Unlock the Value of Your Gold and Get Maximum Out of It
Published: Jan 30, 2023
Gold is considered to be an excellent form of investment. That is the reason why most Indians buy significant amounts of gold over a certain period of time. Gold can be sold to pay off outstanding debts, pursue higher education or start a new business venture. There are plenty of reasons why someone would consider leveraging their gold assets for money. Historically, gold has always appreciated in value no matter what the market conditions. That is why gold is always favoured as a form of investment. And nowadays, you can also apply for a gold loan online.
If you are planning to get a gold loan, then here are some things that you need to keep in mind: –
Bank or NBFC
You can get a loan from any bank or non-financial banking institution. All such entities are regulated by the government and offer gold loans at attractive interest rates. In course of doing so, these entities can also be entrusted with safeguarding your gold items until you pay off the loan amount and collect your gold articles. That being said, the gold loan schemes offered by NBFCs are a lot more competitive. That is why gold loans from NBFCs make a strong case for themselves.
Gold Loan Benefits
There are plenty of advantages to taking a gold loan. To start with, it requires very little documentation and is processed quite quickly. The interest rates on gold loans are quite low in comparison to other forms of loans. Being a secured loan makes it a lot more accessible as well; most people who have bad credit history and are unable to apply for any kind of loan can easily get a gold loan. What’s more, you can avail gold loans from the top gold loan companies in India.
Here is what you should know before applying for a gold loan: –
●The tenure to pay off the loan can be anywhere between 1-2 years depending on the lender.
●Most lenders offer gold insurance in case of loss or theft. This, in turn, extends greater peace of mind to the customers.
●Most lenders charge a valuation fee however, certain lenders can waive off such charges.
●Different lenders have different interest rates.
●You can apply for a gold loan if you are above 18 years of age. Gold loans offer advantageous terms vis-à-vis other types of loans.
●Most lenders offer gold insurance in case of loss or theft. This, in turn, extends greater peace of mind to the customers.
●Most lenders charge a valuation fee however, certain lenders can waive off such charges.
●Different lenders have different interest rates.
●You can apply for a gold loan if you are above 18 years of age. Gold loans offer advantageous terms vis-à-vis other types of loans.
What Do Lenders Look For in the Gold You Pledge?
Primarily, most lenders look for 18-karat gold purity when giving a loan. The chances of getting a gold loan completely depend on the purity of your gold. If the gold item consists of diamonds and other types of precious stones, then the value of these stones will not be taken into consideration. You will only get the loan on the basis of the value of the gold item(s) that you are planning to use for a loan. Hence, the loan amount completely depends on the purity of your gold. The good thing is that most lenders offer 90% of the value of the gold.
At Capri Loans, we are empowering our customers with the gold loans that we offer. That is why the loan terms and the gold loan interest rates we offer are extremely competitive in nature. If you are looking for the best gold loan company to apply for a gold loan in India, then Capri Loans is here to make it happen.
With gold prices being close to all-time highs (Source), it makes sense to act now.