14-Jul-2020
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The Indian economy has come a long way in terms of its perception of loans. People have started opting for loans not just to cover emergency expenses or large ticket purchases but to plan their finances and balance their earnings, expenses, and investments. With various loan options in the market ranging from unsecured personal loans to secured home and automobile loans, there is no shortage of choices for fulfilling your financial needs.
However, in terms of convenience and flexibility, nothing can beat a gold loan. One of the primary reasons is the widespread availability of precious yellow metal in Indian households, which is required to be pledged as collateral for procuring the loan. The high Loan to Value (LTV) ratio for gold loans (up to 75%) is another reason for their growing popularity. Besides, the absence of any end usage restrictions and the availability of online gold loans by Muthoot FinCorp have added to the overall convenience of leveraging your gold deposits for multi-purpose financing.
Since the RBI and other regulatory authorities impose no restrictions on the utility of gold loans, you can use them for various purposes. Some of the ways you can leverage Muthoot FinCorp’s gold loans online are mentioned below:
The purity of gold pledged as collateral and existing gold rates in the market are the most critical factors for determining the sanctioned amount for gold loans offered by Muthoot FinCorp. At Muthoot FinCorp, you can pledge your 22-carat gold jewellery and ornaments like chains, rings, bracelets, etc.
The gold loan per gram rate plays a crucial role in the valuation of your gold deposits. Some of the factors contributing to gold rate fluctuations include global supply and demand for gold, international economic circumstances, and currency fluctuations.
For gold jewellery, most lenders compute value after subtracting the weight of diamonds, stones, and gems. The higher the weight of gold in the jewellery, the larger the amount that can be disbursed as a loan.
The two factors considered for calculating the Muthoot FinCorp gold loan interest rate are the loan amount requested by the borrower and the region where they are located. You can use the gold loan EMI calculator to determine tenure and interest rate options for a loan against gold offered by Muthoot FinCorp.
Also Read: How Do NBFCs Determine Gold Loan Interest Rates In India?
Applying for gold loans in India is a hassle-free and quick-free process. You can visit the nearest branch of Muthoot FinCorp with your gold deposits to apply for an instant gold loan. To make it simpler, with Muthoot FinCorp, you don’t even need to step out. You can apply for an online gold loan by providing a few personal and other details. A designated representative will directly contact you to walk you through the remaining process.
Before applying for the loan, use the gold loan calculator to determine your preferred loan tenure and the corresponding interest rate. It will further expedite the loan application approval and processing. After a thorough valuation of your precious gold jewellery and successful verification, the amount will be directly disbursed into your bank account.
Gold loans are the most favorable financial instrument to cover various planned and unplanned expenses. You don’t need a strong credit score to apply for a gold loan as you do for personal loans. Neither is there any end-usage restriction as in the case of home loans and other secured loans? Therefore, you can raise funds for any purpose at reasonable lower interest rates with minimum hassle and minimal gold loan documents required. Compared to local pawn shops and lenders, Muthoot FinCorp offers a more transparent process for the valuation of your gold and a more sophisticated and secure storage mechanism for preserving your precious deposits.
So, call us at 1800 102 1616 to get started on your gold loan application right away!
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