In a culturally rich country like ours, gold has managed to hold a deep-rooted place in every Indian household. Here, gold is associated with stability, surety, and prosperity and is an essential part of all rituals and giftings.
The latest World Gold Council data says that the consumption of gold in India has increased to 797.3 tonnes in 2021, even though the world is fighting the perils of the pandemic. Notably, this is the highest gold consumption over the last five years in the country.
This number is stated to further increase with gold consumption expected to rise to around 800-850 tonnes in the year 2022.
Since it is a household asset, gold has come up as one of the most convenient and popular methods of raising funds also, in the form of a gold loan.
What is Gold Loan and How can You Get it?
A Gold loan is a type of secured loan under which the borrower pledges gold ornaments as collateral for the loan amount they receive loan against gold.
The per gram market rate of gold, its purity, and weight on the day of loan application decides the value of your gold while taking a gold loan. Additionally, only the gold part of your jewellery is considered while calculating the value of your gold, and other things like stones, gems, and metals are excluded from this value.
The loan that you take by pledging your gold can be repaid in the form of easy EMIs, bullet payments, installments, and part payments.
Muthoot FinCorp, a leading name in the industry, offers you a loan against gold at the best interest rates and within a short time. Facilities like instant credit and immediate access to cash have made Muthoot FinCorp the most preferred gold loan company and a favorite among its customers.
Simply deposit your gold as collateral at any of the company’s branches and meet the minimum documents required for gold loan like ID proof and Address proof.
Within a single visit, you can walk out with your gold loan by simply giving the gold and KYC documents and using the money for your impending needs.
Flexible Tenure, Hassle-free Documentation, and Other Features of Gold Loan with Muthoot FinCorp
Getting a gold loan is unarguably more convenient and hassle-free than any other kind of loan. Let’s have a look at some of the key features of getting a Gold Loan with a pioneer name like Muthoot FinCorp:
- Absolutely safety of your pledged gold in safe vaults with tight security and 24*7 monitoring through CCTV cameras.
- Up to 80% of the value of the gold pledged and a loan of up to Rs. 1 crore or more.
- Unbelievable short loan processing time of just 30 minutes.
- Zero foreclosure charges after three months for paying out the entire loan amount.
- Availability of flexible tenure and repayment options like only paying the interest amount upfront and paying the principal sum later, paying the principal amount as well as the interest amount after one year, or repaying the loan in the form of regular EMIs.
- Requirement of minimum documentation with the loan being processed by subletting only the KYC documentation. There is no need to submit your income proofs, and credit checks are not required before giving the gold loan at Muthoot Fincorp.
- A free online gold loan EMI calculator available to help you decide on the most suitable repayment plan for yourself.
- A unique 24*7 SMS-based top-up facility on a gold loan to transfer money directly to the borrower’s bank account.
- Loads of additional benefits like cash back on digital payments, regular on-time payments, and timely completion of loan terms.
During financial emergencies, people often have to undergo lengthy procedures and documentation to avail of personal or business loans. In such situations, a gold loan makes your life easier. With a gold loan, you do not need to look out of your home to arrange for funds and can arrange the required money using the ornaments and other gold items lying in your home.
You can use the loan amount you receive in the form of your gold loan to meet various financial needs like personal expenses, medical reasons, business expansion, education, etc.