How to use your gold to get an instant loan? Can I get a loan by using my gold?
Yes, you can get a loan by using your gold jewellery. As Indians, we always find it safe and secure to invest in gold as they never backfire, plus it’s a good investment. In the world, India is one of the biggest gold retailers. So let’s know how you can use your gold jewellery for an instant loan.
By owning a piece of gold jewellery, you have a certain sense of financial security that you gain.
Knowing that you can sell your gold jewellery is required to meet the commitment at times of financial crisis. But why should you sell your gold when you can get an instant loan against it?
What is a Gold Loan?
Gold Loan allows you to borrow money from banks or financial institutions by guaranteeing your gold jewellery. You can keep your gold jewellery or ornaments with the lender and take a sum of money as per your gold value, and when you pay back the amount, you can take your gold back from the lender or bank.
But you also have to keep in mind that you are not eligible to borrow a loan of the entire value of the gold you pledge.
Lenders mostly provide loans of only a fixed interest of the cost of the pledged gold. However, if you are in financial distress or want to take advantage of an investment opportunity, a loan against gold performs much more sense.
How much can you borrow?
A loan on gold jewellery is a short period loan with ownership of up to per annum. Lenders offer Gold Loan per gram to give enhanced benefits to the borrowers. They have their lowest and highest borrowing boundaries for the same.
Most of the lenders usually offer gold loans of Rs < amount> to Rs < amount> for up to <X> months. The interest on loan upon gold is usually in the range of <Number>% to <Number>% per annum. Though, it can be higher, which depends on your lender.
Eligibility for Gold Loan
Gold loans have the least eligibility requirements as compared to other kinds of loans.
You need to be at least 18 years of age.
The legal owner of the gold jewellery. Should be having all the bills of that jewellery as evidence. That is, you don’t have to worry about anything else, such as your credit score, your salary, etc.
The lender has all the rights to auction off your gold Jewellery if you’re unable to pay your loan on time, and the lender has all the rights to do this to recover their money.
How to apply for a Gold Loan?
Gold loan is the quickest loan application and approval process out of all the loan processes. You can easily get the loan amount dispensed within one day. You can get an Instant loan on gold jewellery in just a few simple steps.
Visit your nearest bank or lender, and they will examine your gold and calculate the best amount possible you can acquire. Then you will have to submit the application form requiring some ID proof and address proof to get the loan. The lender will instantly sanction the loan and dispense the loan amount.
What type of gold jewellery can be pledged?
It’s better to buy Gold jewellery with a purity of 18 to 24 Carats as most lenders only accept that. Some of the lenders also admit gold coins of 24 carats with a pureness of 99.99%. Nevertheless, as per the Reserve Bank of India (RBI) policy, the gold coin weight cannot be more than <X> grams.
Taking an instant Loan Against Gold Jewellery
Sometimes in your life, several circumstances need instant funds. Instant Gold Loan can be a very good alternative at that time.
With attractive Gold Loan interest rates, on-the-spot approval, and least documentation, a loan against gold is one of the most expeditious ways to access additional funds to answer your dilemmas. Gold Loan has easy access to your financial problem with easy documentation on the spot approval.