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GOLD LOAN: ALL YOU NEED TO KNOW

Posted on Thursday August 6th, 2020

Gold loan, also known to as Loan Against Gold. It is a type of secured loan. Gold loan is always availed by pledging gold ornaments with the lender in exchange for money. You can pledge your Gold ornaments, jewellery, coins, and bars to avail of the gold loan. Your gold loan would be as safe to the lender until you repay the loan amount.

Gold loan is similar to a personal loan, there is no restriction in using the money. You can use the gold loan funds for paying medical bills, Tuition fees, purchasing a car, renovation of home and emergency needs.

Features of Gold Loan:

1. Secured loan: – Gold loan is one of the type of secured loan. Your CIBIL score does not matter in this. It does not matter if your poor score. All you need to have physical gold to lend. A secured loan is offered at a lower rate of interest.

2. Flexible Repayment: – You can repay the loan either by EMI or pay regularly the interest and principal amount lump sum at the end of the loan tenure. Gold loans are popular for this flexible repayment.

3. Quick Processing: – Gold loan lenders do not bother about the Credit score as it is a secured loan. Paperwork and other formalities involved in gold loan processing is very minimal. This is because the lender gets your gold in exchange for money.

4. Quick Disbursal of loan: – Gold loan can be disbursed within 10 minutes as the documentation work is very less.

5. No restriction on funds utilization: – Funds received as gold loan can be used for any purpose. You can use funds for purchasing a car, renovation of home, medical expenses, and education expenses.

The loan amount and interest rates
The loan amount varies from organization to organization. It depends on where you Apply For Gold Loan. The loan amount will vary if you get it from a lender or a bank/financial institution. Both private and national banks offer gold loan. The amount sanctioned will be decided after verifying the purity and weight of the gold bars or ornaments. Then the current market rate for gold will be considered based on which you will get a loan. The majority of the lender and banks/financial institutions offer 75% of the value of the gold, which is pretty good!

Again the interest rate will also differ. Private lenders tend to charge higher interest rates than banks. It is a better option to get a gold loan from a bank than from a private lender. Banks levy less interest rate due to the nature of the loan. A gold loan is a secured loan. Hence the interest rate is pretty low compared to other types of loans.

Repayment of loan amount
There are different ways you can pay off the loan. You can either pay the whole amount along with interest at the end of the tenure or may choose EMI. Banks give you more options when it comes to repayment of loans than private lenders.


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HOW TO GET QUICK FUNDS THROUGH GOLD LOAN BY SHUBHBANK?

Posted on Monday July 27th, 2020

Nowadays, irrespective of what is happening with economy due to this pandemic, gold purchase continues among Indian households and prices are hiking gradually. One of major reason for this demand is, gold not only serve as precious metal or important part of culture and customs but the benefits associated with it after pledging it to lenders to get quick funds to fulfill the requirements in emergencies. With skyrocketing prices, a gold loan can fetch you a higher quantum during financial crisis. All you must have to acquire gold for getting a gold loan. It is a secured loan and does not get affected by Credit Score.

ShubhBank will make a gold loan easy for you as we are seller of many financial products. When you Apply for Gold Loan the funds which get sanctioned are a percentage of the total gold’s market value. One can make the repayments via monthly installments, after repayment, gold is returned back to the borrower. There is no restriction on usage but the interest rate varies from lender to lender. Our digital platform helps you to get a fast gold loan as the hassles involved in processing are eliminated. Let’s have a quick look at few points that how to get quick funds through gold loan by ShubhBank:

• Gold loan can be availed at your doorstep.
• The processing of loan along with disbursal gets completed in few hours.
• We have a completely digital lending platform.
• The rate of interest is very competitive which will be easy on your pockets.


When you apply a gold loan, you are able to lessen costs like operational costs to a great extent which will help you to avail lower interest rates and making your loan cheaper as most of the borrowers face the problem of not having enough funds to meet loan processing terms.

An Online Gold Loan from our digital platform offers you a low rate of interest, customized loan scheme, doorstep services as well as pickup and return of gold valuables. You will be surprised to know the ease with which gold loan can be availed in just a matter of few clicks.

BENEFITS OF ONLINE GOLD LOAN
• Doorstep service
• Highest loan quantum
• Customized tenure
• Competitive interest rates
• Insurance cover offered


Availing a gold loan from ShubhBank is as easy as shopping from online websites. You just have to visit a website ShubhBank.com. Search for the gold loan and apply it. Our executives complete the KYC process at your home and loan money is transferred instantly to your bank account after approval. There is always a threat of cyber theft or fraud but our lending platform is extremely safe and secure. We ensure customer’s personal data should be encrypted and protected against any fraud; therefore, security audits and customized strategies are implemented to safeguard the information. This yellow metal is an investment tool which always offer you good returns and liquidity in the times of financial crunch by opting a gold loan.


