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WHY IS AGE AND TENURE KEY FOR SALARIED INDIVIDUALS FOR A GOLD LOAN?
Every individual goes through a financial crunch at some point of time in their lives. And taking a loan can prove to be one of the best ways to get out of the situation, given you choose the right type of loan. There are different loan options with a number of schemes available and each one of them has its own advantages. If you need financial aid for a short span of time, you can go for a gold loan. Getting the required amount by pledging your gold ornaments could be a wise decision for so many reasons.
Why apply for a gold loan?
Being one of the major importers of gold, India is a country where people see gold as the best investment option. Every family keeps a major part of their savings in the form of gold, be it gold coins, bars or jewellery. And when they need some emergency funds, there cannot be any better way than pledging those ornaments to obtain a loan. Here is why applying for a gold loan to get over a temporary cash crunch is a smart move:
Lower Interest Rates
Being a type of secured loan, gold loans can be availed at much lower interest rates as compared to other financing options. With better interest rates, in may attract higher gold loans seem to be the best option to arrange the required funds.
Applying for a gold loan is the fastest way to obtain the amount you need. You can get your loan approved within a few hours of submitting your gold loan application.
Lower Processing Fee
As compared to other loans, the processing fee for applying for a gold loan is much lower. This is another reason why this is a preferable option.
When you apply for a gold loan, there are a number of tenure options that you can choose from. You also get the flexibility to choose your preferred repayment option.
No Credit History Required
You can apply for a gold loan with a credit history which is not-so-good or even without a credit history at all, and still avail get some great loan offers. The loan amount you can get approval for depends on the amount and purity of the gold you are going to pledge. And the good thing is, if you repay your loan on time, it helps to increase your credit score as well.
No Restrictions on Fund Usage
Unlike other loans, there is no monitoring of the end usage of the funds when you obtain a gold loan. You get the freedom to use those funds for any type of expenses, whether you use them for business expansion, higher education, home repairs or something else.
You can pay the loan amount before the completion of your loan tenure without having to pay any foreclosure charges or prepayment penalties.
When it comes to eligibility criteria, gold loans are the best financing option. Anyone who is above the age of 18 years can apply for a gold loan. Other than this, the applicant should be of Indian nationality and must have a steady source of income. However, the eligibility for a gold loan majorly depends on the value and purity of the gold you are going to pledge to avail the loan.
Do Age and Tenure Make Any Difference?
Although the purity and value of gold ornaments are the major deciding factor when it comes to the loan amount you can get approval for. But there are a few things that also matter like the age of the applicant and the loan tenure.
Here is how these two things make a difference:
The lending company always ensures that as a borrower, you will be able to repay the loan amount or not. And, age is a major factor that helps in analyzing the repayment capabilities of an individual. Different lending institutions have a minimum age limit for applicants, in order to be eligible to apply for a gold loan. This is to ensure that the borrower can pay the loan EMIs without any delays and there are no chances of defaulting on payments.
And when we talk about gold loans, tenure is another important factor. The longer your loan tenure is, the lower your EMIs are going to be. A longer tenure also means that you have to pay more interest on your loan. Generally, the maximum tenure for a gold loan is 36 months. However, it can vary from one scheme to another scheme.
Now that you have a clear idea of how it works, you can definitely make a well-informed decision. Muthoot Finance is offering a number of schemes with competitive interest rates. You can also apply for a gold loan online. At Muthoot Finance, the gold loan amount per gram depends on the purity and value of the pledged gold. Check for the latest in may attract higher gold loan rates on the official website or visit your nearest Muthoot Finance branch to know more.
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