Why a person with bad credit score can obtain a Gold Loan

29 Jun

29Jun

Gold loan has always been an important part in uplifting people in difficult times. People all over the India urban as well as rural area have faith on gold loan as it one of most safe and secured loan. Gold Rate Today for 10gm of 24 carat gold is 48,680.00 Indian Rupee. This is the best time to invest in gold as there is an increase in the market price of the gold. One can apply for a gold loan online at the website of the bank or non-banking financing companies(NBFCs).

Dena Bank Gold Loan can be applied easily online at the website of the bank or offline at the nearest bank branch. The bank offers amazing schemes on gold loans. The application for a gold loan is easy and it requires minimal documents. The required documents are Aadhar Card, Valid Driving License, Valid Passport, Voter’s ID Card, Salary slip, income tax return documents, employment proof, bank statements, income proof and other documents as demanded by the bank. The bank is recommended for getting a gold loan.

Applying for a gold loan has various advantages. One can even apply for a gold with a bad credit score. While availing a gold loan credit score is considered by various banks and non-banking financing companies(NBFCs). Gold loan is a secured loan and it only requires gold ornaments and coins as a security against the loan. In gold loan credit score and report is not considered important. It is preferred by so many people in times of emergencies as it doesn't require a good credit score and can be availed easily without any hassle. In gold loan CIBIL scores are less desirable. A gold loan can help in increasing the credit score of a borrower if the repayment of the loan is done timely. One can easily get a gold loan at a minimum cibil score without any difficulties.

The various benefits of the gold loan is listed below:-

Quick processing:- In modern times getting a gold loan is easy as the processing time is faster compared to earlier times. The processing of the hold loan required 24hrs to 72hrs. One can also apply for a gold loan from the online website of the financing company for the faster processing of the loan.
Loan disbursal:- After the loan documentation verification the loan amount is sanctioned in the saving account of the borrower. The amount is sanctioned in 72hrs after the verification of the documents and evaluation of the gold.
Ideal for emergencies:- Gold loan can be used for meeting various daily requirements and hence it is considered to be ideal for emergencies. Various people all over the country apply for a gold loan in the times of emergencies.
Loan upto 50 lakh:- one can easily get a loan amount upto 50 lakh. This is very much advantageous for the applicant. One can easily get a higher amount of the loan sanctioned in the savings account. It can be very much beneficial in the case of emergencies. The loan amount depends upon the market price of the gold. The higher the market price the higher will be the loan amount availed.

Conclusion :

Gold loan can be availed even if the applicant has a bad credit score. Being a secured loan it only requires gold ornaments, bars or coins as a collateral against the loan. Most of the financing companies do not consider the credit score or report of the applicant. As the only thing desired by the financing company is high purity and amount of the gold given. One should visit online website or app of the preferred bank for applying for a gold loan.