Since gold loans have physical gold as collateral, banks and other lending institutions easily provide such loans. For banks, lending against gold is a safer option since they can easily sell the gold in case the borrower defaults. Hence, banks tend to disburse such loans within a matter of a few hours. This results in a lesser processing time and therefore, added convenience for borrowers.Gold loans often come with a unique feature that allows the borrower to only pay the interest component while repaying the loan. The principal component can be paid at the end of loan tenure or during closure formalities of the loan.Many banks and NBFCs do not charge any processing fees since gold loans are provided instantly with gold as collateral held by the bank.In most gold loan applications, lenders don’t ask for income proof from borrowers since the loan is secured against the gold pledged by the borrower.The responsibility of safely maintaining the physical gold is that of the lender.
FOR MORE DETAILS PLEASE GET IN TOUCH WITH US AT 9950995919.
| Tags: | #Best Gold Loan Provider in Jaipur, #Best Gold Loan Provider in Keshav Nagar, #Best Gold Loan Provider in Kathputli Nagar, #Best Gold Loan Provider in Ganpati Nagar |
