Avail Gold Loan New Borrowers
The concept of pledging any of your gold for money has been around for centuries. However, the entry of banks, as well as different lending institutions in the domain, has simply made it a more formal as well as transparent process of money lenders. Gold loans are very cheap loans, especially for very short-term credit seekers, compared to different types of loans. But, as with every type of loan, full knowledge is very important and necessary before entering into the financial agreement.
There some important things that you should know before avail gold loan:
1) Most of the lenders simply offer loans up to 90% of your gold’s value after checking all the metal for purity as well as ascertaining the value.
2) Coins, as well as bars with a little bit higher purity, offer more value than gold jewelry.
3) The rate on this loan can be very less. In this bank, you will see repayment tenure period is 3 months to 36 months and includes rate as well as principal.
4) Any person can simply avail if they are above 18 and who has any of the gold to be pledged can opt for such types of loans.
Some of the benefits of the gold loan:
1) This is a very secured loan. Therefore, even if you have a bad credit history, this will not impact the chances of getting the loan.
2) You have the best option to pay only the interest component as well as the principle can be paid as a lump sum amount at the end of your loan tenure period.
3) For any of you involved in agriculture, gold loans can simply be availed at a reduced rate.
4) Since this gold is the collateral, the paperwork also involved is very less. All you need or require are your basic personal id.
When the Fluctuation in gold rate does not affect this loan or pledged gold in any way or more. Once you have taken the best loan, you are not contractually bound to make up for the difference in your amount even if the gold prices decrease so much that the loan value becomes a little bit higher. Gold rate in Chennai if you are living in Chennai then you must have to see what the current price is because it will be helpful for you.
If there are any types of default in the repayment, the finance company can simply sell the deposited gold and easily recover dues as per the terms of the gold loan agreement. If this happens, you will lose your whole of the gold. As banks simply offer gold loans, you can find this difficult to finally take the gold loan from. One can use a Gold loan calculator to estimate repayment capabilities. But before you simply make that type of a decision, do always check the loan options available to you.
Manappuram gold loan has exciting offers which start from Rs. 5,121 is normal that’s why new borrowers want to get gold loans. Banks have very more advantage because the rate charged by them is comparatively very less. This is so because banks are simply able to raise a few huge funds at a very less rate. Where this gold loan from the NBFC scores over a bank is always flexible this also allows you to repay your gold loan. And new borrowers want to avail gold loans from the Bank because of many types of advantages this bank gives whether it is per gram rate or interest rate.
Also Read:- What should you look while obtaining a Gold Loan
