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WHY GOLD LOAN IS BEST OPTION FOR LOW CREDIT BORROWERS?

Posted on Monday July 25th, 2022

Nowadays, individuals looking for required funding have a lot of options offered by the lending sector and the best option among all credit solutions are Gold Loan especially for the loan seekers who have low credit score. There are number of people who suffer financial crunch and Apply For Gold Loan as it has speedy disbursement and flexible repayment structure.

A loan against gold is a secured loan that demands you to keep your gold ornaments and jewelry as collateral to the lender to access desired funds. It proves to be viable choice for low credit borrowers with short term cash needs.

The loan money can be used to fund any financial crunch and it is convenient because of its characteristics which are mentioned below:

High loan quantum: As compared to other secured and unsecured loan solutions, gold loan has a higher loan amount cap. The loan money directly based upon the quantity and purity of the gold that you are going to pledge with specific lender. This loan is the good option if someone requires a more considerable borrowing. One will get the 70-80% of the gold value as a loan amount.

No need of credit history: In case of gold loan, one needs not to be concerned about their credit history because lenders never consider your credit report while approving your loan application. The best thing about gold loan is that you are not obliged to disclose any existing loan before applying for loan against gold ornaments.

Low rate of interest: The gold loan has a lower rate of interest as compared to other secured loans such as Home Loan, Loan against Property and Machinery Loan etc.; therefore loan against gold is less expensive than other types of secured loan solutions. It means you will be required to repay the loan money with less money from your monthly budget without burning a hole in your pocket.

Flexible repayment structure: This is the best feature of gold loan because unlike other loans, gold loan can be availed with various loan repayment options. There are basically three types of repayment choices such as regular EMIs, you can pay only interest during the loan tenure and principal amount at the end or you can pay the interest as well as principal amount after the tenure with no repayments made in meantime.

Hence, it is an attractive option and one can Apply For Gold Loan Online or offline by leveraging their possession to receive desired cash in an emergency situation. ShubhBank is one of the leading NBFCs across country that provides gold loan with lowest and effective rate of interest. We provide you the flexible repayment options from which you can choose the best suitable for you.

One needs to submit their basic details and gold ornaments to the lender to get immediate funds which they can use for their personal and professional needs. We are there to support our customers in the direction of growth and to provide all the loan services at their doorstep valuing their time and money.


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HOW TO REPAY GOLD LOAN IN EASIEST WAYS?

Posted on Wednesday June 29th, 2022

Nowadays, gold proves to be a great asset to acquire funds in the times of cash crunch. Most of the lending institutions offer gold loan with flexibility in terms of repayment. One can choose to repay in part payments or EMIs, bullet payments depending upon your needs and budget. Before you Apply For Gold Loan you must need to understand all the repayment schemes.

There are some repayment ways associated with gold loan that would prove to be a key for comfortable loan journey in a fixed tenure. Here, we have listed all those repayment methods in detail:

Equated monthly installments: EMIs or monthly installments are the most common method of paying back any type of loan. The repayment of loan against gold can also be done by opting for EMIs. If you have a regular income source then it is the most suitable method to repay a loan.

One can use an EMI calculator to calculate the exact amount of installment according to their monthly inflow of funds. The principal amount and interest rate payment as EMI would start right after the disbursal of loan money. Calculating your EMI prior to applying will help you in understanding of your loan cost and help you to manage your expenses.

Monthly interest payment: This method is similar to EMI method but with a little difference. In this case, you only have to pay the interest accrued on the loan quantum each month. You have to pay the entire principal amount at the end of the loan tenure. This method is suitable for the borrowers who have low income or do not have regular source of income.

Bullet payments: It is meant to be onetime payment where lender would charge monthly interest on the loan amount but the payment for both would be due at the end of the repayment period.

Bullet repayment would be a best method for short-term gold loans ranging between 6-12 months. However, it is a great option but one has to pay more money in form of interest rate at the end of loan tenure. As it is an expensive way to repay gold loan but suitable for those borrowers who cannot afford monthly installments and have an unstable source of income.

