We are all aware of the current scenario prevailing in India. Due to high covid cases, many people are struggling to run their houses. Unemployment rates are getting high, and also businesses are suffering huge losses. So here, people are left with no other option but to raise the loan so as to meet their daily requirements. Raising a loan requires a lot of documentation, and it is a hectic task. So it is important for the person raising the loan to check the eligibility criteria and the formalities required. Seeing all this, many people prefer to raise gold loans online.
During the pandemic, many people were suffering from business losses or unemployment, so the only option was to raise a gold loan. When it comes to raising a loan, a gold loan is one of the most preferable loans because it demands fewer formalities, and one gets an instant amount in their bank account. As per the RBI guidelines, you can get nearly 75% of the amount depending on your gold. Also, you will get the options of how you want to repay the loan. So, here gold loans offer much flexibility, so this is one of the most preferred loans by people. During a pandemic, we saw a great surge in demand for gold loans due to the cash flow problems faced by people. The best part of a gold loan is that you will instantly get the amount credited in your bank account once the lender verifies the document and you sign the agreement.
Following are the reasons why the gold loan growth curve was sky-rocketing:
- Easy accessibility- There is no doubt that gold loans are very easy to avail. At the comfort of your place, you can fill in the details online. The representative will visit the place and make everything easy for you. You will get the amount in your bank account after all the formalities are done.
- KYC at home- The lender’s representative will visit your place to check all the documents and for gold verification as well. Once he is satisfied with everything, your gold loan will pass. You can get this advantage if you apply for a gold loan online.
- No burden- Both parties won’t feel any kind of burden because even if the loan amount is not paid by the person, the lender can auction it. On the other hand, the person will get the option to pay in different ways like by only paying interest and principal amount when the loan matures, partial payment of both interest and principal, basic bullet repayment, etc.
- Low credit eligibility- The gold loan has nothing to do with the past credit history, which increases the chances of the person to get the loan if he/she has had any loan defaults in the past.
So above are some of the reasons why the gold loan curve was at its peak even in the pandemic. To avail of the online gold loan Nashik or any other place, you can contact ‘Ruptok’ as they will get you the gold loan at your doorstep.