Business losses. Salary cuts. Layoffs. All seem to be the order of the day. That’s what a low probability, high impact event like COVID-19 can do to our deeply connected global economy. If you or your business is facing cash flow issues or massive economic losses and you are looking forward to rebuilding your business, you don’t have to go too far to get access to credit. A very feasible financial help – loan against gold, is available right in your home. The unutilized shining metal, comfortably parked in your bank or home lockers can help you tide over the financial emergency caused by the coronavirus outbreak. And thanks to the power of the Internet, availing online gold loans is easy and superfast.
Demystifying Gold Loans: Why Should You Opt For it?
Before you do the math and use the gold loan EMI calculator to find out how much gold loan per gram you can get, let’s understand why it makes sense to go for gold finance, especially in these turbulent times.
As Flexible as Your Needs
Gold loans are offered at varied interest rates by different lenders. Before arriving at a particular gold loan interest rate, lenders consider the loan amount and its tenure. Gold Loans can be customized based on all your requirements, hence a smarter option for people with different types of credit requirements. One of the massive advantages of NBFCs like Muthoot FinCorp is that they offer amazing flexibility in how you can repay the amount. You can choose a minimum tenure, as short as one-day to a time duration as long as 36 months. What’s more? You can also repay the amount anytime, any day, without any pre-closure charges.
CIBIL or No CIBIL – You’re Welcome
The three-digit credit score (CIBIL), which often ranges between 300-900, is used as a benchmark to decide a person’s financial stability in life. If you’ve a good CIBIL Score, it is easier to get personal loans or home loans. Without a good CIBIL score, it is not possible to get a loan from your bank or other lenders. For gold loans, though, an individual is not expected to have a good CIBIL score. Since a gold loan already takes your gold as collateral, your credit score technically doesn’t pay any role in its approval. Don’t have a CIBIL score? No worries. You’ll still get an instant gold loan. The icing on the cake is that if you continue to follow a good payment behavior when paying off your gold loan EMIs, it is counted as a positive move to better your credit score.
Minimum Paperwork. Maximum Comfort.
No income proofs. No income tax return statements. No unearthing of age-old documents. Gold loans are secured loans by default so they don’t require any such proofs. With some simple identity proofs, you can apply for gold loans. Isn’t this amazing especially when you’re in a crisis and need some urgent cash?
Gold Continues to Outshine Others
With gold prices at all-time high and continuing to break new records, it is prudent to monetize the inherent value of the yellow metal. After all, a good investment is one that can come to your rescue in your rainy days. And this is exactly the time when you can leverage the power of gold to bring back your cash flow in order. Since gold prices continue to soar higher, you will get the best price for your investment and you can sail over the covid-19 induced emergencies without having to dip in your other assets or borrowing from others.
Calculate Your Gold Loan Amount with this Simple Calculator
We hope by now you are convinced that gold loan is one of the most effective ways to get credit during this pandemic. Now coming to the next interesting question, how much gold loan can you get? Well, to find out the approximate amount of gold loan that will be disbursed to your account in exchange for the gold, simply input the right details in the gold loan calculator. To make it easier for you, we at Muthoot FinCorp have developed an intuitive gold loan calculator that will guide you through the entire process.
Have more queries? We would love to answer them. Let’s stay connected anywhere, anytime on WhatsApp. Just give a missed call on 02248926600 or send us ‘hi’ on 7034021616 using WhatsApp or simply input your mobile number here. Remember, we’re always at your service.
Harshit Agrawal 16-Sep-2020 1634 Views