- What is a gold loan?
- Applying for a Gold Loan
- Gold Loan Features
A PAN card is not a mandatory requirement to apply for a gold loan, but there are some other documents required to avail a gold loan. Read on to know what these documents are and what things are to be kept in mind while applying for a gold loan.
We Indians love gold. From the birth of a child to weddings and house-warmings, every occasion features this precious metal. The yellow metal is the keeper of value, and truth be told, Indians are one of the largest consumers of gold in the world. For us, gold is a symbol of status, financial security, and cultural legacy. Our elders have known the cycle of life, and hence, advocate to buy gold on a hay day to keep you safe on a rainy day! It might be helpful to understand how you can make the best use of the asset and learn the process involved to take out a gold loan. We will help you understand the nitty-gritty.
When you go to seek credit on your assets, gold in this case, typically you can avail of up to 75% of the pledged gold’s value as credit. The financing is quick and disbursal in most cases is on the same day and is charged as simple interest. This means you can liquidate your asset anytime.
So be it a wedding, child’s education, you wish to start your own business, or fund an existing one, whatever may be the reason be, if you have decided to take out a loan against the jewelry, let us get to the details of what all is needed to get the sanctions.
Gold is called a glittering asset because it comes with several benefits, such as the following, for the owner looking for this type of asset-backed borrowing.
While most individuals are eligible for taking out a loan against ornaments and the process is very easy, there are some simple eligibility criteria such as:
A PAN card is not a mandatory document to apply for a gold loan. Although, you need to ensure that you have the following documents when you go to the nearest Shriram City Branch to pledge your asset in lieu of capital:
You can visit a branch office and speak to the customer relationship manager about the loan. These days, the application process is also available online. You can read more about gold loan facilities here.
Shriram City Finance Union is the preferred partner for the new India. With their customer-centric simple and transparent processes, customers have various benefits. There are various schemes with different tenure on financing. The duration can range from 12 to 36 months. The interest rate starts at just 11.5% per annum. The verification process is quick and disbursal within minutes. Any individual can apply for credit without income proof and if you wish to repay early, there are no early payment charges. A win-win for everyone!
A piece of advice for loan seekers, while you can get the capital at any credit score, it is advised that you keep a healthy credit score to get the best interest rate.