You never know when you could need money. It could be to fund a medical emergency, a business expense, or even to manage planned expenses such as for your child’s education. Thankfully, there are a number of convenient loan options available today.
One of the easiest ways to get money instantly is to take a loan against your gold jewellery. Gold loans offer a high loan-to-value (LTV), allowing you to borrow up to 75% of the market value of your 22-karat gold jewellery. You can get a gold loan as high as Rs. 2 crore from any reputed lender in the market. And the gold loan interest rate can start as low as 0.83% per month.
To be eligible for the loan, you do not need to have a credit history or credit score. Also, these loans are processed quickly without much paperwork. No income proof is required by lenders. You just need to be an Indian citizen between 21 years and 70 years of age and have all your basic KYC documents ready for verification.
Here are some of the common expenses that you can easily manage with a gold loan:
Business expansion
A gold loan can serve as a source of funds when you need money to carry out your daily operations such as completing orders, maintaining manufacturing cycles, upgrading technology, etc. Gold loans are faster to obtain than most other forms of secured loans provided by lenders. Also, you might not have the necessary collateral to offer as security for a loan. Therefore, getting a gold loan is the best option to ensure steady cashflow. This can help your business expand and be more productive.
Medical emergency
When it comes to your health or that of someone in your family, you want to take every step necessary to ensure that they receive the best medical care available. The quality of care you receive, however, depends significantly on your financial condition. In this case, a gold loan for urgent medical expenses can help. These expenses could be related to hospitalisation, medication, therapy, recovery, nursing care, and so on.
Agricultural expenses
If your farm expenses are unpredictable and you are finding it difficult to manage, pledging your gold jewellery is a great option. You can take a gold loan for any major purchases you might need to make, such as land, farm machinery, raw materials, or other items.
Higher education
Since student loans have a number of requirements for eligibility, applying for one can be a time-consuming process. You do not need to meet any demanding eligibility requirements to get a gold loan. Also, the best part of a gold loan is that you do not need to have a credit history. You can use an online EMI calculator that is readily available on the website of any reputable lender to determine the gold loan per gram before applying for a loan.
Many reputable lenders, such as Bajaj Finserv, offer gold loans with convenient repayment terms.
Get the best value for a loan against your gold jewellery with loan amounts ranging from Rs. 5,000 to Rs. 2 crore. Benefits include free insurance of pledged gold, part-release facility, and multiple repayment plans. To know more, visit the Bajaj Finserv website.
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