Gold has been purchased, sold and traded since the olden age. As far as history is concerned, Indians have been using Gold as a medium of currency and also as the best measure of wealth. Hence Gold holds a sentimental value in our hearts.
Brides in India would have their necks covered in Gold during their wedding day. There are temples where kilos and kilos of gold bars are given as an offering to their deity. There are people who just love gold a lot and would wear rings, chains, necklaces, bracelets, pendants and a lot more.
Having such love for gold is the reason why India happens to be one of the largest gold importers in the world. Not only importing, but we also prefer taking gold loans too. But why have such love for gold? If you have wondered about this question, then let us help you with few benefits of gold loans to clear these doubts;
Faster loan processing:
Loans are processed quickly when it comes to gold loans as there is lesser paperwork required and the steps in getting such a loan is very less and tedious when compared to all other loan types.
No need for good credit history:
When you apply for any other type of a loan and have a bad credit score, then there is some kind of a security that is required in order to give you a loan. Either ways, there are many people who miss out on getting any kind of a loan approved. But with gold loans, you don’t need a good credit history. In rare cases, they won’t even need your credit history as gold is considered as a collateral and security itself.
Utilization of investment blocked in Gold:
When you apply for a gold loan, you can utilize the loan amount as per your wishes. You can also get your gold back after you have repaid the loan. Hence you can utilize this investment well.
Flexible loan repayment options:
There are two ways you can repay gold loans. Either you can pay through fixed monthly EMI’s or through bullet repayment options. These options allow you to utilize the funds well and repay them easily towards the bank without any hassle.
Hence with so many benefits of gold loans, it is always a wise choice to apply for a gold loan and be secure.