Partial payments: It is another popular way for gold loan repayment. A partial payment meant for making lump-sum payments for loan when you are able to do so. This is the great and easy method for individuals who are unable to pay monthly installments.

One can customize the amount to be repaid depending upon repayment capacity. It can save you a lot of bucks by making larger payments at the initial stage of loan tenure as it will reduce your interest burden.

Foreclosure: It stands for repaying the entire loan amount before the tenure ends. The repayments can also be made by making pre-closure payments. if you pay the full amount during your tenure, you can pay off your gold loan conveniently and take your pledged ornaments to your home instantly.

Therefore, before you Apply For Gold Loan Online or offline, choose the best way of gold loan repayment and enjoy a hassle-free loan journey.


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HOW TO AVAIL A GOLD LOAN FROM DIGITAL LENDER?

Posted on Wednesday December 29th, 2021

Nowadays, digital payments are convenient and ought to be a necessity of every market. The restriction in the Corona virus Pandemic further pushes the necessity. Likewise, digitalization has also impacted the lending market as well as the way borrowers borrow money. Anyone can secure the funds and get credited with just a click of button sitting at their personal space.

As digital borrowing is on fast pace, therefore, one can easily Apply For Gold Loan digitally as it is most convenient and instant loan offered by the lender but there are certain things which one should remember before taking a loan from digital lender.

Check the lender’s credibility: It is most important to go through the credibility of particular lender before you decide to take a gold loan. Firstly, check the digital presence of the lending platform based on number of factors which include authentic lending app or website, application form, existing customer reviews etc. secondly, check whether the lender is verified and registered with RBI.

Payment Mechanism: One must make digital payments for your loan on your verified account as you can track it easily. Never accept the payments under a loan executive’s title. Nowadays, digital lending institutions offer flexible repayment options for online gold loans which you can repay by EMIs using various methods i.e. bullet repayments, over draft facility and regular EMI option.

Customer relationship management: Always make sure that the verified lender provides you with real time and efficient customer services. One will receive reminders regarding interest payments as in text messages or through e-mails, when they secure gold loan through a legit online lender. An efficient digital lender will ensure communication from the very first day of your application until the full repayment of your loan.

Rate of interest: It is the most significant thing when you Apply For Gold Loan Online as it will give you easy access to compare the various lenders and rate of interest charged by them without affecting your CIBIL score. Moreover, when you avail any loan digitally, various loan processing charges associated with gold loan get waived off, hence lowering the borrowing costs.

Understanding the loan agreement: The digital lending institution will make you understand all the terms and conditions and the other hidden charges associated with the gold loan. It would be wise decision to go through every clause mentioned in the loan agreement before signing it. One must check the gold loan terms before signing the blue print of the agreement.

The online lenders in the market are primarily governed by NBFCs (non-banking finance companies) which means that they are the front runners in the gold market. Therefore, if you are planning to avail the best gold loan scheme and personalized assistance for the loan digitally then ShubhBank would be better choice as we offer online gold loans at attractive rate of interests and our efficient team will assist you through each and every step of the gold loan processing making your loan journey easy.


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WHAT BASICS TO KNOW BEFORE APPLYING FOR A GOLD LOAN?

Posted on Monday November 22nd, 2021

Nowadays, prices of gold have crossed 50,000 for every 10 grams in the country. It is the highest ever price of this precious metal so far. Therefore, it is evident that gold is quite desirable among countrymen whether it’s for wedding purpose, investment or any other reason.

However, pandemic is near to an end but it has adversely affected the economy globally. The expenses are rising and incomes are getting low, so it is difficult for natives to survive in this falling economy. Unfortunately, if any medical emergency arises in a house, the expenses can go up in lakhs. In such a case, Gold Loan is the best solution for you. Hence, we have listed some basics for you to know before you Apply For Gold Loan and to make you understand better.

What type of gold can you pledge for loan?
If you are planning for a gold loan, you can directly pledge your gold jewelry as collateral. The loan amount will be evaluated on the basis of purity of your gold. The one thing to remember is that any bank or NBFC will not accept the gold bars, coins or bullions.

How one can avail gold loan in India?
All you need to have gold and visit the specific lender. Once the lending institution assesses the purity of gold, they will decide upon the loan amount that you can secure. The RBI guidelines strictly mention that the loan quantum cannot exceed 75% of the value of your pledged gold ornaments.

Is your gold secure with the lender?
Everybody is afraid and have a risk factor about pledging their assets when they apply for a gold loan. So, it is advisable to opt a reliable lender for gold loan and beware of an unlicensed financial institution. You can choose ShubhBank as one don’t need to worry about the security of their precious metal.

What kind of papers need to submit for loan?
A gold loan requires very less paperwork as one has to submit some basic documents such as identity proof, residence proof and passport size photograph. The individuals who don’t have a PAN card, they need to submit Form 60.

How much time does gold loan take to process?
Gold loans are one of the fastest loans to get approved either you Apply For Gold Loan Online or offline. If you have all your documents in handy, you can get the loan money disbursed within a few hours.

What repayment options are available for a gold loan?
Gold loan offers an easy and convenient repayment options and one can choose from the following types such as upfront interest, bullet repayment or regular EMIs based on their convenience.

What happens if you default on gold loan?
If you default on loan repayments then keep in mind that lender has every right to auction your pledged gold to recover the outstanding loan amount.

Thus, if you want to apply for the best gold loan, visit ShubhBank to borrow the customized loan solutions for you.


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WHAT GOLD LOAN BASICS TO FOLLOW BEFORE PLEDGING GOLD?

Posted on Thursday September 30th, 2021

Nowadays gold prices have rocketed to 50,000 for every 10 grams which is known to be highest price ever in the country. Undoubtedly, gold is quite desirable among Indians in various aspects such as for weddings, savings, and investments or for many more reasons.

As a whole nation is suffering from pandemic, it is difficult for everyone in this falling economy to survive. If there is a medical emergency and expenses can go up to several lakhs or to cover up any loss in the business, you can Apply For Gold Loan to fulfill your needs. In this article, we have mentioned a list of FAQs with answers to make you understand better about loan basics.

Which jewelry can you pledge?
If you are planning to opt for a gold loan, you can pledge any of your gold ornaments and your loan quantum will be decided on the basis of purity of your gold. However, gold bars or coins will not be accepted by any lending institution.

How one can avail a gold loan?
To avail a gold loan, you just have to get in touch with selected lender either online or offline. Once the lenders assess the purity of your gold, they will evaluate the loan money that should be approved for you. The loan money cannot be more than 75% of the market price of gold as per RBI guidelines.

Is your gold safe with lender?
There is always a risk factor when you apply for any secured loan as you have to pledge an asset to the lender. Therefore, be aware of all the terms and conditions proposed by the lender. You can also apply for a gold loan via ShubhBank where you don’t need to worry about the safety of your gold.

What paperwork you need for gold loan?
A gold loan requires a minimal documentation which may include your recent passport sized photographs, ID proof and residence proof. The individuals, who don’t possess a PAN card, can submit a Form60.

How much time it takes to get a gold loan?
Either you Apply For Gold Loan Online or offline, it is the fastest loan solution to get approved. If you have all documents in hand, you will get the loan quantum disbursed in your bank account within few working hours.

What are the charges on gold loan?
The charges involve processing fee, repayment charges as well as evaluation fees. While applying a loan against gold through ShubhBank, one can unlock the best deals ever at the lowest possible rate of interest.

What if you don’t repay a gold loan?
If you are unable to repay the loan money in any case, you should know that lender has every right to auction your pledged gold to recover the outstanding dues of your loan.

Hence, if you want to apply for a best and cheap Gold Loan in India, visit ShubhBank or click on our website and we will always be there to help you to fulfill your financial needs.


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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.