Know How Demand for Gold loans shines in trying times
Gold ornaments have high market value, and they work as a safety net during financial emergencies to raise instantaneous funds through gold loans
Written by Web Desk Team | Published :November 16, 2022 , 2:30 pm IST
Gold ornaments have high market value, and they work as a safety net during financial emergencies to raise instantaneous funds through gold loans. Lenders such as banks and NBFCs offer gold loans based on a certain percentage of the total gold value in the domestic market. The demand for an instant gold loan is witnessing the highest levels currently, and it has become the ideal avenue to raise funds in challenging times.
Why The Demand For Gold Loans Shines in Trying Times?
Sometimes, you may have inadequate funds and no collateral to raise money through other loan products. In such times, gold loans shine because of the following benefits.
●Immediate Capital
During financial emergencies, time is of the essence. A gold loan shines during such a time as they provide the amount you need within a short time. Lenders approve a gold loan application within 5 minutes and disburse the amount within 30 minutes of approval into the borrower’s bank account.
●No Additional Collateral
Unlike other types of loan products, the best gold loans do not require pledging a valuable asset such as real estate as collateral to avail of the loan amount. When taking an instant gold loan, the lenders provide the loan amount based on the total value of the gold ornaments without the need for any additional collateral.
●No End-Use Restrictions
One of the biggest reasons for the loan against gold demand to increase in trying times is its flexibility concerning the end use of the loan amount. You have complete freedom to use the loan amount for any purpose. You do not need to specify the reason for using the amount.
●Added Benefit
Instead of holding the gold ornaments in a locker, you can use the jewellery to acquire a gold loan when you need the cash. The lender also safely keeps the pledged loan in a safe locker until the borrower repays the loan. It provides an ideal way to create liquidity, increasing the demand for such a reason.
Avail of the Best Gold Loan with IIFL Finance
With IIFL’s Gold loan, you get industry-best benefits through our process designed to offer instant funds based on the value of your gold within 30 minutes of application. IIFL Finance Gold Loans come with the lowest fee and charges, making it the most affordable loan scheme available. With a transparent fee structure, there are no hidden costs you have to incur after applying for the loan with IIFL Finance.
For more info, visit https://www.iifl.com
FAQs:
Q.1: What documents are required for the IIFL Finance gold loan?
Ans: Documents required are Aadhar Card, PAN Card, Driving Licence, Passport, Ration Card, Electricity Bill, etc. Visit the IIFL Finance gold loan page to get the complete list of documents to submit.
Q.2: What are the interest rates on IIFL Finance Gold Loans?
Ans: The interest rates on IIFL Finance gold loans are between 6.48% – 27% p.a.
Q.3: How much time does it take for the disbursal of the loan?
Ans: With IIFL Finance’s gold loan, the loan amount is credited directly into your bank account within 30 minutes after the loan approval.
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