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HOW TO UTILIZE INSTANT CASH FROM GOLD LOAN?

Posted on Thursday April 29th, 2021

If someone wants to address any emergency financial needs, the efficient option one can choose is loan against gold. This loan is used as a ticket that makes easier for individual to cover their monetary commitments without getting panic. A gold loan need not require any lengthy application process and ensure that your financial needs get serviced at the earliest. The Online Gold Loan can be the most convenient option to tide over a period of cash crunch. It can be much beneficial, so take a look how to utilize the cash raised from gold loan.

⇛ Fulfill the business requirements: Some of the businesses like salons, boutiques and small eating joints do not require huge working capital for smooth operations. Thus, these business owners can opt for small loan money which helps to meet their capital requirements and can ensure their business keeps running without any hassle. It is also beneficial for the individuals who want to set up a business that does not need a huge investment.

⇛ Home improvements: If you fall short of money to cover your home improvement expenses, then a loan against gold can be your savior. You can easily secure the required funds to refurnish your home through a cash flow that you availed by pledging your precious metal with the particular lending institution.

⇛ Purchasing personal products: One of the most important reasons to Apply For Gold Loan is to purchase an electronic appliance for your home or office, any needed gadget. The loan quantum is especially handy when it comes to purchase air conditioners, refrigerators etc for your personal or professional space, a tablet or laptop for your children education or furniture to refurbish your home.

⇛ Medical emergencies: Life is full of uncertainties and any of medical emergencies can cause a cash crunch which can be difficult to cover up with your savings and you have to think out a back-up plan. Usually, this instant loan can make a perfect option for you which can support you to regain the financial footing under such circumstances.

These above mentioned requirements can be easily addressed with the help of online gold loan. The loan money availed by pledging your gold can be beneficial when it comes to meeting these funding requirements, owing to multiple benefits they offer and without any end-use limitations. One can borrow the funds based on the value of the gold they pledge as collateral and need not to meet any stringent eligibility criteria to avail the loan.

ShubhBank is a digital lending finance company that has not only made the gold loans easily accessible to potential loan seekers but also made availing instant cash online through its website ShubhBank.com. One just only needs to submit an application through our website owing to easy-to-use interface. The loan can be availed 24X7, as required by the borrower by pledging the gold. You can utilize your pledged asset without depreciating its value when you repay the entire outstanding amount in a given period of time.


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HOW YOU CAN PROCEED WITH GOLD LOAN?

Posted on Monday March 15th, 2021

In India, purchasing gold on special occasions and preserving it as precious ornament is an old tradition. Due to such huge demand where this yellow metal is used as savior in financial crisis, the prices of gold are also skyrocketing. Sometimes in life, you have to struggle for financial back up required during emergency situations. In such case, pledging this precious metal at lending institution help you to provide liquidity. Most of the borrowers opt Loan against gold which enables the person to generate quick money and utilize for personal or business purpose.

Process to secure Gold Loan
One need to visit the particular financial institution with your gold ornaments or can apply for gold loan online from website.
Upload or provide the basic documents required by the lender to get approved for the lender.
Afterwards, gold valuation is done to check gold purity then the loan will be sanctioned which may range from 75-80% of market value of gold. Moreover, lender may deduct processing fees which varies from lender to lender.
On approval, the loan agreement will be signed between lender and borrower and loan amount get disbursed directly to the bank account of borrower.

Benefits of Loan against Gold
Instant approval: You can secure this loan by pledging any type of gold jewelry either it is a gold ring, necklace or coin. You will get approved for the loan money as per the weight of pledged ornaments.

Security assurance: The borrower will be offered with 100% security assurance by keeping his/her pledged assets at high-security place. Even, you can rest assured of the security of your precious metal if you have taken a loan for longer tenure.

Higher gold loan value: The lender will give you the highest loan to value ratio considering the status of the current market value of the gold. It will help you to get the best value compared to other loan options.

Lower interest rate: You will get the lowest possible interest rates on gold loan as it is a secured type of loan. You can also pay the rate of interest as per your convenience according to preferred payment mode.

Minimum documentation: Whether you Apply For Gold Loan Online or offline, you do not have to submit or upload the piles of papers. You just ask to submit basic proof documents such as passports, voter id’s, driving license, aadhaar card, pan card, passport size photographs etc. to get approved for loan.

No prepayment penalty: In case, you want to end the loan before its repayment period then there will be no deduction on the prepayment. You can easily repay the loan money before the end of gold loan tenure.

Hence, if you are in tough financial times where you do not have enough savings to help you come out of the cash crunch, then securing a loan against gold will be best option for you. Do a proper research, and look for a genuine and authorized lender who has a prior record of offering a gold loan.


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FEW MISTAKES TO AVOID WHILE APPLYING FOR A GOLD LOAN

Posted on Monday September 7th, 2020

Gold loans are the convenient and straight forward method of raising the funds in emergency situations. Gold is usually secured in the forms of ornaments and jewelry often comes to the rescue whether you need it for wedding expenses, travelling or starting up a new venture. Many of the banks and NBFCs are in competition to give gold loan with great benefits and you can monetize your yellow metal without selling it in the market. However, many a times people get misguided, therefore needed to look after few mistakes to avoid while applying for a gold loan.

MISTAKES TO AVOID WHILE SECURING A GOLD LOAN
– A major setback proved for the borrower is not to check the lender’s credibility. The loan quantum in gold loan is based upon the fraction of gold that you have pledged to the lending institution resulting in the increased risk factor for borrower than the lender. Therefore, you must check the background of the chosen financial entity as you have to place your gold as collateral to the lender till the time you repay the borrowed amount back. Always choose a well-established lending institution that is regulated by RBI for gold loans.

– The other common mistake made by loan seekers is not comparing the lenders in the market. If you want to compare then you can use any of the aggregator websites as many of the lenders would be ready to give the loan amount evaluated on the basis of your gold. When you Apply For Gold Loan never go for the first offer because more you compare, better the offer you may find. Always choose a lender who offers lower interest rate or higher LTV ratio.

– There is another point that needed to be avoided is being negligent of repayment structure. It is always important to understand the structure and zero in on the best that matches your needs. Be sure about the requisite liquidity and how you are going to repay either in the form of EMIs or bullet payments otherwise you could lose your gold ornaments.

– It is important to get into the finer aspects of loan to value calculation while you Apply For Online Gold Loan or apply it offline. Most of the lending institutions rely on the data furnished by their central office to evaluate the gold and to grant you a loan for up to 70% of its market value. Being a smart borrower, you must have a good idea about the market value of your gold. However, quite often these values are flexible.

At the end, you must check upon the fine print of gold loan as yellow metal has more sentimental value and ensures disciplined repayment from the borrower. Do keep in mind the conditions in which your lender can possess the gold and auction it in case of any default or any prepayment charges if you close the loan before the tenure ends. Make sure to discuss all these aspects to have a safer and convenient loan journey.


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GOLD LOANS – HOW TO PROCEED WITH ONLINE APPLICATION

Posted on Wednesday March 4th, 2020

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.