Why must one take gold loan and not any other loan?

With the aid of a Gold Loan, you may fund your personal or company needs. It’s a loan secured by gold jewellery or decorations that you may put up as collateral with any bank or financial organisation. Continue reading to learn more about the advantages.

Gold has an emotional significance in India since it represents riches and success. In the nation, gold decorations and jewellery are quite popular. Gifting gold jewellery is regarded auspicious at any celebration, such as a wedding, a baby’s naming ceremony, or a holiday like Diwali, Akshaya Tritiya, etc. Many individuals throughout the world, however, utilise it as a resource to ask for a loan when they are facing financial difficulties.

How can you get gold loan?

Customers can bring their jewellery as well as gold bars or coins to the local gold loan branch, as well as basic Know Your Customer (KYC) documentation to prove their identity and residence address. The bank then assesses the value of your jewellery and offers you a gold loan at a rate that normally ranges from 7.50 percent to up to 12 percent.

Why you must take gold loan?

Here are some of the reasons of borrowing gold loan in Delhi:

• Instant Loan Across the Table

You have immediate access to monies. To find out how much money you may borrow, use the online Gold Loan eligibility calculator.

• Attractive Interest Rates

The interest rate on a gold loan differs from one bank to the next. ICICI Bank offers a competitive interest rate, which is determined by a variety of parameters such as the purity of the gold jewellery, among others.

• Simple & Easy Documentation

Obtaining a Gold Loan requires less documentation than obtaining a Personal Loan. The KYC documents are the only ones that must be produce. If you apply with ICICI Bank, you will not be require to present evidence of income. One of the most significant benefits of applying for a Gold Loan from ICICI Bank is this.

• Repayment of the loan at the conclusion of the term 

The term of a Gold Loan might be as short as one year. You have the option of repaying the loan in 6 or 12 months, depending on your needs. ICICI Bank provides a Gold Loan without an EMI option, giving you the freedom to repay the principle and interest at the end of the loan period.

When you pledge gold valuables or ornaments with ICICI Bank. They are house in a secure vault within a secure area within the bank. As a result, you can be certain that everything is safe and secure. The best part about this loan is that gold loan payment online is really very easy. 

Conclusion 

India is the world’s second-largest gold consumer, with inhabitants placing a high cultural value on gold coins, bars, and jewellery. In fact, the general director of the World Gold Council stated in an interview with Indian financial daily. The Financial Express in November that Indian families have amassed up to 25,000 tonnes of gold.

Many customers with gold in their possession are contemplating gold loans as a way to satisfy their credit needs, and Indian financial institutions provide a variety of possibilities. Since the coronavirus epidemic occurred, gold loan firms and banks have reported an increase in demand for gold loans in the previous three months.