How to Avail avail Gold Loan In Emergency for Money?

The importance of availing a gold loan during financial emergencies cannot be overstated. Unlike unsecured loans that may involve lengthy approval processes and complex eligibility criteria, gold loans offer a simpler and quicker alternative.

What is a Gold Loan?

A gold loan is a secured loan where gold jewellery or ornaments are pledged as collateral to obtain funds. The borrower receives a certain percentage of the gold's value as a loan amount, and once the loan is repaid along with the interest, the pledged gold is returned. This form of financing has become increasingly popular due to its simplicity, quick processing, and minimal documentation requirements.

One of the biggest advantages of a gold loan is the ability to use the funds for various purposes. Thus, you can use your gold to finance just about anything. Whether it's medical emergencies, education expenses, or debt consolidation, a gold loan provides the flexibility needed to address diverse financial needs. Additionally, the interest rates on gold loans are often lower compared to other forms of financing, making them a cost-effective solution.

Suggested Read: A Beginner’s Guide To Gold Loans In India

Gold Loans by Muthoot Finance

Emergency or not, it is crucial to choose a reliable lender to avail a gold loan. Trustworthy lenders provide a fair valuation of your gold, transparent terms and conditions, and efficient loan processing. With a legacy spanning over 100 years, Muthoot Finance has gained the trust of millions of customers across India. From a number of gold loan schemes with competitive interest rates to flexible repayment options, Muthoot Finance prioritises customer satisfaction while adhering to the highest standards of professionalism.

Further, Muthoot Finance provides many quick and easy ways to avail a gold loan, which is especially helpful for those in need of urgent funds. To save the hassle of visiting a branch, you can easily apply for a gold loan online through the website or the mobile application. To make it even more convenient, Muthoot Finance also offers a doorstep gold loan finance option called the Loan@Home service, in which executives visit your home and complete the entire loan process in one visit.

The value of the loan is determined by the gold's purity and weight, making it more accessible to a broader range of individuals. Starting from a few thousand, the loan amount can range up to several lakhs, on the basis of the value of your gold.

If you are someone who is in need of quick funds, then a gold loan from Muthoot Finance is an excellent financing option.

Eligibility Criteria

The eligibility criteria for availing a gold loan is designed to be accessible and inclusive, with few basic requirements. To be eligible for the service, the following criteria need to be met:

• Must be an Indian citizen or resident
• Must be at least 21 years of age
• Must own gold jewellery that can be pledged
• Must provide a valid ID and address proof
• The value of the gold must meet the company’s minimum threshold value

Steps to Avail a Gold Loan by Muthoot Finance

Availing a gold loan through Muthoot Finance involves a few straightforward steps. These include:

Make an Enquiry

The first step involves visiting the Muthoot Finance website or downloading the iMuthoot application on your mobile phone, in order to make an enquiry. Applying for a gold loan online saves time and the effort of visiting a branch. This is especially true during emergencies when time is of the essence. If you still prefer the traditional way, you can visit the nearest branch to initiate your gold loan process.

Calculate the Loan Amount

To calculate the loan amount, you can either search for “gold loan rate per gram today” or simply use a gold loan calculator. On the website or on the mobile app, you will find a gold loan calculator that not only tells you the gold loan rate per gram today but also lets you check the maximum loan amount available against your gold. Simply fill in your name, state, email ID, type of gold and other mandatory details, and the loan amount that you are likely to get against your gold will be displayed. You can also calculate your gold loan interest rate using the calculator.

Suggested Read:HOW ARE GOLD LOAN ELIGIBILITY AND AMOUNT CALCULATED?

Choose the Appropriate Gold Loan Scheme

Once you know the loan amount, you need to select the appropriate gold loan scheme. Muthoot Finance offers a variety of gold loan schemes with different tenures, interest rates, and loan amounts, allowing borrowers to select a scheme that works best for their financial needs. With minimal documentation and flexible payment options such as EMI on your gold loan, these schemes make availing a gold loan extremely convenient.

Calculate the Gold Loan Interest Rate and Repayment Structure

Since a gold loan comprises of two components: the principal amount and the interest, it is advisable to know the interest rate on your loan. The easy-to-use gold loan calculator can calculate the interest rate as well. This allows you to get an estimate of the interest payable based on your selected loan amount, tenure, and scheme. You can also use the calculator to calculate the EMI on your gold loan. This transparency will help you to make informed decisions, plan your repayment and structure your EMI schedule on your gold loan effectively.

Submit the Form

If your selected gold loan amount and scheme suit your requirements, then you can fill out the form and submit it. Once submitted, one of Muthoot Finance’s executives will get in touch with you to discuss your gold loan application.

Documents Required for availing a Gold Loan

Once you have an understanding of your gold loan eligibility and how much your gold will help finance your needs, you will be required to submit the necessary documents. This will include:

• Proof of identity such as Aadhar Card, Driver’s licence etc.
• Proof of address such as sales deed, rent agreement etc.
• Passport-size photographs.

Thus, a gold loan can be a lifeline during financial emergencies, offering a quick and accessible solution. Whether you need funds for personal or business purposes, Muthoot Finance's diverse offerings and customer-friendly approach make it a go-to choice for those seeking a trustworthy gold loan provider.