Gold has great significance in Indian Culture. It is regarded as the most liquid form of investment. You can sell the gold in case of financial emergencies. But this is not a preferable option. Availing of a gold loan is a better choice because interest on the gold loan is comparatively cheaper than an unsecured loan. The value of the loan is calculated according to the current gold rate in the market. There are so many lenders of gold loan in Delhi who offers the maximum possible value of gold. It is the best way to fulfill your immediate cash expenses. Here are some benefits of taking a gold loan from a financial institution such as Sai Fincorp.
No Need for a Credit Score-
A person with a low credit score can apply for a gold loan. There are some NBFC like Sai Fincorp that offer gold loans without any credit score. Because the loan amount is already secured by gold pledged that reduces the risk associated with gold loan repayment.
Low Rate of Interest-
In comparison to other loans, the gold loan has lower interest rates. It is secured against the mortgage of gold which reduce the risk factor for the lender. As a result, lenders offer loans at lower interest rates.
Flexible Repayments-
The payback period of a gold loan is very flexible. The borrower does not require to pay regular EMI of interest and principal amount. The borrower can pay the lump sum amount of principal at the end of tenure.
Quick Disbursal-
The application process and the disbursal period both are quick. Bank/NBFC checks the purity of gold and disburses the gold loan within a few hours. You just need to fulfill the minimum documentation. After documentation lenders offer loans between 70-75% of the current market value of gold.
Secured Loan-
Your idle asset is kept securely in the lockers of a financial institution. Your gold is insured and in case of stolen lender has to reimburse the full value of your gold.
The Flexibility of Usage-
There is no restriction on the usage of gold. You can take a loan for education, medical expenses, investment, wedding etc. Once the money is credited to your account, you can use it for whatever purpose.
Minimal Processing Fees-
Financial institutions charge very minimum or no processing fees for gold loans. Some lenders don’t charge for foreclosure repayment of loans.
Sai Fincorp 