You save money regularly for your dream house and to accomplish your main financial goals. Thanks to that yearly bonus, you frequently surprise your family members with gifts. You’ve been working tirelessly to grow your company to new heights. You never hesitate to do what is best for your family or business in any situation. However, financial hardship can become an inevitable reality when cash flow is disrupted by events such as the Coronavirus epidemic. An affordable gold loan finance company can help you get your life and business back on track in these situations.
What Makes Gold Loan the Best Option?
Gold finance is one of the most realistic solutions among the various forms of loans available. In today’s world, it’s even easier to finance gold loans because the application process is completed online, and now even the repayment can be made online. What makes gold loans so appealing as a source of credit? We’ll look at five of the important reasons.
- Interest Rates That Are Lower
The interest element is the first and biggest advantage of a gold loan. Because they are secured loans, this type of personal loan has lower interest rates. On average, personal loans have interest rates that range from 15% to 18%. On the other hand, a gold loan at IFL Housing Finance interest rates starts at a mere 0.89% per day, making it more accessible to the average Indian.
- No time-consuming paperwork
Collecting documents, particularly important ones like your income proofs and tax returns, may be a time-consuming chore, especially when a lot is going on in your business and life, and you’re pressed for time to get things done. Because the yellow metal is used as security, there is no requirement for such proofs with a gold loan.
- Quick Approval, Quick Application
Gold loans might be a godsend for those who need to raise capital or funds quickly. The approval procedure is quite quick, and the entire process takes scarcely any time, especially at prominent NBFCs like IFL Housing Finance. All you have to do is take your gold to the local branch, have it appraised (it only takes a few minutes!), and you’re ready to go. The experts at the branch are thoroughly trained to advise you at every stage of the trip, from the gold loan interest rate to the tenure alternatives accessible to the terms and conditions.
- Doesn’t need a CIBIL score?
A gold loan is not based on your credit score, the well-known three-digit number that indicates your financial health. You can apply for a gold loan regardless of your CIBIL score, which ranges from 300 to 800. It doesn’t matter if you’re good, bad, or poor. Other loans, such as a personal loan or a home loan, do not allow you to do this. To qualify for those loans, you must have a high CIBIL score. Isn’t a gold loan a much better option now? We’re sure your answer is a resounding yes.
- No Hard and Fast Rules
Other types of loans frequently have high prepayment penalties, long payback terms, and a lot of paperwork. Because gold loans are popular among people of all economic levels, lenders provide borrowers with the option of returning the loan early. All of this comes without any upfront fees. This is certainly a huge benefit for anyone who needs a lot of flexibility when it comes to borrowing money and repaying it.
CONCLUSION
Gold is still the most popular investment option in most Indian homes. In the long run, gold provides a profitable possibility to obtain a loan. It’s safe to argue that taking out a loan against gold assets is a better deal than taking out a personal loan.
It can be concluded that taking out gold loans has a number of advantages and can help you in times of need. However, before taking out a gold loan, it is usually a good idea to do some research. And we have done the research for you as well. Our research tells us that IFL Housing Finance is a reliable and the best gold loan company in India. IFL Housing Finance is a first-choice gold loan finance company among individuals from EWS or low-income category. Contact us for further details regarding our services.