The COVID-19 crisis has been a whirlwind resulting in huge blow to the economy. It has been three months since the coronavirus pandemic surfaced in India and with the increasing number of cases from day to day in country; people have to self-quarantine them in their houses for indefinite period of time. Therefore, no doubt this pandemic has brought economic recession and we are looking at job losses and reduced income. Now the question on the wall is how different will be the financial life post COVID-19? There will be major shifts in your daily lives, personal finances, and household budgets as well as in financial markets as most of the people have missed credit card bill payments, loan EMIs and insurance premiums dismantling your savings. We at ShubhBank would like to support you during this difficult time with our “Gold Loan“ as it has minimum eligibility criteria and doesn’t require credit score. Here we will discuss how Gold Loan from ShubhBank would be a savior in COVID-19 economic downturn to process your credit needs.

The potential power of the Gold Loan is becoming a word of mouth nowadays. Some decades back, gold loan was a high cost affair but today this financial product has become more formal and transparent with ore organized banks and NBFCs in the market providing loan at interest rate of 15-25% per annum. The Gold Loan from ShubhBank provides you the required funds by availing your gold jewelry as collateral security. One of the major benefits of the loan is that you can use it for various purposes such as to continue your business operations smoothly after recession, debt consolidation as you were unable to pay the credit card bills or utility bills due to shortage of money while sitting back at home from three months. There are few more fundamentals that drive the demand of gold loan among individual mentioned below:

• It is the easiest way to avail money as the chances of rejection are very low because it has a secured asset in form of your jewelry as collateral. One doesn’t have to show the income proofs, bank statements and income tax returns to “Apply For Gold Loan“.
• The good thing about this financial product is that it can be used for any purpose as it has no restrictions on the usage of loan money leading more and more people to migrate towards this loan.
• The most important question in the borrower’s mind is that how much the asset value can be financed? Here, at ShubhBank, you can grab high loan to value ratio that goes up to 70-80%.
• The gold loan can be repaid in many ways as per customer’s convenience.
• You only require basic identity documents like ID proof and address proof and there is no impact of your credit score on loan’s interest rate.
• If you apply online Gold Loan at ShubhBank, you can have a fair idea about loan money per gram with just few clicks of mouse on our website.

The scenario of gold loan market would upscale at a rapid pace in India after huge financial takeaways by this pandemic outbreak. So go for gold loan to fund your financial needs and emergencies.

“Gold Loan In India“ is emerging as a popular way of getting quick funds. Indians traditionally hold yellow metal as a savings component. Now it is also increasingly being used as a funding component. A Gold Loan from ShubhBank is a loan given by against the security of your gold ornaments and jewelry. If you are looking for a Gold loan then these are the top mistakes one should avoid while applying a gold loan.

• Opting High Interest rate to get high LTV: Gold Loan quantum depends on per gram rate of gold prevalent in the market. Most of the lenders allows for LTV ratio of a maximum of 75%. Some lending companies provide highest LTV scheme at significantly higher interest rates, so beware. To avoid burden of interest in future, always choose the schemes which provide your higher quantum at lower interest rate.

• Evaluate the Interest Rate Calculation: The lending institutes often market their schemes to show optically low rates of interest and subject the borrowers to terms and conditions which might end up paying a significant higher interest. Therefore, always grab a deal which offer fixed or constant interest rates and do check how your interest will be actually calculated.

• Wrong Repayment Mode: The traditional lenders offer EMIs as a repayment method whereas NBFCs charge monthly interest. In case of missing your EMI or a failure to make this monthly payment might lead to higher interest rate called as jumping interest rates. Always choose a repayment method which suits your cash flow requirements. The gold loan from ShubhBank offers flexible repayment option where a borrower can pay at any time during the tenure of loan without any change in interest rates.

• Ignoring the Hidden Charges: Some lending institutions often hide a lot of charges in their loan application. These charges may include processing fee, foreclosure charges, penal charges on late payment, and auction related charges. Always count on additional charges in your calculation to know the full financial cost of your loan. These hidden charges can be burdensome in long run. “Apply For Gold Loan“ from ShubhBank which offers transparent loan processing with no hidden charges.

• Choosing the wrong tenure: Tenure means the time period in which you repay the loan. Tenure varies from few months to few years. Therefore, choose a tenure that suits you the best. Keep in mind that how interest calculation is linked with your tenure. If you are charged with jumping interest rate, you might be paying higher interest with long tenure. Hence, choose wisely as per your cash flow and repayment capability.

• Being unaware of Auction term: In case of any default, your gold will be up for auction. Your lender will be entitled to auction your assets in the market and recover the loan money. It is wise decision to discuss the auction terms clearly prior borrowing and check the penal charges associated with auction.

As a borrower, be aware of not committing such above mentioned mistakes while applying for a gold loan. Always take an informed decision as you are entitled to do so.

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.