GIndia’s love for gold is well known in our whole world. old isn’t the store of value but also had seen a greater amount of capital appreciation over the decades. Do you know that you can use this gold for funding the emergency of cash replacement like business expansion, child education, medical emergency, down payment for vehicle purchase, etc? If you are also in a dire situation and need cash very urgently, you can consider the ideal gold that is lying into your locker for funding the emergency cash replacement. Many nonbanking and banking institutions offer gold loan in Hooghly. Gold loan is the easiest and trouble-free way of getting instant cash. You can get a loan against the gold in any form whether gold coin, jewelry or biscuits, or bars.
Following are the ranges of benefits that gold loan offers-
Faster processing
As the Gold Loan in Hooghly is backed by physical gold, the bankers are generally more than happy to give a loan. Lending against the gold is safer for the bank as they have the option for selling the gold in case you default. Therefore banks usually disburse the loan in several hours. This is because the processing time is less.
Option to Pay The Interest-Only
Gold loans have a matchless feature where the borrower has the alternative of paying just the interest part and the principal amount can be paid during the time of loan closing.
Low-Interest Rate
As these are secured loan bank charge low-interest rates compared to unsecured loans like a personal loans. The interest rates usually are in the range of 13-14% while personal loan usually begins with the interest rate of 15%. Also if you attach another security as collateral, the gold loan interest rate can be further reduced.
No Processing Fee
Many non-banking financial companies and banks do not charge processing fees as these loans are given instantly instead of gold that is held as collateral with the loan lender.
Low or No Foreclosure Charges
Some of the lenders do not charge any prepayment charges while some charge a prepayment penalty of 1%.
No-Income Proof Needed
Usually, the lender does not ask for income proof as the loan is secured against the gold to keep with the banks.
Gold Safety
The responsibility of security of the gold lies with the lender. It will remain safe into their vault; you don’t have to worry all about that. After you repay the loan you will get the gold back.
Finale
So these are all the benefits of getting a Gold Loan in Hooghly.