Know the benefits and popular features of Gold loans

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Popular Features and Benefits of Gold Loans
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Gold loans

• If you need funds urgently and have gold
  ornaments lying idle in the locker, applying for
  a gold loan would be a good idea.
• These are secured loans offered by many banks and
  non-banking financial companies (NBFC) in the
  country.
• The lender assesses the current market value of
  the gold you are pledging and determines the loan
  amount. Hence, it allows you to get access to
  cash instantly.
• The following slides discuss some of the benefits
  and features of gold loans.

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Lower Interest Rate

• Being secured loans, gold loans are typically
  subject to lower rates of interest in comparison
  to most other financing options like home loans,
  personal loans or even credit cards.
• Top NBFCs especially offer gold loans at
  affordable interest rates.

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Versatile End Usage

• You can use the loan amount provided through the
  gold loan for just about any expense without
  having to worry about any end-use restrictions.
• They can be used for a medical emergency, to
  finance your start-up, to pay for the education
  abroad of your child, and so on.

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Fast Processing

• Gold loans help you to get funds within just a
  couple of hours.
• The lender would weigh the loan and disburse the
  loan amount almost instantly.

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Safety of gold

• Prominent financial institutions provide high-end
  security systems for the gold you submit as
  collateral.
• This gold will be safely kept in their vault
  throughout the loan period and be returned to you
  as the loan is repaid in full.

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Applying for Gold Loans

• Even the best gold loan company in India asks for
  minimal documentation while applying for a gold
  loan, like your address and identity proof to
  complete the Know Your Client (KYC) process.
• Most lenders are unlikely to ask you to furnish
  bank statements to assess your eligibility for
  gold loans.
• Anyone having an adequate amount of gold with
  them can apply for these loans.