Everyone wants money in a certain situation in their lives. When people start earning, they start saving or start investing to make their future comfortable. People invest in property, mutual funds, gold etc to secure their future. These investments come to rescue in future when they need money either for their children education or marriage, expanding business, planning a trip etc. Many people prefer taking a loan on these investments made by them, giving their property, funds or gold as collateral. Loans are easily available these days with fewer formalities and paperwork. Even you can avail the benefit of a loan at your home and the service providers can visit your place.
Among all these, gold loan is one of the secured loans where the borrower has to give their gold as collateral in terms of money. A certain percentage is offered to the borrower on the gold pledged as collateral. Before 75% of the amount was given on the whole gold pledged but as per the latest guidelines, 90% of the amount is given on the gold given as collateral. The gold loan depends upon the current price in the market and its quality. These both factors will decide the amount of loan to be given. The monthly installments are paid on a gold loan or you can pay the full amount all at once. After paying all the installments you will get your gold back. This is the best way to fulfill your requirements and needs. There are many banks and online platforms providing loan against gold in Hyderabad.
Following are some of the points depicting the benefits of gold loan:
- Secured- The gold loan is one of the best loans and is very secure. There are no formalities to be incurred and there is no risk involved. You will be given finance according to the current gold price in the market and the quality of gold you have and then you are good to go.
- Simple installments- The installments to be paid can be monthly or you can pay all together if you are able to arrange the whole amount. After clearing all the installments with interest and principal amount, you will be given back your gold.
- No formalities involved- This does not have any long formalities and can be completed in a simple and short procedure.
- Liquidity- This is the best way to fulfill your future requirements and zero risks involved. You can meet your financial requirements very conveniently.
- No income proof required- The best thing of gold loan is that you need not provide any income proof and other related documents. It involves very simple procedures with less paperwork.
- Interest rate- The interest rate on a gold loan is quite less as compared to the other loans like personal loans.
So according to the above points, it is clear that a gold loan is a much-preferred option than other loan options. There are many top gold loan company in Hyderabad assisting and helping you.