Gold loan in Mumbai is an excellent solution to any kind of cash crunch because there is no collateral except gold required by the lender. You can borrow small amounts to repay debts which will prove useful at a later point in time.
A gold loan is a secured loan, and the amount that you are borrowing is backed by gold. In case you are unable to do payment, then you will have to forfeit the same amount of gold, but still it is one of the best options to meet your urgent requirements as it doesn’t need any credit score and tedious paperwork.
Why Choose a Gold Loan?
The most important benefit of taking a gold loan is that the loan will be taken at a lower interest rate than what you would normally be offered on a home loan or auto loan. However, it is important to keep in mind that for a gold loan to be affordable, you will have to ensure that your loan is within your ability to pay. You can apply for a gold loan if you have the requirement for any large sum of money in a short time.
Moreover, gold loan interest rates are lower than normal bank or NBFC loan rates. The interest rates vary depending on the loan amount, term of the loan, and the tenor of the loan. The minimum loan tenure is usually one month, and the maximum tenure is up to 24 months.
How to Get a Gold loan?
You can avail of a gold loan from a reputed gold finance firm and
- Hold your gold jewelry as collateral in exchange for the loan amount.
- The funds are provided in cash, and the gold is released to you in cases of delay in repayment.
- You can also get a gold loan with small, easy installments that can help you with small expenses and allow you to save money on recurring ones.
The loan interest can be as low as 7% to 12% to meet your needs.
Below are some of the advantages of availing best gold loan in Mumbai.
Unlike loans and other loan-based solutions in which you have to go through a lot of formalities and documentation, a gold loan company in Mumbai like Ruptok comes with no hassle and no paperwork. It is a simple and hassle-free way of saving your valuable jewellery.
So, the next time you are looking for a quick fix solution for your financial problems and want to save some money by accepting a short-term loan for getting gold, you know where to go.