Debt consolidation is a very smart process to deal with the financial crunch. In this process, the borrower takes a loan to pay off multiple smaller debts. In this process, the borrower gets to clear the multiple credit card bills, monthly bills, and other debts. There is a big advantage of choosing debt consolidation methods to clear existing loans. If you were to pay separate loans, it would charge a lot as you will have to pay off the loans individually. But with this, you can consolidate all the loans under one umbrella.
Why gold loans for debt consolidation -
There are many banks and NBFCs that offer loans to pay off the debt consolidation. Choosing gold loans as an option to pay off the existing loans is a smart option. Here you don't have to submit any money, property, or anything to avail it. All you need is a substantial amount of gold. Indian households usually do accumulate enough gold. Gold holds a lot of significance and is considered auspicious. All you need is to have the gold of quality ranging from 18 karat - 22 Karat or above and your KYC documents. Many banks like ICICI gold loan and NBFCs offer good loan amounts against the pledged gold according to their gold loan per gram scheme.
Another very good thing is you don't need to sell off your gold to pay the loan amount. It will remain safe with the lending party till the tenure. Once, that is done you can repay the loan amount and get your gold back. The loan amount gets successfully processed within 1 hour. You can use this amount to pay off the consolidated debt.
Thus, with gold loans, it becomes easier to get rid of those host of debts. Even the creditor's history doesn't matter to avail this loan in order to pay off your debts. Just submit the gold articles and you can easily get the loan amount to pay off the debts.
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