Gold loan is a sure-shot method of getting cash in times of dire need. In India, Gold is often the most unused asset that sits in the lockers only to come out once in a year or even less. You can use it to get working capital in your bank account. How? The answer is a ‘gold loan’. It is a perfect solution for getting cash with your assets. Further, a gold loan comes with the lowest gold loan interest rates and with no or minimal prepayment penalty.
If you are looking to mobilize your gold for some short-term working capital, here are some reasons that will assure you why you should choose a loan against gold over all the other types of loans.
Merits of Gold Loan
Gold loans have a surprising number of merits attached to them. Read on to know why they can be your best friend this year when bank balances are lower than ever and income is hard to come.
A Gold Loan is a secured loan therefore, it comes with lenient eligibility criteria. This means you do not have to produce multiple documents to prove you are eligible for the loan, nor do you have to follow various steps that spread across multiple days. Applying for a Gold Loan at Muthoot FinCorp is a one-click procedure. You just have to get on our website and complete a few formalities and your Gold Loan can be disbursed within a few minutes.
Lower Interest Rate
The gold loan has one of the lowest interest rates in the market. Since it is a secured loan unlike a personal loan and auto loan, you do not have to pay a high-interest rate. Gold loan interest can be lowered further if you can attach another asset as collateral. Our representative will guide you about the process in detail. If you would like to do your own math, check out the gold loan interest calculator on Muthoot’s website. Enter the numbers to find out your interest rate.
Minimal Processing Fees
Processing charges often pop in as a surprise and inadvertently increase the amount of money you have to spend to get a loan. Muthoot FinCorp charges a processing fee that goes between 0.25% to 1%. It really cannot go lower than this.
No Foreclosure Charges
With Gold Loan, you do not have to worry about the foreclosure charges or prepayment penalty. You can pay back the full amount with interest at any time and take your Gold back without any kind of hidden costs. So, along with lower interest and no processing fees, with Muthoot FinCorp, you get to save money on the foreclosure procedure also.
No Credit Score
A Gold Loan does not depend on the credit score unlike all the other types of loans. Since we take your gold in exchange for the loan amount, you do not have to present your CIBIL score to get your loan approved. The loan amount is simply decided according to the market value of the gold and other factors. The gold loan rate and tenures are often decided on a per case basis.
Muthoot FinCorp – Always There for You
Muthoot Gold Loan is perfect for raising cash for urgent financial needs. This loan can be processed in just a few minutes from one of the over 3600 branches, across the country. You can also apply for a gold loan online and submit all your documents without stepping into a Muthoot facility. Muthoot FinCorp offers the most competitive LTV (Loan to Value) and interest rates. Muthoot FinCorp works with the vision of easing your financial woes with its simple and efficient products.
With Muthoot FinCorp, you get access to 24×7 Gold Loan Top-Up which gives you cash in your account, anytime, anywhere. Muthoot FinCorp tops up its facilities with cash-back on regular on-time payment, loan tenure completion, and digital payment. You can apply for a Muthoot FinCorp gold loan with minimal paperwork and choose from flexible repayment options. All of this, while enjoying an attractive rate of interest and no hidden costs.
If you would like to avail of a gold loan or would like to learn more about it before you take the plunge, give us a missed call on 02248926600. You can also ping us on WhatsApp and an expert from our customer care team will back to you asap.
Muthoot FinCorp’s team is always ready and happy to answer your queries and support you with quick financial solutions.