Are you facing a short-term financial crisis and don’t know where to turn? A gold loan from an NBFC may be just what you need to get your finances back on track. Gold loans are a quick and easy way to get the money you need without going through the hassle of applying for a traditional loan.
You can also use a Bajaj Finserv gold loan to tide over any short-term financial crisis in your personal or business life.
With a Bajaj Finserv Gold Loan, you can get up to Rs. 2 crore of loan amount against your gold jewellery. The interest rate on a Bajaj Finserv Gold Loan starts at just 10% per annum. You can repay the loan in flexible tenure ranging from 12 to 60 months.
The benefits of taking out a gold loan from an NBFC
- You can borrow against the value of your gold, regardless of its weight, purity or form.
- The loan amount is usually a percentage of the value of your gold, so you can borrow as much or as little as you need.
- Gold loans are typically for shorter terms than other types of loans so that you can pay them back quickly and easily.
- The interest rate on gold loan is usually lower than that on other types of loans so that you can save money on interest payments.
- You can use your gold as collateral for a loan, which means you won’t have to put up any other assets as collateral.
- You can keep your gold with you during the loan period, so you don’t have to worry about it being lost or stolen.
How to get a gold loan from an NBFC?
Applying for a gold loan with an NBFCs is easy and convenient. You can apply for a loan online, over the phone, or in person at a branch. The application process is simple and only takes a few minutes to complete. Here is the process for how to get a gold loan from an NBFCs:
- To get started, you will need to provide basic information about yourself and your financial situation. It includes your name, address, date of birth, Social Security number, and employment information.
- You will also need to provide details about the gold you use as collateral for the loan. It includes the weight, purity, and value of the gold.
- Once you have submitted your application, a loan officer will contact you to discuss your options and provide you with a loan estimate. If you decide to move forward with the loan, the officer will collect your gold, and have it appraised.
- Once the appraisal is complete, you will be given a loan amount based on the value of your collateral.
- You can then use the loan funds for any purpose you like. For example, many use gold loans to consolidate debt, make home improvements, or cover unexpected expenses. Once you have repaid the loan, your gold will be returned to you.
How to choose the right NBFC for your gold loan?
With the various options available in the market, it can be difficult to choose the right NBFC for your gold loan. Here are a few factors that you should keep in mind while choosing an NBFCs for your gold loan:
- The interest rate offered by the NBFC
- The tenure of the loan
- The loan amounts
- The processing fees
- The pre-payment charges
You can use this information to compare the different options available in the market and choose the one that best suits your needs.
Conclusion:
A gold loan from NBFCs can be a viable option if facing a short-term financial crisis. The interest rates on gold loans are generally lower than personal loans, making them a more affordable option. However, comparing different offers before taking out a loan is essential to ensure that you get the best deal possible. Also, make sure to repay the loan on time to avoid additional charges.
