India is a land of values, cultures, and traditions. It is the home of celebrations and festivals, where gold is considered as an auspicious metal. Further owning gold is regarded as a prestigious thing. Gold can be found in every typical Indian household. However, apart from the cultural notions associated, gold can be put to good use to arrange funds in times of financial needs. This can be done by availing of gold loans. If we can have a look at the gold prices in india, it reflects that the market shows a postive trend.
Gold loan is the amount that the potential borrower borrows from the lender, whether bank or NBFC, by keeping his or her gold at stake. Various Banks and NBCFs provide gold loans at varying interest rates. A gold loan is considered as the easiest to avail the gold loan, because it puts no bars based on income and occupation, and also involves least documentation. Thus, availing a gold loan is easy. However, to avail a gold loan fast on needs the desired clarity. One can avail a gold loan quickly by following the below-mentioned steps:
Research: The first thing that one should ensure before availing of a gold loan is that he or she owns a complete knowledge of it. At times, before applying for a loan, one tends to get confused about knowing something ‘new’ about the loan process. Clearing these confusions can, at times, be time-consuming. Therefore, it is better to research thoroughly about factors like a loan to value ratio, loan amount, gold price trend, and also the terms and conditions of the lenders.
Compare Interest rates: Just like gold is common to all Indian households; similarly, gold loan is typical amongst all lenders. Banks and NBFCs provide gold loans at varying interest rates. Thus, choosing the best deal out of all is essential. This can be done by computing interest rates on gold loans in advance, using the gold loan EMI calculators. Choosing an interest rate that ensures a lower EMI will create less burden, and thus is a wise thing to do. The current interest rates on gold loans begin from 10.50%. Prior calculation of loan EMI helps the borrower make a wise decision in less time.
Prepare for the documentation: The documentation involved in a gold loan is minimal. However, carelessness in this can also lead to wasting time. A gold loan requires minimal documentation, with just address and identity proofs. For offline applications, one should not forget to keep them handy, and for online applications, scanned copies should be well arranged beforehand.
Apply online: The best way to apply for a gold loan fast is by using online. Various lenders provide online gold loan application websites on their online portals. The online applications involve quick loan processing and thus are time-saving. Further, the online gold loan application can be cost-cutting as well, because the administrative and operational costs can be easily avoided.
On a concluding note, applying for a gold loan is a wise thing to arrange for ‘quick funds.’ However, a complete knowledge of the loan product is equally necessary. Also, one must always be careful while applying for a gold loan. The urge to get a loan fast, should not get in the way of a thoughtful loan application.