By VP Nandakumar
 

Gold loan is the ideal option when you are in urgent need of money. It will help you get the money without losing the asset. However, you need to check the different aspects related to a gold loan. Otherwise, you may end up making mistakes that may turn costly at a later stage. This article is meant for those who consider over the counter, or online gold loan.

A gold loan (also known as a loan against gold) is a secured loan obtained from a lender in exchange for the borrower's gold articles (within a range of 18-24 carats) as collateral. Based on the current market value and quality of gold, the loan sum is a percentage of the gold, usually up to 80%. Nationalized banks, private banks, and other financial institutions provide loans at low gold loan EMI rates. Unlike other loans, which could have certain terms and conditions on how the funds will be used, this loan has no such restrictions. 
 

Your CIBIL score is a big concern if you are planning to get a loan. It is the yardstick to identify the credibility of a borrower. Banks and financial institutions check the applicant’s CIBIL score before approving a loan. You are at the right place if you are looking for tips on how to boost your credit score immediately. This article is intended to give a few methods for increasing the score to 800 and above.

By V.P. Nandakumar

Gold loan has been the savior for many at critical junctures. People can make use of the gold ornaments, bars, or coins held at homes or bank lockers and get money without any hassles. Manappuram has been serving customers pan India with gold loan schemes that can be acquired at lower interest rates.
Get in touch with us to apply for a gold loan online.
 
What is Gold Loan?
 

No one ever knows when an urgent requirement of money can arise. Banks and NBFCs are the support system to fall back upon when one is in dire need of funds. Such finance firms offer two types of loans for the borrowers, viz. secured loan and unsecured loan. We would be looking at what is a secured loan and what is an unsecured one. To state in simple terms, a gold loan is a secured loan. You might have got an idea of what a secured loan means. We would be discussing in detail what is a secured loan and what is an unsecured loan, with examples, in this article.

Gold loan remains the top option for meeting financial requirements on short notice. Imagine how tiresome it would be to arrange all the documents, observe the complex loan approval process and plead to bank officials for early sanction of loan.  None of us would like to get into such complications when in dire need of money. Gold loan is the savior during such circumstances.

Gold loan is the most preferable loan when one is in urgent need of funds. India has registered a quantum leap in the number of gold loan borrowers in recent years. The convenient loan application process, very easy documentation process, and feasible repayment options, including gold loan repayment online make a loan against gold the most advisable one.

By V.P. Nandakumar
 
To promote the next level of financial inclusion, let us remove restrictions on opening new branches that currently apply to gold loan NBFCs