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COMMON MISTAKES TO AVOID WHILE APPLYING FOR GOLD LOAN

Posted on Friday July 10th, 2020

Gold loan from ShubhBank is emerging as one of the popular ways to get quick funding for your needs and requirements. In India, most of the people hold the gold as a saving instrument but it is also increasingly being used as a credit tool these days. If you are looking for gold loan, there are some common mistakes to avoid while applying for a gold loan that are listed below to have a smooth loan journey.

High interest rate to get high LTV: The loan quantum depends upon the market price of gold per gram. Every lender allows for LTV of a maximum 75% and most of the lending institutes provide highest LTV offers at significantly higher rates of interest. Beware, always chose the deal which provide you higher LTV ratio at lower interest rate. To exemplify, ShubhBank offers Online Gold Loan at Competitive Interest Rates with highest LTV.

Interest rate calculation: Some of the lending companies often market their loans to show optically lower rate of interest and subjected to terms and conditions, you might end up paying a higher interest rate. There is also a term called jumping interest rate, where the interest jumps with the passage of time or on missing your EMIs. It is advisable to choose fixed interest rate and do check how your interest rate will be calculated.

Hidden charges: Multiple lenders hide a lot of charges in their loan agreement that commonly includes processing fee, foreclosure charges, penalty charges and auction related charges. Always counter in on additional charges to know the actual financial cost of your loan and these charges can be burdensome. You may Apply For Gold Loan at ShubhBank which offer transparent loan schemes with no hidden charges.

Wrong tenure: It means for the loan duration and may vary from 3 months to 3 years, so always chose a tenure that suits you the best. The longer tenure is not better always and ultra-shot tenure can lead to auction very soon. On the other hand, choose an optimal tenure from 6 months to 1 year. The interest calculation is always linked with your tenure; therefore, choose wisely depending upon your cash flow visibility and repayment capability.

Auction terms: If you ever default on the loan repayment then your gold will end up in auction. Your lender will be entitled to auction the pledged gold into the market to recover their loan money along with interest rate. You should be entitled to a prior legal notice before auction. In case, if you are short of cash flow to repay the loan, choose either to renew your loan or apply for a takeover with some other lender. Hence, it will save you from the auction of your gold.

As a borrower, you have to be aware and always take an informed decision. Don’t fell as a prey to marketing gimmicks and always research for best lenders and deals before taking a loan. ShubhBank has very handy deals of Gold Loan In India and you can go through them on our website.


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GET A GOLD LOAN FROM SHUBHBANK WITHIN FEW HOURS

Posted on Friday June 19th, 2020

As all knows, India is the largest gold consumer in this world. Irrespective of what is happening with economy during this COVID-19 pandemic, gold purchases continues among Indian people. In our country, gold demand has increased by 600% over the last 20 years and the major reason for that is not just gold is precious metal but it is an important part of the culture of India. However gold rates are rising day by day but there lies an opportunity for ample amount of investments. One of the significant advantages of investing in gold is the ability to avail a gold loan and help you to fetch higher amounts during financial emergencies. It is easy to secure a gold loan as it is not affected by low credit score and you just need to have gold for this. ShubhBank is a seller of many financial products and our gold loan is the most leading product in lending market as you can get a Gold Loan from ShubhBank within few hours as well as in simple and easy way.

The loan amount sanctioned is generally a percentage of the market value of total gold you are going to pledge. The repayment options will be flexible and in the form of monthly installments. Once you repay the whole amount along with interest rate, gold is returned back to you. The attractive feature of this loan is that you do not have any restrictions on usage. ShubhBank also offers Online Gold Loan services which are way faster than offline one. Let’s have a quick look at loan features:

• It is made available at customer’s doorstep.
• Loan processing is completed within few hours.
• Completely digital processing convenient for both lender and borrower.
• Attractive interest rates that would be easy on your pockets.


Gold Loan from ShubhBank offers you competitive interest rates, zero processing fees, doorstep services as well as personalized support from loan executive. The most surprising fact to know is the ease with which this loan can be availed. It’s just a matter of few clicks if you Apply For Gold Loan Online. Avail it by getting to our website ShubhBank.com and fill out the loan application with uploading your KYC documents. After approval, loan quantum is transferred to borrower’s bank account. The advantages associated with online gold loan are listed below:

• Loan service at your doorstep.
• High LTV ratio.
• Flexible repayment modes.
• Affordable rate of interest.
• Supported by renowned banks.


However, there is always a threat of fraud with online platforms but ShubhBank is extremely safe and secure. Our financial institution ensures borrower’s personal information is encrypted and protected against any kind of cyber fraud. We implement security audits and strategies to safeguard the customer’s data. If you are planning for a gold loan these days, apply a gold loan at ShubhBank and enjoy financial freedom and start your loan journey to fulfill your needs as well as to overcome your financial crisis by pledging your yellow metal with our organization.


