
In India, it is quite common that people pledge their gold and silver jewellery to different banks, financiers or pawn shops to obtain funds for personal (like paying urgent medical bills) or financial needs (like setting up a new business). It is a relatively simple process since not much documentation is involved. It is effortless to get a loan against gold products (within a few minutes, actually).
Some of the most common scenarios where loan against jewellery come in handy are:
Taking a gold loan is a much better proposition in terms of interest rates since it offers much lower rates than conventional personal loans. Thus, saving some precious hard-earned money for the customer. On average, you will get as much as 75% of pledged gold’s value as the mortgage amount from Shriram City Gold Loan plans. Till now, we only discussed the benefits and use cases of pledging gold/silver jewellery. But in this article, we will also shed some much-needed light on the needs and processes involved with releasing a part of the pledged gold.
We already discussed how to pledge gold and how to get a mortgage against it. Shriram City Gold Loan plans provide some crucial benefits and offer aggressive interest rates. Well, releasing gold is the opposite process. You have to ‘buy’ the gold back from the bank/pawnshop/financier at market price.
The interest rates on mortgages against jewellery tend to increase over some time. Thus, making it difficult for most people to buy back their pledged gold after a fair amount of time. In most cases, people lose their hard-earned money during this process. So, time is a crucial factor here.
It is always a good thing to save some of your precious property for yourself. The property here, being the pledged gold. For example, you will never want to give up whatever property you have at one go. It is always a good practice to save a little for the future. In this case, you will benefit by releasing some of your jewellery. If you can buy back the jewellery, then you will have something to start with again. You can again invest or deposit that jewellery for something in the future.
Sometimes the jewellery shops tend to give you lower value for your gold, and you cannot purchase your gold at that price. It must not happen as you should always try to get the right price for your gold. If the interest rates or the mortgage amount percentage is not good for you, you should release your gold and pledge it anywhere else.
Shriram City ensures that the gold you keep as a pledge gets you the maximum value. Gold loans are quickly done with significantly less documentation and secured by using authentic identity proofs. A mortgagerenewal facility is also available. In short, Shriram City is your one-stop access to all your gold-related financial opportunities. Even additional insurances are also there for the gold owners. Shriram City helps you to obtain gold mortgages without any additional charges and no extra hidden costs.
The method to gather funds using pledging gold is an old procedure. We Indians often pledged gold to get quick money during critical conditions. Generally, they use pawnshops, banks, and financiers. If we mortgage gold for a long time, it can cause complications. Hence, it becomes difficult to release this gold due to increased interest and other problems. As a result, people often lose their precious jewellery.
Reason:
We need to find authentic jewellery buyers who can give us the proper service to solve this problem. Either we can pledge the gold with the appropriate value or release them using easy methods. Shriram City is one such organisation that can help you to accomplish this difficult job. If we want to release the gold, we must follow the following procedure:
Hence, it is a safe, secure, and transparent process to release the gold without any complications and harassment. Customers can get multiple options to decide what to do with their jewellery. They can take assistance, use customer support and solve their queries from time to time.
People tend to take a loan against jewellery to get maximum value during critical situations. They can quickly raise the required funds. But the repayment is complex and challenging due to high-interest rates. If customers can’t pay the amount on time, financial organisations can lose that jewellery value. Hence, they directly release the gold at the end. To get the proper value, customers can take the help of Shriram City. We can provide a hassle-free release procedure with the least service charges and no hidden costs.
Idle gold can be pledged for raising funds & customers can utilise the money for medical emergencies, education, business expansion, and events. Shriram city offers loans against gold at simple interest to fulfil all the financial needs of a customer. Thus, We can provide you with premium service without any additional charges. Also, customers can take the benefits of EMI and NON-EMI schemes. Getting started is simple. We help our customers to get the mortgages in a single day by guiding them regarding documentation and other complexities.