Often in life sudden money crunch situations occur, which require quick remedial action. At such instances, when you need to source a significant sum of money at short notice with the least interest rate, so that the debt does not overwhelm you, gold loan is one of the first options you should consider!
Indians consider gold an auspicious metal and love to indulge in them in the form of ornaments or gold coins and bars, making them a part of their wealth accumulation. Some others invest in paper gold, i.e Gold ETFs. To obtain gold loans however you need to use the gold which generally lies idle at home or in the locker of a bank. You can make this asset liquid without selling it by taking a loan on it in times of need.
A loan will be sanctioned on submission of some minimum paperwork and satisfactory assessment of gold ornaments by the lender. Generally the lender will give you a loan to the extent of 60 - 80% of the value of the security i.e. gold you have provided. The lender retainsRead More »from Need quick money? Avail gold loans