Apply for gold loan the name gold name as it suggests the loan give against gold ornaments. Many big banks and non-funding banking company offers you the gold loan at an attractive interest rate. You can Apply for gold loan with the following easy steps. A gold loan is a secured loan because you provide your gold to the bank and get the money. Apply for gold loan is a better way of using your gold ornaments, which are sitting idle at your home. In this busy daily life, women wear gold only on special occasions and apart, from that their ornaments sit idle at their homes.
A gold loan is a loan you can use it for personal use because the gold loan is secured. The gold loan has its benefits, just like other loans.
Benefits of applying for the gold loan are:
1) Banks and lenders just need the documents of your gold worth. They do not ask for your credit history. They just care about the gold value, because they are providing you the money according to your gold worth.
2) Processing time is fast because you will get the money on the same day if your documents are genuine.
3) The other main benefit is its rate of interest. The rate of interest is comparatively lesser than other loans. Loan tenure is short too.
4) Anybody can apply for gold loan either you are working or not working. You just have gold to get a gold loan.
What should you know before applying for a gold loan?
1) Your eligibility: I know anybody can apply, but there are some criteria you should follow, and you should know. The rule is simple that gold is yours, and you have the sole right. Because bank only care about the loan. Banks do not care about you are working or not, you are a farmer or have a business farm because they just care for the gold.
2) Your gold value: The other point you should know about is your gold worth. Banks and NBFC will check everything about gold like is it fake or how much percent is gold and how much percent is another part. Then according to that, a bank will decide the money amount that how much they will lend you.
3) Rate of interest and loan tenure: A loan tenure and rate of interest varies from bank to bank. So, before applying for a loan, compare interest and loan tenure. You will be on advantage if you check it.
How does the gold loan process your application?
1) You can apply for gold loan online, but you have to visit Rokdabazaar because it won’t start your application online. The bank has to check the gold to process your form.
2) The bank will ask you to submit a few documents like your photo, identity proof, documents of the gold.
3) Then, we will verify your documents that the papers are genuine or not.
4) Seeing the worth of your gold, the bank will decide loan tenure and rate of interest.
5) After verifying, you will get the money on the same day. Banks will take a few days in disbursal of money, but NBFCs like RokdaBazaar disbursal of funds on the same day you apply after verifying your details.
You can apply for gold loan for multipurpose personal use like medical emergency, higher education for your kids, for planning a vacation, renovation of your home, etc. So, apply for gold loan and make your life a little better. You can use a gold loan as a personal loan. A gold loan is safer to apply.