4 Reliable Online Sources of Gold Loan in India

admin September 19, 2018 Comments Off on 4 Reliable Online Sources of Gold Loan in India
4 Reliable Online Sources of Gold Loan in India

A gold loan is one of the easiest financing tools in India. You can access a loan against gold online and get the amount in your bank account in just a few hours. All you have to do is fill the online application form, get the gold asset evaluated, and then you receive the amount instantly. If you wish to know more about gold loan, visit Loanbaba and apply for the loan with top providers in the country.

Below, we have listed out the popular online sources for loans against gold, which you must check out before dropping the application at any of these platforms.

  1. Banks

Most of the leading banks in India offer gold loans. Axis bank and HDFC bank are few to mention that provide low to high loan amount against gold coins issues by bank, and gold jewellery owned by the probable borrower. You can apply online for gold loan by banks in India at an affordable interest rate, usually starting at 10.50%. Tenure is up to 2 years at the maximum.

Loan amount can be up to Rs. 50 lakhs. Income tax proof and salary slip may not be mandatory. Credit check is not done by banks for this loan, until the loan amount demanded is very high. Banks are trustable sources of securing any kind of loan. It is advisable to compare all the fees, charges, penalties, and other terms to select a perfect bank for a loan against gold.

  1. NBFCs

Non-banking financial companies provide gold loans online quicker than many banks in India. NBFCs were the first to start the service of a loan against gold in the country, and later, the banks joined in. The gold loan process and documentation are simple in NBFCs. These companies even extend finance to businesspersons and salaried individuals for special purposes. An advantage of gold loans is that these can be taken by individuals who are currently not employed.

NBFCs giving gold loans also provide add-on services, such as insurance cover for the secured gold, personal accident cover, all which can be obtained at a minimal charge. You should enquire for add-on facilities that come with a loan against gold, when applying with an NBFC.

  1. Microfinance Companies

There are many popular online microfinance companies in India, which offer loans against gold. Most of these are active in rural areas, where borrower find it simpler to obtain funds against gold jewellery, coins etc. These companies offer low loan amount, beginning at Rs. 1,000 to Rs.1 lakh and higher. Microfinance companies even provide discounted rate of interest for gold loan taken particularly to meet expenses for small businesses, agriculture, and other similar needs.

These companies offer flexible repayment options as well. You can choose between different EMI schemes. Some allow repayment of only interest amount till the tenure, after which you have to pay the principal amount. Others accept lump-sum payment of the loan amount in parts to the end of the tenure.

  1. FinTech Firms

There are certain firms that connect customers with financial products’ providers, and these companies are known as fintech firms. These organizations may or may not offer a loan or financial tool/service/product of their own, but often help the customers to compare providers and apply for a relevant product. Gold loans today are also available online on the websites of such fintech firms. They facilitate the funding sector by helping the borrowers’ access top providers of online gold loan in India.

The above-given online sources for gold loan are topmost providers in India, and you can trust these to apply for a loan against gold.

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