There are many dreams that a person has in a lifetime. The most challenging part of it is to fulfill the same as most of the ideas need money to get perform. In that case, all the people search for the ways by which they can satisfy some of their dreams. In that case, it is now easy for you to make your dream come true with the help of personal loans.

How to get loans?
When you are heading for personal loans, you can see that there are various types of personal loans. Some of the banks to offer loans by keeping your valuables as a mortgage so that if you can’t pay the loan, they will sell it to recover the amount. Among all the kind of loans, going for the gold loan is always a better option.

Why gold loans?
Gold loans are such kind of loans in which you need to take and deposit the gold ornaments with the bank.
After that, they will check the weight and purity of gold, and then they will give you a loan based on the importance of the gold. But for that all, you need to apply for gold loan in the bank first.

When you apply, then you need to take the gold to the bank. But before that, you need to ensure some of the other things as well. As gold is a precious asset so before going to “Apply For Gold Loan“ you need to check some factors.

Factors need to check before taking the loan

1. Tenure for gold
When you are going for it, then you need to check the mandate for the gold loan. Most of the loan offer to you are usually for one year, but you can extend it as well for next few months.

2. Interest rate
The different bank offers different interest rate, and for that all, you need to make sure to go for the best interest rate giving bank.

3. Check for the loan amount
When you go to apply for gold loan you need to make sure that you check the amount of loan for it. All banks offer different loan amounts, but you can check your loan amount with the help of a loan amount calculator.

4. Repayment process
If you are availing any loan from any bank, then check the repayment process for the same. There are different ways by which you can pay the loan amount, and for it, you need to explore these options.
So, these are the top factors that you all need to check while going to apply for gold loan.

How to apply?
If you are interested in applying for the gold loan, then you can go for it by visiting the banks or even using it online. There are many banks that all now offer a “Gold Loan With The Best Interest Rate“ and other features for it. So, for all of it, you need to go through various banks and then decide about it.

Gold is one of the best investments in today’s world. It is a vital resource that has an increasing value. One can fulfill their immediate financial needs with gold loans. It is the quickest way to get money for personal or business requirements. With minimum documentation and secure storage, gold loans are a simple funding option to meet your needs. You can get funds instantly against your gold and repay at your convenience. It has become more comfortable now, as you can “Apply For Gold Loan Online“.

Eligibility
Any person owning gold ornaments can apply for gold loans, only minors (person below 18 years of age) are not eligible. The process of obtaining the loan starts by submitting your gold jewelry within a karat range between 22k to 24k. The loan amount will be sanctioned based on the gold valuation, involving the verification of its purity. The weight of the stones on the jewelry is deducted for an estimate.

Documents Required
You will only need one certificate of identification, such as the ration card, aadhar card, driving license, pan card, voter ID card, or passport. The second essential requirement is an address proof. There are no end-use restrictions on a gold loan. Unlike other investments, there is no need for a Guarantor or an Introducer. Even a bank account is not necessary to get the credit, only if the transaction is less than one lakh. Once these documents have been submitted, the approval is given in minutes, provided all the materials are in order, and are verified. All loan approvals are at the discretion of the branch head of any bank.

Rate of Interest
The base rate of interest is 14 percent, even though it depends on bank to bank. However, an additional interest ranging from 3-12 percent might be charged over the base rate, depending on the loan to value. There are no prepayment penalties. The monthly compounding interest is charged, which is to be paid by the borrower at the specified periodicity or during the closure of the loan. The rate of interest is fixed and is calculated based on a reducing balance.

The loan has to be repaid at the end of the loan tenure. There are no hassles of paying EMIs every month. Only the interest has to be serviced periodically as per the terms and conditions of the sanction. Repayments can be made by cash, cheque, or DD. There are also options for an online refund for online gold loan applicants.

Conclusion
If you are going through a money crunch and have a medical emergency, you can always “Apply For Gold Loan“. If you have planned a big fat Indian wedding for your child, gold loans are the solution to your monetary problem even then. Gold loans are the most accessible form of financial aid that is available. It is hassle-free and low maintenance. Apply for gold loans online that will make your work easier and quicker.

Gold loan from ShubhBank is an easy and quick way to meet instant financial requirements at low rate of interest. You can meet enormous range of needs such as child’s education, wedding expenses, business investment etc. You can meet your urgent needs by making the gold assets work by taking loan against them. The benefits associated with gold loan include hassle free and fast processing, no hidden charges and security of the collateral etc. here are some reasons that how gold loan benefits over other loans.

• It can be availed at lower rate of interest than other loans.
• The tenure ranges from few months to 4 years or more.
• There is no upper limit for loan amount in gold loan.
• Minimal documentation.
• No credit history and no pre-payment penalty.
• Benefit of fast disbursal as loan amount is provided within few minutes.
• Safe custody of asset.

It provides a lot of flexibility, something that is convenient by those who take gold loans. Another for this loan’s popularity is that you do not have to be employed or have to satisfy any income criteria to avail it. If you are 18 years old and own gold then you are eligible to avail a gold loan from ShubhBank. It does not include any exhaustive documentation and can be availed with only KYC documentation. Before applying you have to furnish the following documents:

• Two recent passport size photographs.
• Identity proof such as ID card, Aadhaar card, ration card etc.
• Address proof such as Aadhaar card, domicile certificate, utility bills etc.

Gold loans are always the best option to meet your emergency fund requirements. You also need to understand that you are borrowing against gold ornaments, which you need to repay with the accrued rate of interest. In case you default on repayment, then lender has authority to confiscate your jewelry to make up for the loss. You need to be more cautious while you “Apply For a Gold Loan“. Here are few tips for choosing a gold loan:

Compare rate of interest: Many banks and NBFCs are offering gold loans with great benefits. So make sure to get best rate of interest by comparing the interest rates provided by different lenders in the market.

Check add-on charges: Like other loans, there are always some add-on charges such as processing fee, documentation charge etc associated with “Loan Against Gold“. Therefore, you should understand all the add-on charges before applying for a loan.

Security of gold: You provide your gold jewelry as collateral so you must ensure the safety of asset. Always check the security measures at the lender’s end for the security of your gold.

Now you know gold loan better then make sure you take full advantage of it and educate others also to avail gold loan from ShubhBank. Empower all to make the better choice when it comes to taking a secured loan. Gold loans are preferred over other types of loans owing to quick disbursal without tedious paperwork.