Easy gold loan
There are two types of gold lenders in the gold lending market, the Bank and the NBFC. To qualify for a gold loan on your gold, you must first choose the one out of two that suits your needs and could meet the requirements.
Each institution might have a different procedure for applying for a gold loan. Visit their official website or branch to find out more.
Where can you get a gold loan?
Almost all banks in India offer loans for gold. Banks such as ICICI Bank, HDFC Bank. SBI, the National Bank of Punjab and several others are some of the good options that you can consider for gold lending.
However, if you are looking for options like NBFCs, there are several options available to you. Muthoot FinCorp, Manappuram Finance, Rupeek are some of the best known gold loan providers in the country.
Why is it growing?
Gold loans are a type of highly protected and liquid asset that offers excellent returns with less credit loss from a credit standpoint. Lenders who lend on gold are better off than those who lend to most other retail asset classes, especially during times of asset quality pressure caused by the pandemic.
Benefits of Gold Loan
Easy loan: You get instant and easy hassle free loan for your gold ornament. To find out how much money you can borrow, use the online Gold Loan eligibility calculator.
Attractive interest rates : The interest rates on the Gold loan are attractive. Depending on the various factors, the lender offers several interest rates that match your budget and requirements.
Safe option : Gold lending is booming now, this indicates how it offers a safe and secure lending option to borrowers. Your gold is stored in a secure safe in a secure area on the premises of the lender. As a result, you can be sure that everything is safe and secure.
Simple and easy documentation: You can apply for the gold loan easily online or offline with very little paperwork and easy to complete compared to other loans. KYC documents are the only ones that need to be produced. In many cases, if you are applying for a gold loan from a certain lender, you do not need to go to a branch.
Refund at the end of the term: The term of a gold loan can be as short as a year. You have the option of repaying the loan in 6 or 12 months, depending on your needs and can be repaid in an easy EMI option. This gives you the freedom to repay the principal and interest on the loan at the end of the term.