Gold has always had an emotional value for Indians. Taking personal loans against gold has not been considered a ‘right option’ by many but keeping in mind the rising value of gold, it actually makes sense to utilize its power to avail loans than pay for high interest rates for personal or other loans.
So what is gold loan? It is basically a loan which is secured against gold ornaments. A borrower pledges their gold ornaments to the lender in exchange for funds. Therefore, it is a loan which is granted against a certain physical security of gold. Once you repay the loan, you take your gold back. The interest rate is much lower than a pure personal loan as there is a security being provided by the borrower. The processing time for personal loans against gold is also quite less as compared to other loans.
One name that is the foremost in the Indian gold loan service provider market is Muthoot Finance . With their gold loan services, it takes no more than a few minutes for your gold to generate cash. And there are no complicated procedures either for availing the gold loan. Anyone above the age of 18 with gold ornaments can avail the loan. Just walk into any of their branches and inform the customer care executive of the same. The executives will then have you fill out a KYC form and guide you through the rest of the process.
Taking a gold loan with Muthoot Finance has a number of benefits. The simple procedure they follow allows:
- Quick and easy loan disbursement
- Minimal Documentation
- In-house gold evaluation
- Safe custody for Gold
- Flexible payment options
- Loan limit stretches from Rs. 1500 to Rs. 1 crore (and above)
There are a number of gold loan schemes available and you can select the one best suited for your need. For more information, check out their website or visit any of the branches. And the next time, you need some funds, think of the benefits and consider taking a personal loan against gold lying idle in lockers.