Gold Loan: How to Use Gold As Collateral

Apr 9
13:31

2013

SiyaChauhan

SiyaChauhan

  • Share this article on Facebook
  • Share this article on Twitter
  • Share this article on Linkedin

Gold Loan is the best way to make money in an emergency. It is the fastest method to make money in an emergency.

mediaimage

In India, gold holds an important place,Gold Loan: How to Use Gold As Collateral Articles and it is considered as most treasured resources of every household. It has always been used as a friend in the financial crisis. People have emotional and sentiments attached to gold, and there are few people that are against it. But, Gold Loan is the fantastic opportunity to the people to come out from sticky situations. If you need urgent cash and have gold, then you can Apply for Gold Loan. You just need to place the gold assets as collateral to the lender and get money in return. The money you get can be used for any function like for a medical emergency or to pay fees etc. There is no need to mention the intention to apply for in the agreement.

 

Gold loan is the speediest way to make money unlike other loans in the market. If you consider home loan or car loan, there is the long list of documents that are required. It usually takes weeks to get the loan, but this is not the case with loan against gold. The money is given to the customer in just 15 minutes. There are lots of banks and companies who have started this plan. Manappuram Finance, a leading firm offers cheap Manappuram Gold Loan Interest Rate. Even there are provisions to apply online for loan against gold. You just have to fill the form providing the accurate details. The lender contacts you, and if you qualify the terms and conditions, then lender will ask to deposit the gold. The process is short and simple.

 

One this that you need to know is that lender checks the gold ornaments before giving cash for it. The gold should be pure and original. The value of gold should be more than the amount required. The lender does not give the amount equal to the value of gold provided by the customer. The amount is always less, and in case of non-repayment of loan the lender may sell the gold to recoup money. Therefore you may lose your precious assets. The solution to this problem is to know the installments that you have to pay. It can be calculated through a tool called Gold Loan EMI Calculator. It gives an idea that whether the loan is affordable or not. The loan is sanctioned for a period of 3 to 12 months. The money is to be returned in the provided term to get hold on gold.

Article "tagged" as:

Categories: