Gold loans can be obtained in a couple of second by depositing the gold that you have your house in the banks and taking money against it. This is one of the oldest methods of taking loans and has been the most popular one among all the other loaning categories. But are you hesitant to give your jewelry to a bank? Well, this guide will tell you “All About Gold Loans“ so that you get a clear conception about them and no longer be afraid of it. Let’s take a look below:

The Benefits Of Taking A Loan

While there are hundreds of benefits of this type of loan, take a look at the major ones so you can actually be fearless about taking them –
• It is a completely secure loan. Many times people have a bad credit history, if you fall under the same category then rest assured that is not going to impact your chances of getting the loan.
• The individuals have complete freedom to pay only the interest rate of the loans. The principle can, however, be paid towards the end if you want to free your jewelry and bring it back to your house.
• For the people who are farmers or in any way involved in the agriculture sector – the goals loans can be availed at really cheap interest rates. With as little as 8% as the rate of it, even the lower class people can take it for all of their monetary needs.
• Gold is a corresponding item. So if you want a hassle-free procedure to get the money, the loans are your ways out. Since ornaments are collateral, the paperwork is absolutely little. All that is needed to get these loans are an address proof and a personal id.

The Loan Interest Rate

The interest rates of the gold loans are usually in and around the 13 – 16% scale per annum. This can go down even more if one is anyhow involved in the field of agriculture. It can be repaid back in between 12 to 60 months, and the installments are in equal amounts every year or month. The interest rate only can also be paid at the beginning while the rest of it can be returned in a slow and steady manner.

Eligibility Criteria

Any person who has age above 18 and is the owner of jewelry items can opt for this kind of a jewelry loan. So for the young people planning to get some capital for the business idea or house, this is one of the most amazing opportunities that they get.

The Overview

So we saw how they are easy to avail and there is no risk of your ornament being misplaced. Once you repay the full amount, the ornament will immediately be returned to you. So you can get instant cash without having to sacrifice anything huge. “Loan Against Gold“ are one of the safest options out there.