When people get stuck with financial emergencies they tend to apply for loans. There are different kinds of loans provided by banks and NBFCs that are tailor-made to support your sudden financial instability. But, high-interest rate makes it really stressful for you. In some situation you may not be eligible for loans or the amount you need to meet your financial needs may not be met with the amount you’re eligible for the loan. So what will you do to get out of the situation? Gold loan or loan against property (LAP) can be the answers that you are looking out for. Gold loan interest rate calculator also makes it easier for customers to calculate the interest rate before applying a gold loan.
Gold loans are simple secured loans that individuals can avail with their gold jewellery as collateral to lending banks. For people who are in dire need of quick liquid cash, gold loan is the ideal choice, as it is quick and hassle-free. Gold loan services involve shorter processing times and no lending banks currently require salary proofs to give gold loans, and documents like PAN card, driving license or other Government-issued IDs are sufficient to avail the loan amount.
Gold loan or loan against property may benefit you depending on your requirement. Gold is an asset that most Indian households possess. Gold loan companies provide short repayment period, it would be the most suitable for a low loan amount. LAP does not incur high rate of interest and also has long repayment period, therefore, it is best suited if you want to borrow a large amount of money. At the time of financial emergency, gold loan should be your first choice as it has lenient eligibility criteria, minimal documentation and less processing time.