Gold Loan
Gold loan is a type of secured loan i.e. the loan is provided against collateral in the form of different types of gold jewelry or gold coins. You have to deposit your gold with the lender i.e. FSMS or bank and you get the deposited gold ornaments or coins back only after you have paid back the loan amount in full including interest. Gold loan business, being secure, features short processing times, a low interest rate and short to medium term tenure. You can avail several gold loan schemes from banks and other financial institutions. The amount of loan against Gold you will get depends upon the value of the Gold Ornaments you surrender for the loan. The value and purity of the Gold will be checked before the bank or FSMS takes possession of the Gold. This loan is a good option, if you are looking for instant liquidity. Also, since the approval of this loan does not depend upon your credit history or income, you need not worry about your adversely impacting your credit score nor scramble for income proofs for loan approval.
Why choose to Gold Loan
A few reasons for the popularity loan against Gold are as follows:
Gold loans feature a low interest rate as compared to most other loan options The repayment options on Gold loan can be selected as per the choice of the borrower. In most cases, the lender does not charge a pre-payment penalty on Gold loans. Minimal documentation required and PAN Card is not mandatory for this loan. Fast disbursement i.e. loan is provided within a few minutes to a few hours.
Gold Loans Features
It is a secured loan. Therefore, there is no requirement of a good credit history to avail a Gold loan You have an option to pay only the interest component and the principle can be paid as a lump sum amount at the end of the loan tenure. For those of you involved in agriculture, Gold loan schemes can be availed at a reduced rate of interest which can be as low as 12%. Since your Gold is the collateral, which is deposited with the lender, the paper work involved is bare minimum. All you require is your personal id and address proof. The loan disbursal time can be as short as 5 minutes.
Why Gold Loans In MCS Nidhi Ltd
With attractive schemes, easy repayment options and lowest interest rates we provide you liquidity for your gold and gold ornaments without having to sell them.
- Avail maximum value for your gold, up to 90% of the value
- Competitive interest rate; Interest starting @ just 12% per month Special schemes including business loan, hi‐tech farming loan
- No documentation charge, No processing charge, No appraisal charge*
- Flexible repayment including interest servicing schemes and EMI schemes of flexible tenure
- Minimal documentation and quick disbursal
- Special schemes including high loan-to value (LTV) business loan, Hi-Tech farming loan
- Maximum tenure of one year