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Obtaining a Gold Loan

Speaking about the investment that would provide you assured results at any point of time, well, Gold is definitely the answer. In India, you would find most of the families treasure gold as a valuable saving due to its social imperative as well as monetary returns aspect. Instead of letting gold get stored in the locker, scheme of applying it for gold loans would work as a great deal to support at tough financial times to obtain immediate cash.  

Glittering Gold All The Way

Gold jewellery has always had a noteworthy place when we count our assets. Gold rates are constantly rising along with time. However the exchange returns from gold valuables are always guaranteed. Gold provides is an aegis against the ever increasing inflation. Other investments like mutual funds are risky hence people prefer their investments in gold.

The main reasons why obtaining a gold loan are best option at the time of vital financial emergency are:

  • Most of the banks would give you gold loans instantly even if you are not registered with them.
  • The current rate of gold can be calculated at any instant. The other loans would take time to calculate their returns.
  • There are other fiscal institutions as well, who would offer you loan on your gold valuables.
  • Based on the latest market value, many banks would offer you favorable range of loans by paying minimum amount of processing fees.
  • The process is steady fast involving handing over gold to bank. Later one can trade in for cash from the bank.
  • In the process, you would be paying the bank some amount of interest which is negligible compared to other loans. However be warned that every bank has its own period along with a fixed interest amount.

Planning Process for Gold Loan

So, when you plan for obtaining a gold loan, you need to calculate about interest rate you would end up paying. There may exist miscellaneous fee factor when taking gold loans from private institutions, be careful and verify to avoid any surprise elements. You need to be intuitive and cross compare the quotations for the reliable banks and then fix the one which is most beneficial

Be careful while going through the terms applied by banks scrutinize each detail to the maximum and when in doubt approach the concerned personal. After you submit the relevant documents the general procedure involves assessment of gold values. Once the assessment is done, bank would demand for documents like address proof for personal identification of the customer. The amount of interest rate for gold loans is much meager as compared to those for personal loans thus making them more convenient. There are not much of legal formalities involved in the process and the disbursement is acquired easily. You would be given loan based on your viability. It generally would be from 80% to 90% percent of gold value. Once the loan is repaid, the gold can be reclaimed from the bank. So you can acquire the valuables again. The best advantage of applying for gold loan is that they are secure and irrespective of your previous account details you can apply for the same.

So gear up and utilize that gold by obtaining a gold loan to survive a financial crisis!

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