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Popular Features and Benefits of Gold Loans

Even the best gold loan company in India asks for minimal documentation while applying for a gold loan, like your address and identity proof to complete the Know Your Client (KYC) process. Most lenders are unlikely to ask you to furnish bank statements to assess your eligibility for gold loans.

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Popular Features and Benefits of Gold Loans

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  1. Popular Features and Benefits of Gold Loans

  2. Gold loans • If you need funds urgently and have gold ornaments lying idle in the locker, applying for a gold loan would be a good idea. • These are secured loans offered by many banks and non-banking financial companies (NBFC) in the country. • The lender assesses the current market value of the gold you are pledging and determines the loan amount. Hence, it allows you to get access to cash instantly. • The following slides discuss some of the benefits and features of gold loans.

  3. Lower Interest Rate • Being secured loans, gold loans are typically subject to lower rates of interest in comparison to most other financing options like home loans, personal loans or even credit cards. • Top NBFCs especially offer gold loans at affordable interest rates.

  4. Versatile End Usage • You can use the loan amount provided through the gold loan for just about any expense without having to worry about any end-use restrictions. • They can be used for a medical emergency, to finance your start-up, to pay for the education abroad of your child, and so on.

  5. Fast Processing • Gold loans help you to get funds within just a couple of hours. • The lender would weigh the loan and disburse the loan amount almost instantly.

  6. Safety of gold • Prominent financial institutions provide high-end security systems for the gold you submit as collateral. • This gold will be safely kept in their vault throughout the loan period and be returned to you as the loan is repaid in full.

  7. Applying for Gold Loans • Even the best gold loan company in India asks for minimal documentation while applying for a gold loan, like your address and identity proof to complete the Know Your Client (KYC) process. • Most lenders are unlikely to ask you to furnish bank statements to assess your eligibility for gold loans. • Anyone having an adequate amount of gold with them can apply for these loans.

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