14-Jul-2020
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India has been among the largest consumers of gold in the world for years. While gold is usually bought for usage as ornaments, the most common reason for purchase is for investment. Gold is a great investment due to its stability even against inflation. And in times of need, gold acts as a perfect resource for instant loans. In fact, owing to easy gold loan eligibility, it can be among the fastest means to access funds. Even if a person has a low credit score but a good amount of gold lying in their locker, they can get gold loans without much of a hassle.
Gold loans are basically loans that are taken against gold. It is a secured loan that borrowers take from a financial institution in lieu of gold jewellery. The loan amount shall be sanctioned to the borrower and will ideally be a particular percentage of the value of the gold. The borrower can repay this sum to the lender through monthly installments, bullet payments, and part payments. After they have paid all the installments in full and in a timely manner, the gold is given back to the borrower. Unlike other popular secured loans like a car loan or a home loan, there is no type of restrictions on the end-use of gold loans. Hence, no matter whether a person needs funds for – a family vacation, wedding, their child’s education or a medical emergency, taking up a gold loan would be a great way to meet a sudden monetary requirement.
Muthoot FinCorp’s process of gold loans has been designed to offer utmost ease to all borrowers. But it is important to know that Muthoot FinCorp offers a host of gold loan schemes to suit your requirements. Before applying for a gold loan, visit our website and check all our gold loan schemes in detail to choose the best one. Once done, follow these steps to acquire a quick gold loan:
Step 1: Take the gold items to the nearest Muthoot FinCorp branch along with a set of basic KYC documents.
Step 2: Our representative would subsequently evaluate the gold articles and verify the documents submitted.
Step 3: Based on the evaluations, you will be given a loan offer depending upon the gold scheme you choose.
Step 4: Learn about the loan terms and accept the offer at your discretion. The loan amount is handed over to you or transferred to your bank account instantly.
Muthoot FinCorp’s gold loan eligibility requirements have been designed to suit all borrowers. Almost any person that owns gold ornaments can apply for such a loan. The basic criteria to be eligible for such loans include:
There are no credit checks or income requirements for the disbursal of gold loans. The loan amount simply depends on the value of the gold pledged and the gold loan scheme chosen by the borrower.
Muthoot FinCorp’s documents requirements for gold loans are relatively much fewer than other funding options. For such loans, the borrowers would need just certain basic documents, which are:
A gold loan is a secured loan. As a result, its interest rate is low as opposed to most unsecured loans, such as a personal loan. Gold loan interest rates vary depending on factors like loan amount, gold loan tenure, gold articles given by the borrower as collateral, and the gold loan scheme chosen. Borrowers can use the gold loan calculator to understand which Muthoot FinCorp gold loan scheme suits their requirements.
Also, Read- Gold Loan Vs Personal Loan- A Detailed Comparison
Muthoot FinCorp offers the most flexible gold loans with multiple schemes and payment options. Borrowers can choose their repayment terms as per their financial strength and repay the gold loan easily. To understand more about our schemes, visit your nearest Muthoot FinCorp branch right away!
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