best gold loan in Mumbai 

We all need funds in our daily life to meet our daily life requirements. Getting a loan is the only option we have to get some funds from the banks or non-financial institutions. There are many types of loans like home loans, gold loans, property loans, etc. Getting a loan is not at all easy as it requires doing a lot of formalities like checking eligibility, documents verification, etc. Amongst these, a gold loan is one of the safest options as you will instantly get the loan amount in your bank the minute your documents are verified and the lender sanctions the loan.

You can get an online gold loan in Mumbai and other places as well. But it is important to find the right loan service provider so that you cannot face any kind of fraud. As per the RBI guidelines, you will get 75% of the amount depending on the gold you offer as collateral. Gold is the only asset that has the highest liquidity, so a gold loan is the best option in case of emergencies like medical expenses, child’s education, business set-up, down payment for vehicle purposes, or family trips. So it is always better to make the best use of gold instead of keeping that in the bank locker. You can easily get a gold loan in a hassle-free manner whenever there is a need for instant cash. Also, the gold you kept as collateral is kept safe in the safety vault, so you need not worry about the gold.

Following are the five advantages of a gold loan:

  • Quick processing- The gold loan has the easiest formalities and documentation process. The procedure is very quick and is one of the safer options. Once all the formalities are done, and the agreement is signed, the amount will be quickly credited to your bank account.
  • Low-interest rate- Gold loans preferably have a low-interest rate when we compare to the other loans. The interest rates for the gold loan ranges from 13%-14%, whereas personal loan interest ranges near 15%. This way, you can save a few bucks.
  • No processing fees- No banks and non-banking financial institutions do not charge processing fees, making the gold loan process easy.
  • No income proof required- The gold loan totally depends upon the gold you offer as collateral. The lender will never demand your income proof since the gold loan is secured against the gold pledged by the borrower.
  • Credit history- Gold loan criteria do not focus or rely on the past credit history. Lenders are assured about repayment of the principal component and therefore don’t rely on the credit history of the borrower before granting the loan.

So above are some of the top five advantages of a gold loan. If you are looking for the best gold loan in Mumbai online, you can contact ‘Ruptok’. They will make sure you get the gold loan at the ease of your home and will guide you to complete all the documentation requirements.