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6 Emergency Situations Where a Gold Loan Can Help You

  • An unexpected shortage of liquid cash during a time of emergency can lead to missed opportunities in business. In trying times like these, when you are faced with a dearth of cash, you might forget about your greatest liquid asset.

    According to the World Gold Council, Indian households hold a combined 25,000 tonnes of gold approximately. Rural India alone accounts for 65% of this stock. Seeing the potential of this gold as collateral for easy finance, banks, and NBFCs around the world issue loans against gold. In India, over two lakh people choose Muthoot FinCorp’s gold loan schemes every single day. 

    What is a Gold Loan?

    Gold loans are a form of secure loans that allow borrowers to pledge their gold assets with Muthoot FinCorp in exchange for easy and instant cash. There are several situations where a gold loan is the best way out of a financial emergency. The benefit of choosing Muthoot FinCorp for an online gold loan is that you get fast processing and loan approval. You don’t need to go through credit checks or provide proof of income. 

    Financial emergencies cannot always be predicted or prepared for. Let’s take a look at the different situations where a gold loan can prove to be a lifesaver.

    Situations where a Muthoot Gold Loan Can be a Gamechanger:

    1. Business:

    A liquid asset crisis or a lack of cash in hand could cause some businesses to put new plans on hold till the crisis gets resolved. This could mean delaying equipment purchases or strategic partnerships. Your debtors won’t always pay exactly when you need it, nor will emergency fund reserves last forever. In such situations, you can always opt for a gold loan, by pledging any gold assets as collateral for a loan valued at about 75% of your gold’s worth.

    2. Education:

    One key difference between gold loans and traditional unsecured loans is that gold loans don’t require a credit score. If the bank has rejected your loan application, but securing a seat in your child’s university must be paid for, a gold loan is your best bet. 

    3. Healthcare:

    If the last two years have taught us anything, it’s that medical and health problems are a very imminent and real threat. While medical insurances are beneficial, they don’t cover all the expenses. Being cashless entirely at such a time will prove to be disastrous as there are many unprecedented costs involved. With Muthoot FinCorp’s gold loans, you can get your loan approved in less than ten minutes. 

    4. Weddings:

    Indian families leave no stone unturned when it comes to planning and organizing a family wedding. This leads to huge costs. In such situations, having liquid cash makes a massive difference. From a catering crisis to new sudden events to be hosted, a gold loan can save the most special day of your family’s life. 

    5. Vacations:

    When you are planning a vacation, there are several situations where you might require more money besides your allocated budget. You might wish to extend your stay, visit a new place before going home, choose to go shopping, or even miss your flight. In such a situation, having extra cash handy is a boon. A Muthoot gold loan can help you achieve this goal.

    6. Buying a house

    Home loans accumulate a huge volume of interest. You will most likely put all your savings, bonds, and assets towards this loan. While a gold loan in itself is not sufficient for buying a house, it does play a key role. Since all your funds are allotted to purchasing the house, you won’t have too much money left for remodeling the house or buying furniture. A gold loan can help you achieve these smaller goals without the high-interest rate you would pay with a personal loan.

    Why Choose Muthoot FinCorp:

    Muthoot FinCorp is one of the largest NBFCs in India today. Our reputation and experience built over the years, as well as the advanced technologies we use, have made us India’s most popular choice for an online gold loan in India.

    Harshit Agrawal 25-Mar-2022 1640 Views

About Author

Harshit Agrawal -
Harshit Agrawal heads digital marketing for Muthoot Pappachan Group from its head quarter based in Kochi, India. He has managed digital marketing & activations for brands such as Maruti Suzuki, Hero MotoCorp, Bharti Airtel, Google, Mankind Pharma...read more

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