GOLD LOAN IN CRISIS

At the end of this blog, we assure you that you will get to know all the benefits of the gold loan and how it has been acting as a miracle rescue, especially at the time of the financial crisis.

As well all are aware of the fact that our country comes under to be one of the largest consumers of gold and for a known fact it records 10% of the World’s gold stock. From the observations and studies, we have seen that every Indian household consumes gold articles and 65% of the houses come from rural areas.

One point which might get your attention is that, there has been no downfall that has been faced by the gold loan lending institutions even in the time of the pandemic crisis and in fact, it has seen a tremendous rise in the organized gold market and the records further revealed that post-pandemic, that is in the upcoming year 2021, the market of gold is going to rise like never before and all the banks, as well as nonbanking companies, have started their part of promoting to invest a long time back and have gotten a good amount of rising in their profit graph. The banks have come up with some attention dragging schemes to put forward investment in their gold loans and one such bank which has come up is the ICICI Gold Loan. This offers the following,

• The age limit remains the same as 18-75years. 

• This bank offers ₹10,000 to ₹1 Crore as a minimum and maximum loan amounts. 

• The tenure period is from 3-12 months. 

• The interest rate is from 10% onwards.

• It also assures the borrowers to avail for a loan and gets within 45mins.

• It doesn’t ask you for any income proofs.

• Overdraft facility is also made available.

• And cash disbursal of ICICI bank is up to 3lakhs.

A gentle reminder we give to every borrower is to use a Gold loan EMI calculator for any calculations or payments purpose.

Few of the most basic benefits enjoyed by every borrower are listed as follows,

• Quick processing duration - The processing time can be as short as ranging between 1hour to a period of 3hours as it is a loan that is secured enough.

• No additional processing fee - As a borrower, you are always set free without being charged any processing fee, by most banks and NBFCs.

• Low-Interest Rates - As gold loans fall under the secured type and thus chargers a very low-interest rate when compared to personal loans which fall under the unsecured type of loans.

• Overall Transparency - This segment is completely transparent and there are no hidden charges that run behind any of the borrowers.

• Assured Safety and Security - The gold is always kept safe and is secure enough. No one has to worry about losing it, as it is kept and sealed in a VAULT SAFE.

• No Waiting List - No single borrower will have to plan and book a future appointment to get their gold back. It is always made readily available and returned to them, the exact same moment they are willing to submit and take back.