Gold, a luxury and a valuable asset, isn’t only a materialistic status symbol, but the same may even be your saviour at times of financial crises. We all possess a touchy corner for our gold jewellery and accessories. No one wants to lose the same even at times of monetary emergencies, and thus the first question that arises is ‘How to use yourgold jewellery for an instant loan ?’
The financial market has come up with the help in the same scenario, understanding the need for money and love for the asset the gold loan schemes have been appreciated and considered suitable to meet the urgencies.
Defining: Gold loan
The financial companies provide you with the option of lending money in return to keep the gold as collateral (security) against the loan amount. This is just like traditional money lending by keeping your assets to your lenders and regaining the possession of the same once you repay the loan amount in the agreed/contracted tenure. Likewise, in the older times here also you are not given a loan equal to the amount of gold. Only a fixed percentage of the asset’s market value is granted as the loan amount.
Immediate gold jewellery loan options: the need for the same
Uncertainties are a part of life, and these are generally sudden. These can be business-related, medical emergencies, or any other. The gold assets may not be sold out easily till you get the fair amount so, the option of gold loan suits you the best. The financial institutions and loan providers offer quick ways to encounter such emergencies by providing you with quick loans with the best offers and minimum paperwork and waiting period. The gold loans are the best means to cover up your additional finance/ monetary requirements and live-in peace without losing possession of the assets.
Type of gold jewellery considered as fit for exchange of money
The hallmark ranging from 18-24 carats with 99 percent purity certification is accepted as the security for the loan amount. The same can be in the form of gold coins, jewellery sets, rings, etc. The certification should be by RBI standards.
Who can all opt for the gold loan, and what are the defined steps for getting the same approval?
The minimal requirements of getting a gold loan approved are 18 years of age, and the owner of the gold is offered as security against the loan amount. Being your asset in the hand, these financial gold loan services are least considered about your income, credit score, and any other information.
Applying for the same is monotonous as this is similar to any other secured loan. The lender’s money is never at stake, as in case of timely payment failure, the lender is legally privileged to recover the amount by selling/auctioning the gold kept as a security.
That’s why this includes quick and simple procedures as well as approvals. In some cases, the granting of the same and the respective payment may be done on the same day. The only important step is the evaluation of the gold amount by the lender, and once that’s satisfied, you are done.