Everyone needs a loan in today’s times. Many times during emergency, people have to borrow from the market at high interest rates to meet their needs, but today times have changed. With the help of fintech companies, your loan process is cleared in just a few hours. In such a situation, taking a gold loan is beneficial for you. Let’s know about the benefits of taking a gold loan during an emergency.
Gold Loan Eligibility Eligibility is an important criterion for any person before applying for a loan. In case of gold loan, it becomes very easy. Anyone above 18 years of age can easily apply for a gold loan. If you put gold as collateral, you can get a loan very easily. You can apply for a digital loan online by visiting any fintech company’s platform. Many companies are providing facilities such as sitting at home and gold pickup. However, the speed of loan processing depends on your credit score.
Gold Loan Interest Rate A gold loan is a secured loan. Because of this, the interest rate on a gold loan is much lower than a personal loan. Currently, most banks and NBFC gold loan companies are offering gold loans to consumers at an initial interest rate of 8.5 percent.
More loan Gold loan is the biggest facility in which you get higher loan-to-value, which ranges from 75 to 90 percent. Loan value means the loan company is giving you a percentage of the value of your gold.
