What is a Gold Loan?
As the name suggests, a gold loan is a financial loan taken by an individual by pledging their gold as collateral to a lender. The loan amount is generally a percentage of the gold, depending on the quality and present market value of gold. Gold loans have been around in the conventional sense for a very long time, and with Muthoot FinCorp, it is now possible to get an online gold loan.
Benefits of gold loans
Since gold is a hot commodity in the country, getting a gold loan generally involves low-interest rates and processing fees. At Muthoot FinCorp only your gold is required as collateral, the documentation process is not very elaborate, and your credit score or income proof is not required. The repayment tenures are flexible, and you can choose the most convenient one. The Loan To Value (LTV) ratio is also excellent on gold loans. You only require your address proof to get a gold loan.
What type of gold can be pledged?
All gold ornaments and articles can be pledged depending on their quality. The purity of gold is considered, and gold of different carats can be pledged. Muthoot FinCorp accepts gold jewellery above 18 carat and gold ornaments such as rings, bracelets, etc. The market value of gold fluctuates daily and is different in different cities, so the current value is used during loan proceedings. The gold loan interest rate also depends on the purity of the gold pledged as collateral.
Why should You Choose Muthoot FinCorp’s Gold Loans Over Banks?
The application and documentation process is much more relaxed at Muthoot FinCorp. With us, your gold loans are almost instantaneous, while banks or other lenders may have to follow a lengthy process. Our flexible payment options allow borrowers to only pay interest during the loan tenure. The gold loan eligibility criteria for banks are much stricter, making them quite inconvenient.
Repayment for Muthoot FinCorp’s Gold Loan can be made easily through monthly payments or EMIs. You could use a gold loan EMI calculator to determine the best EMI rate and tenure for your loan. It is available on our website for free at all times.
Also Read : A Complete Guide About Gold Loan And EMI Calculator: Must Read
Other Charges and Rules
Like all other rules, there are certain charges involved. This includes processing fees, prepayment penalties, and valuation fees. So speak to our representative regarding all such charges and keep them in mind when availing of the loan.
Get Gold Loan at Lowest Interest Rate – Apply Now
Muthoot FinCorp’s Gold loans are easy to get, and you can be assured that you will get a reasonable rate depending on the quality of gold. The process is quick, and it can be quite helpful if you are sailing through a difficult time. With Muthoot FinCorp offering the most attractive rates on gold loans, it is now easier than ever to make the most of your gold. Let your gold help you sail through rainy days. Reach out to Muthoot FinCorp at 1800 102 1616.