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SEEK A GOLD LOAN TO RESUME BUSINESS OPERATIONS AMID LOCKDOWN

Posted on Friday June 12th, 2020

Gold is a precious commodity held by most of the Indians as a valuable asset in the form of jewelry and bars as it can be utilized to avail funds to support emergency cash requirements. Among many financial institutions, ShubhBank has identified the emerging financial needs of clients and to support their livelihood in view of the current turmoil of COVID-19 outbreak. We have set up a gold loan at ShubhBank, a product backed by gold jewelry as collateral in order to address the needs of people and to provide them hassle free credit. In recent times, traders and businessmen will seek a gold loan to resume business operations amid lockdown as the loan money is mostly used by small enterprises as short-term working capital.

The gold loan provides required funds for most of the small scale industries as they have not received any payments during the lockdown. Hence, they will need money and most likely to pledge gold for loans. Due to some relaxation in lockdown guidelines, ShubhBank being located outside COVID-19 hotspots have started functioning and witnessing the demand of Online Gold Loan at higher level in Northern India. However some customers are choosing to sell the metal to take advantage of unprecedented prices but demand for gold loans may rise in the lockdown as the risk profile of borrowers deteriorate. A gold loan from ShubhBank is uniquely positioned to capitalize on COVID lockdown demand especially for small business clients as many families have seen either a slowdown in cash flow or loss in business. This loan is most feasible and least risky choice to raise funds to keep the production unit and household ticking.

Our bank can provide quick finance to customers against pledged gold and quantum of loan can be sanctioned depending upon the factors such as purity of gold, tenure etc. The loan quantum also depends upon the form of gold either bars or jewelry and the repayment capacity of applicant. Coins and bars generally offer higher LTV ratio as compared to gold ornaments. When you Apply For Gold Loan your metal is evaluated and after valuation, 70-80% of the value of gold is offered to you along with applicable rate of interest. You can apply the loan online or by visiting our branch. You have to provide PAN, recent passport sized photographs, identity proof and address proof with loan application. A loan processing fee will be charged on it. In case, you default on loan, the lender has right to sell your gold to recover the dues as per the terms of loan agreement. Some useful points to be noted while you avail a gold loan are given below:

• Loan against gold at ShubhBank can be disbursed as quickly within 1-2 working days.
• This loan typically has tenure of 12-18 months depending upon loan money.
• Gold deposited by the borrower is kept in the safety vault in locker room of bank.
• When the loan is repaid, your valuable asset is returned to you in the same state as it was received.


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GOLD LOAN – A GREAT OPTION FOR FAST CASH

Posted on Wednesday June 3rd, 2020

COVID-19 is creating a unique problem of funding availability. Banks or Financial institutions may be flush with liquidity but are unwilling to lending except to blue-chip borrowers. The old unsecured loans like personal loans are getting harder to come by and lenders are looking beyond mere credit scores. This has created a unique problem for individuals and small businesses struggling to raise money. One option that has emerged is gold loans.

As in this situation, we can say that life does not always move according to the plans. There are high and low in everybody’s life and financial requirements may come up at any time. It may be emergency medical expenses, educational expenses, or investing the funds in existing business and many more. One should have funds in hand to meet them. The suddenness of fund requirements needs to be fulfilled, and the relatives or the friends may be unable to help, and one needs to take loans from banks and other financial institutions. It is a great option to consider Gold Loan with ShubhBank at a moderate interest rate.

Process of applying the loan
Getting a loan against keeping gold as collateral security is quite a simple process. One needs to pledge the ornaments biscuits, coins, bars, and any other material made of gold to the lending bank or the financial institution. This type of organization after scrutinizing the necessary documents and evaluating the ornaments by the experts decide on the amount of loan and approve it. The amount can be disbursed immediately through demand draft, cash or online transfer directly to the account.

Availing the loan
One can Apply For Gold Loan Online by visiting any of their desired bank or financial institutions website. The website of these banks and institutions provides all the details of taking a loan. One can get the hassle-free loan against pledging gold at a very moderate interest rate and an extended period of prepayments through monthly instalments. The process of taking a credit against them is entirely transparent and is quick and efficient.

However, one needs to visit the bank or the financial institute with the gold that is intended to be pledged so that the experts do a proper evaluation of the material and the amount settled. It needs to be done after the application is made online and the financial institute shows interest and reverts on the subject. The document for the title to be pledged for the loan should also be taken to the bank or the financial institution at the time for scrutiny and evaluation. Many of the financial institutions provide credit as high as 85% of the value that has been pledged. The gold pledged is entirely safe from any tamper or damage and one can get them back in the same form as at the time of pledging after clearing the amount and all other dues.

Overview
It is always better to take the loans to meet emergency needs and not selling them. Many institutions have opened their doors to provide loans keeping the gold as collateral security, and one can avail the can easily without wasting time.