India is the world’s largest gold consumer and its citizens have the option of pledging their gold for a loan. There are numerous Banking and non-banking sectors that offer you the option of a gold loan.
The gold loan scheme in India is very affordable and almost all companies which offer gold loans has competitive-interest rates. Thus, this helps you in acquiring the loan more conveniently, and makes the whole process, more affordable and simple.
Gold loans are very affordable as they don’t have high-interest rates and give you the option of EMI. You will require certain documents to successfully avail of this type of loan. Hence, knowing the requirements will help you acquire the loan faster. The gold loan rate of interest is also very affordable as it has a very low rate of interest.
The gold loan scheme
The following table illustrates the scheme of a gold loan in India
Thus, this is the scheme that banks and other lenders follow to give you a gold loan. Understanding this scheme will help your chances of getting a gold loan.
Benefits of availing of a gold loan
You can avail of numerous benefits when you avail a gold loan. If you are hesitant to appeal for a gold loan these benefits might help change your mind.
- Lower rate of interest - Gold loan is very affordable as it is offered at very low rates of interest.
- Minimal Processing fee - When you avail of a gold loan, you can enjoy the convenience of minimal processing fees.
- No requirement on credit history - Gold loans does not require you to have a good credit history.
- Perfect for contingencies- You can get the gold loan disbursed as quickly as a few hours; thus, availing a gold loan is helpful to tackle emergencies.
Read Also: Know About the Kisan Gold Loan Scheme
A gold loan is your opportunity to use the Gold you always had in your house or bank locker, and convert it into money, without the need to sell the Gold. Consider Bajaj Finserv gold loan services for such benefits and more.
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