Are you searching the market for a loan with a low-interest rate that you can avail to meet sudden and immediate expenses? Look into the gold loan as this offers immediate money to meet such financial needs, while the monthly repayment amount will be very less. It does not require much time to avail it as it is processed very quickly, so that you can get the money needed in the shortest possible time to meet the expenses.
How to Get A Gold Loan?
Availing a gold loan can be quick, taking only a few simple steps. First, visit the lender and ask for a gold loan application form. Fill the form with details accurately and then submit it to the lender along with requisite documents and photos. The gold that is going to be pledged should be shown to the lender, which will be evaluated to ascertain the amount that can be disbursed by the bank. Once the lender informs you how much can be availed as a loan, you should decide what amount to ask, and inform accordingly. The desired loan amount will be credited to your account.
Key Features of Gold Loan
Some important points to be noted about the gold loan is that you will not get an amount that is equal to the value of the loan. Only an amount that is about 75 percent of the actual gold worth will be given, while the remaining will be retained by the bank. Furthermore, when it comes to banks, only people with accounts in the bank can avail this facility.
It is important to be twenty-one years and above to apply for it. Repayment period is between thirty to thirty-six months, although you can opt for lower repayment tenure. You might have to show the ability to repay the loan through an income statement although many lenders really do not ask for this. This loan can be taken by employed, self-employed, bank employees as well as pensioners.
Gold is a very valuable asset and has a lot of emotional attachment to it. Hence, you should ascertain if you have the capacity to repay it and take an amount that is within your ability to settle the loan. Even if you have gold through which you can get a large loan amount, opt only for that amount which you can comfortably repay as otherwise you run the risk of not being able to repay the loan.
Though there are many lenders offering a gold loan, opt for someone who has a high reputation and is a stable institution, preferably a nationalized bank. Do not opt for any lender as there is the possibility of poor management of the gold asset and issue of simply shutting down, which can leave you with a lot of problems. It is to be noted that gold which is 18K and above can only be pledged for a loan.