Gold Loan: Ultimate Option To Handle Tough Times
Loan against gold is a scheme that allows a person to make instant money with the help of gold assets. The person has to place gold as collateral and money is provided to the applicant according to the market rate of gold. It is a scheme that can be used for any purpose like for marriage, paying debts and tuition fees etc. The person can use this offer according to the requirement. There are no restrictions on purpose or intention to use the lent money. Loan Against Gold is a convenient and the better option as compared to the other loan schemes in the market. In other loans, the person can use the lent amount for a specific purpose. The person cannot use the money for urgent requirements so, gold loan is the best scheme available in the market.
There are a number of lenders in the market that offers loan against Jewelry. These include many private and nationalized banks and firms that specialize in loan against gold. There are two companies in India which are famous for offering affordable gold loans in India. These are Muthoot Finance and Manappuram Finance. These companies offer gold loan at lowest rates in India. There are many other loan schemes in India and the person can use any deal according the requirement.
Process: The process of gold loan is very simple. The person can approach any bank or firm that specializes in gold loan. The person has to fill an application form and providing the accurate details. The applicant has to deposit the gold property which is to be placed as collateral which is then inspected by the lender. The lenders do not sanction the loan without evaluating the gold. The lender checks the purity and weight of the loan. The purity should range between 18 to 24 carats. The minimum weight required to qualify for the loan is 30 grams. The lender may not sanction the loan for a gold plated metal. If the applicant qualifies the criteria, then he/she is asked to submit a few documents like ID Proof, Address Proof, Loan application and two passport sized photographs of the customer. The loan gets disbursed, and money is offered to the customer in the form of cash or cheque.
Term of Loan: The loan against is a short term loan and the person have a period of 3 to 12 months to return the money to the lender. The person has to repay the loan in the given period otherwise the lender can put the gold property for auction to recoup money.
There are a number of lenders in the market that offers loan against Jewelry. These include many private and nationalized banks and firms that specialize in loan against gold. There are two companies in India which are famous for offering affordable gold loans in India. These are Muthoot Finance and Manappuram Finance. These companies offer gold loan at lowest rates in India. There are many other loan schemes in India and the person can use any deal according the requirement.
Process: The process of gold loan is very simple. The person can approach any bank or firm that specializes in gold loan. The person has to fill an application form and providing the accurate details. The applicant has to deposit the gold property which is to be placed as collateral which is then inspected by the lender. The lenders do not sanction the loan without evaluating the gold. The lender checks the purity and weight of the loan. The purity should range between 18 to 24 carats. The minimum weight required to qualify for the loan is 30 grams. The lender may not sanction the loan for a gold plated metal. If the applicant qualifies the criteria, then he/she is asked to submit a few documents like ID Proof, Address Proof, Loan application and two passport sized photographs of the customer. The loan gets disbursed, and money is offered to the customer in the form of cash or cheque.
Term of Loan: The loan against is a short term loan and the person have a period of 3 to 12 months to return the money to the lender. The person has to repay the loan in the given period otherwise the lender can put the gold property for auction to recoup money.
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