Gold Loans have been an integral and helpful financial tool to address emergencies. Gold comes in bars, coins, and ornaments, while acting is a major investment avenue for households. The metal not only provides instant funds when sold, but gold owners can use it as collateral to get financial aid too.
Muthoot FinCorp, your trusted gold loan provider, understands the significance of this asset and provides financial support by keeping the gold as collateral. The eligible loan amount can go up to 75% of the gold’s market value. The additional benefits of a gold loan are minimal interest rate and quick disbursals, with no consideration of credit scores required. In the post-pandemic era, when the financial situation of COVID-hit families and businesses is becoming questionable, the gold investments made over the years can be put to use to sail through difficult times.
Below are the 5 ways in which online gold loans can be used to serve your new financial needs in the year 2022.
1. For Funding Education
Gold lying idle in your safe can fund your child’s education. If you wish to enroll them in a university abroad or provide them with the best higher education, then a gold loan is for you. You can use the value of the gold to pay off tuition fees, college/school fees, hostel fees, expenses on books, and other educational requirements. The loan can address every issue that comes in the way of your child’s quality education. An instant gold loan can also support a child’s ancillary educational needs such as buying laptops, getting the best coaching, paying for accommodation, etc.
2. To Pay for COVID Treatment and Other Health Emergencies
Coronavirus outbreaks in the country showed how medical emergencies arrive untold. The funds you get by keeping your equity as collateral can help you deal with such a medical crisis. You can pay for adequate treatment to save the lives of your loved ones. In the days when work and professions have come to a halt and income becomes negligible, a gold loan from Muthoot FinCorp is your rescue tool.
3. To Fund the Business Startups
A business in its initial growing days demands a seamless cash flow. The loan can bring substantial funding for entrepreneurs to fuel their dreams. Women entrepreneurs can utilise their jewellery to kickstart a small business from home and become a breadwinner for the family. The loan kept as collateral remains safe in lockers, and borrowers can take it back after repaying the loan in full.
4. Loan for Automobiles
Gold loans do not demand heavy documentation or high-interest rates and thus are a considerable option to fund an automobile purchase. The applicants can buy any vehicle of their choice depending on their necessity, be it a new two-wheeler or a used car in a manageable loan amount. The loan repayment tenure is also flexible and can be as long as 3 years or as short as 7 days for a simple, manageable repayment.
5. Other Personal Purposes
While we usher in 2022, the lifestyles see alterations and financial needs shift to match the requirements. An instant gold loan from Muthoot FinCorp can come in handy for multiple purposes. You can buy assets, use the loan to repay existing debts, refurbish or rebuild the house or deal with upcoming wedding expenses. With no end-use restrictions, these loans against your asset are the easiest and most accessible way to deal with any financial situation.
Also, Read- Gold Loan Vs Personal Loan- A Detailed Comparison
Being one of the best sources of finance, gold loans are becoming increasingly popular, especially in 2022, when fund requirements are burgeoning. Muthoot FinCorp, a trusted vertical of Muthoot Pappachan group serving over 1 lakh customers every day, pledges to keep your gold safe until you repay your loan. Additionally, you get flexibility with tenure, EMI, usage, and many other benefits that improve the loan experience. For an instant gold loan, apply online, get quick approval, and get up to 75% of the market value as your gold loan finance and repay at your ease.
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