What is a gold loan?
This gold loan is very secured. Nowadays, this gold loan can also be applied online through banks or NBFCs. you will have to also visit your lender at least once to deposit your gold articles. Once this is done, then you can register yourself at the lender’s customer portal or mobile application and link your bank account. So when you need money very urgently, you can also apply for this gold loan and get the available credit disbursed in your bank account anytime and anywhere in a very few minutes.
There are some benefits while applying for a gold loan.
The credit score is not required – Unlike many loans, this gold loan approval does not depend on your credit score. In any case of other loans, the loan amount is also given based on the repayment capacity and credit history.
Very faster processing – Gold loans are more secured loans and thus include lenient eligibility criteria and very little documentation. This does not even require a credit score for gold loan approvals. And therefore, most of the lenders generally disburse the gold loan just a few times. Many people who are eligible for an online gold loan can even get the gold loan amount in fewer minutes.
No processing fees – Most of the banks and NBFCs levy zero processing fees on these gold loans.
Very low rate of interest – As compared to unsecured loans this gold loan, which is a very secured loan, charges a very low interest rate. Also, if you also attach another asset as collateral.
Gold loan calculator
You can also determine how much loan you are eligible for by using this gold loan calculator tool that is always available on the website of most of the lenders and third-party websites. You just need to only enter the weight of your gold ornaments or jewelry and the tool will also calculate and display the gold loan amount you are eligible for. Most of the lenders may ask you to enter the type of gold, repayment tenure, and some other things.
Gold loan City Union Bank
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