Need Urgent Funds? Use your Gold Lying in the Locker for Gold Loan

From personal needs to business needs, there are many reasons why you might be required to avail of additional funds in the form of a loan. Though options like a personal loan and business loan are available in the market, they take time to get approved and require a high CIBIL score. The best alternative to help you address your financial need is a gold loan.

The main reason is that the gold loan eligibility criteria are indeed simpler to fulfil. Additionally, this is the loan against the Gold available in the locker, so it is truly one great deal. Apart from that, seeking the best gold loan interest rates is quick as compared to other loans. 

About gold loan 

A gold loan is a secured loan that is one of the most widely offered. Individuals with low CIBIL scores can also apply for it. The following are the conditions that fall under the gold loan eligibility criteria:

  • Applicants should be between 18-75 years of age.
  • The applicant should be an Indian.
  • Applicants must be either salaried or self-employed or in any other kind of employment.
  • Applicants over 70 might be required to have a co-applicant.
  • The Gold to be pledged should be 18-24 carats.
  • The complete set of KYC documents include identity proof and address proof. It can be Aadhaar Card, PAN Card, Voter ID, Driving License, Passport, or any other photo ID issued by a state or central government.
  • 2 recent passport photographs on light background
  • Income proof may be required in some cases.

Why use gold to get a loan

A gold loan is one of the loans that the majority can avail of people. With the simple eligibility criteria and quick processing, applying and acquiring a gold loan is simple and ensures timely receipt of funds in an emergency.

The top reasons to use the Gold to get a loan apart from the eligibility are as follows:

  • Better loan amount

Generally, one can avail funds upto 20 lakh with the help of a gold loan. Since individuals with low CIBIL scores can apply this, it gives an uncanny opportunity to improve the CIBIL score.

  • Low rate of interest

If you are looking for the best gold loan interest rates, then the NBFCs like Bajaj Finserv are there to serve you. Also, compared to a personal loan or business loan, the rate is very low, reducing your burden.

  • Repayment flexibility

There are multiple repayment options in a gold loan. Borrowers can first pay interest alone and then can pay principal, which is a great choice. Also, there is an option to go for the foreclosure without any additional charges, generally.

  • Safety of pledged gold

It is taken against the Gold that is kept in your locker. The gold is kept in safe custody with the financial institution when you apply for a loan and is returned after the payback terms are completed. 

  • Simple documentation

Gold loan is quick to process and requires quite simple documentation needs. If required, it only needs the individual to submit the KYC documents, passport photographs, and income proof.

  • Swift approval and disbursement

The gold loan has basic and easy-to-meet eligibility requirements. After you provide the required documentation, the gold loan is immediately approved and disbursed. Furthermore, you may apply for the best gold loan from the convenience of your own home. The usual time taken for the complete process is around 48-72 hours.

Gold loan eligibility criteria make it the best option for all individuals who are looking for financial support. Whether one is planning for holidays or needs to meet some personal needs, or just is planning to set up a business, a gold loan is one uncanny solution that can easily fit all the criteria. 

Additional Read: 5 Benefits of Using Self Storage for E-commerce Businesses

Though there are various gold loan providers, it is important to compare them to get the best gold loan interest rates.  Bajaj Finserv Gold Loan is a preferred option among borrowers looking to meet any unplanned financial emergencies. The loan comes with simple eligibility criteria.

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