBIL score and still be eligible for the loan.
7. Flexibility – a secured loan is more flexible than other sources of income. The borrower has a variety of repayment schemes to choose from.
8. Speed – the whole transaction, from the loan application to the disbursement of the funds takes place within an hour.