It is quite possible that you need cash( gold loan)but do not have any source. In such a case, you may think to get a loan or sanctioned but there are a lot of formalities that you will have to comply with to get a loan passed. But if you do not want to get into such formalities compliance. Then we have another source for you to arrange money at the time of need.
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Get a loan passed against your gold:
You may or may not know about it but it is the fact that now you can get a loan passed against your gold as security against such a passed loan. However, gold loan is not a new thing in India, it is being followed for a long time. But in the earlier time, rich people like businessmen (in Hindi also known as Seth) used to give money against the gold. But now, banks, NBFCs, and other financial companies have also started giving gold loans.
If you want to get a gold loan, you can go to any bank or company:
That can give you such a loan. But the rate of interest and other conditions would vary depending upon the companies or banks. Therefore, you need to choose the best gold loan company. However, apart from all the things mentioned. There are many benefits of availing of the gold loan than going for other sorts of loan options:
The benefit of faster processing:
This can be said to be the major benefit of availing of gold loans instead of other personal loans. It is just because to avail of this loan, you just need to take your gold to the bank or company. And fulfill a few paper formalities and you will get the loan. Otherwise, if you are going for any other sort of loan, you will have to furnish security that can be any property or asset of yours.
Give proof of the ownership:
You will also have to give proof of the ownership of such security. If you fail to furnish such proof then you may not get the loan. But in the case of a gold loan, no such issue to prove the ownership is there. The processing time will be lesser. Therefore, if you are in urgent need of money then a gold loan can be the best option for you to go for.
No need to have a good credit history:
Another biggest advantage to opt for a loan on gold is that you won’t be under any obligation to have a good credit history. Your credit history will reflect that how disciplined you have been when it comes to repay your loan EMIs. If you have repaid them on time then you will tend to have a good credit score.
loan on gold
Otherwise, your credit score will be bad and consequently, you won’t get a loan. But in the case of a loan , no such issue to have a good credit score is there to get the loan passed. You can easily loan on gold.
These are the advantages of the gold loan in case of urgent need of money.
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