Gold Loan for Funding Education

We all know education is a vital aspect of life and everyone should get the right to education. Education is the only thing that can fill the gap of poverty, the gap between a developed and underdeveloped nation etc. Education can imbibe a feeling of oneness and eliminate these stereotypes based on caste, religion, race etc. So, it is very important that each one of us should have the right and privilege of getting an education. But as we know that for availing education one needs to spend money and everyone cannot afford to spend huge amounts of money, so here’s what one can do, they can avail a gold loan for funding their education.

It is a well-known fact that education can be quite an expense in itself as nowadays colleges and schools have a lot of tuition fees, so how should one provide their children with good quality of education, it is simply that one can avail a gold loan for funding their child’s education. One might think of going for an availing education loan, but let me tell you that process can be very tedious and difficult involving a lot of conditions burdening the child and his family. But with a gold loan, this process can be made easier. 

Let us discuss some of the reasons why one should go for a gold loan-

1. It requires no stringent eligibility criteria: Unlike, most education and other loans, the bold loan does not require to follow strict eligibility criteria for availing it. For education loan, many academic criteria are also taken into account in some cases but with a gold loan, it is not the case.
2. No end-use restrictions: In the case of education loans, they do not necessarily cover the tuition fees and other academic-based expenses, especially in the case of students studying abroad, they only cover the extra charges, for example, airfare or travel fare, cost of living, lodging costs, other associated costs etc. but at the same time there are no such restrictions in case of gold loan, they can be utilised without end-use restrictions which add to the advantage.
3. No CIBIL score requirement: For availing an education loan, which the banks provide at a very high rate of interest, the borrower should have a good CIBIL score, and it is very difficult for students to provide a good credit score especially when they don’t have a previous history of borrowing. While, if we look at gold loans and compare the two, gold loans do not require any such CIBIL score for availing loan or fulfil any such criteria, which can be beneficial for students as they can improve their credit score by availing such loan.
4. Minimal documents required: While education loan requires many formalities to be taken care of and many documents to be presented, the gold loan comes in easy, simple and quick as they don’t require any extra documents and formalities to be done, they are very easy to get done with and if everything is correctly presented and taken care of, one can avail a gold loan within one day.

Several other benefits come along with availing of gold loans over education loans. But since they are easy to avail, that does not mean that casualties can be overlooked, one should still be very careful with all their documents, keep in mind the gold loan calculator and check for the Gold Loan Per Gram so that they can compare and then apply for the highest price they get.

When applying for a loan, one should go for the bank that provides the best price with a good interest rate so that you can avail the loan without stressing and Karur Vysya Bank Gold Loan is one such solution to your problems as they provide gold loan interest rate starting from 7% per annum and accept minimum 18 carats of gold. In addition, they provide 75% of the total value of gold to you and provide a flexible tenure. They have very less, transparent extra charges and also net invisible processing charges along with that they provide you with many attractive gold loan schemes.

Also read this: Gold loan for Home renovation