Aspirations are an integral part of human mind. They compel us to buy, acquire, growth or do things. To fulfill such aspirations, you require a will and some amount of finance. While will is self-generated, finance can be either availed through savings or by borrowing a loan.
In reality, savings take a long time to achieve the financial goal and you may rarely keep up with the will to fulfill your aspiration. It is the option for the patient and the persistent individuals who accept certain delays in fulfillment of aspirations. However, for the fast, excited and impulsive ones, banks and NBFCs like Magma have launched the versatile gold loans.
What is a Gold Loan?
A gold loan is a simple borrowing offered to needy individuals by banks in lieu of their gold belongings. It is one of the most secure kind of lending wherein the gold belongings are kept as collateral with the lender.
Why is it Different?
Gold loans are secured loans. Hence, they do not carry any kind of tedious sanctioning procedure or stringent credit checks. You can simply walk into the bank’s office with your gold valuables and walk out with a gold loan. Minimum documentation, quick sanctioning, and versatile repayment options make all the difference for this borrowing.
What are its benefits?
Unlike a personal loan or any other loan, gold loan is available at low interest rates of 11 to 15%. In addition to this, they carry zero processing fees. Moreover, you do not require to submit your bank account statements, income proof, and other repayment capacity assessment proofs to the lender. All these factors make it more favorable.
How much loan is sanctioned? And for how long?
The loan amount is sanctioned according to the valuation of the gold valuables. The loan tenure is short (up to 12 months) and you can repay the entire amount at the end. Furthermore, NBFCs also provide foreclosure option (with 0% fees) to the borrowers.
So, why be patient with savings or tensed with personal loans when you can easily meet your financial need with a gold loan?