With growing privatization, the cost of education is set to skyrocket in the coming years. As higher education gets more and more expensive, student loans are bound to become more prevalent. However, many people are unaware of the various kinds of loans available. Availing of student loans can be quite difficult since lending institutions follow a strict pre-loan procedure which involves complete scrutiny of your documents and credentials. There is a way to circumvent this; gold loans. Gold loans are much more convenient than student loans in terms of availability and eligibility.
Why is Education Loans Difficult to Get?
As mentioned earlier, education loans involve stringent eligibility criteria. It would be best if you met all the conditions for the loan, all your documents must be in order, and the university’s status or college you have applied to also plays a significant role. Students applying to Ivy League colleges or their equivalents are given preference, including subsidies. Domestically, IITs and IIMs get preference when it comes to student loans.
The cost of living, including traveling, lodging, and food, which can be quite significant, is not part of the student loan, which only covers your tuition fees. These loans are unsecured, which means that your current financial standing would be considered, or you will have to get a guarantor. These conditions make student loans difficult to get, especially if you don’t have a strong financial background.
How gold loans are a useful alternative?
Muthoot FinCorp gold loans are quite popular in India for self-explanatory reasons. Gold has always been a hot commodity in the country, and people invest in gold since it also serves ornamental purposes and is a part of the country’s culture. Gold loans are secured loans, which means getting them is a simple and fast process requiring the minimum paperwork. The LTV on gold loans is also quite high, allowing you to make the most of your investment. There are no restrictions on how you use the loan money, unlike education loans, and you don’t need a strong credit history to avail of it.
Read More: Points To Understand About Gold Loans Rate & Interest Rates
How to use your gold jewelry to get instant loans?
You can pledge your gold jewelry between 18- 22 carats with Muthoot FinCorp. The loan amount will depend on the quality of gold pledged and the current rate of gold. The gold pledged gold pledged (LTV) ratio for gold is also quite high. The repayment process is also quite friendly, and you get your precious jewellery back upon successfully completing the repayments during the loan tenure.
Benefits of gold loans offered by Muthoot FinCorp
Muthoot Fincorp offers the most competitive rates on gold loans. The Loan To Value (LTV) ratio is the amount of loan you are getting for pledging gold. A high LTV ratio ensures that you get the most out of your gold. Apart from the LTV ratio, Muthoot Fincorp offers doorstep loan facilities wherein a valuator will come to your house and process your loan after discerning the quality and worth of your gold.
Get Gold Loan at Lowest Interest Rate – Apply Now
Muthoot gold loan interest rate is also quite reasonable, and the entire process is fast and safe. Muthoot also offers the best repayment options, including just paying the interest for the loan’s tenure, allowing you to make the most of your loan amount.
Gold loans can be a useful alternative to student loans because of their availability and accessibility. Availing of gold loans does not require elaborate paperwork, and you are free to do whatever you want with the loan amount, including paying for your tuition, boarding, and lodging at the same time.
Also Read- Gold Loans Are Easy To Get: Should You Take One To Tide Over A Financial Crisis?