Gold Loan in times of Covid
COVID-19 has devastated the planet in ways we never could have imagined. It has taken and continues to take a toll on our well-being, from literally living in front of the system to surviving on take-out for every meal. A global shutdown was not on anyone's list of emergencies, even though many of us are generally prepared for a rainy day. This unexpected setback has resulted in a significant global recession. Consequently, one of the biggest and most common problems during this vicious coronavirus outbreak is financial difficulties. Breaking your savings to meet your financial commitments and unexpected expenditures is not a realistic or realistic choice right now. A Gold Loan will help you out in this situation.
Why should you opt for Gold Loan?
Gold loans are an excellent way to manage your finances, particularly during this pandemic, when loss of jobs and pay cuts are ubiquitous. Moreover, it can be paid off in simple EMIs, putting less strain on your monthly finances. Using your savings can have the opposite impact. A depleting amount with no source of income ahead can cause you mental and financial stress. Gold loans can come to bail you out in such stressful conditions. Is it prudent to dip into your investments at this moment, as your steady stream of income could be jeopardised? We believe that taking out a Gold loan and saving your hard-earned money is the best option. Gold loans are a cheaper and more logical alternative. The reasoning for this is that you could schedule the sum ahead of time and according to your preferences before applying for it.
Submitting a Gold Loan Application Amidst the Lockdown?
On a typical day, obtaining a Gold loan will necessitate 'n' number of face-to-face meetings, as well as other procedures and formalities, but the new standard is a virtual world. An environment in which you have the option of using a contactless medium to complete tasks that would otherwise necessitate physical contact. The gold loan approval process only needs a single bank visit that too at a scheduled time. Gold loan application involves the Application process, Document verification and Purity test of Gold. Application and Document verification process can be completed online, whereas one has to visit the bank for the Purity test of Gold. A bank representative calls shortly after submitting a loan application and fixes an appointment. Bank authorities analysed the mortgaged gold for its composition, purity and impurities in the Purity test of Gold. After completing all the procedures and meeting the eligibility criteria, a loan is approved. An approval letter is given to the borrower, which contains details about the lending bank, loan scheme, interest rates, processing fee, tenure, repayment options, etc., along with terms and conditions of the bank. When the applicant or borrower agrees to these terms and conditions, one’s loan amount credited to their bank account.
Why avail loan from Axis Bank?
Axis Bank provides the best offers in Gold Loan, and it can be avail by non-Axis Bank customers as well. A loan amount of Rs 25 lakh with incurring interest rates of 12.50% p.a.to 17.50% p.a are levied. 1% of the Loan amount+ GST is charged as a Processing fee. A 3 years tenure period with repayment options is made available to the applicant. If an applicant fails to make a repayment, he/she can extend the tenure period before its expiry. As Gold Loan is a loan against ornaments, a high amount of loan can get sanctioned. The Gold loan disbursal can happen the same day of the application submission. The document verification can be completed via online mode as well. A copy of Residence proof and a copy of Identity proof, along with two passport-sized photographs, are asked for verification. No guarantor is required for availing a Gold Loan. Bank Authorities perform the Purity test of Gold, and the mortgaged gold must weigh above 18 carats. Axis Bank Gold Loan is a very lucrative option for obtaining a Gold Loan in these unprecedented times.
Must Read:- When should you opt for a gold loan?
