Silver Loans
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Silver loan is a type of secured loan i.e. the loan is provided against collateral in the form of different types of gold jewellery 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.
- What is Silver Loan?
- Why to Choose a Silver Loan?
- Silver Loans Features
What is Silver Loan?
Silver loan is a type of secured loan i.e. the loan is provided against collateral in the form of different types of Silver jewellery or Silver coins. You have to deposit your Silver with the lender i.e. FSMS or bank and you get the deposited Silver ornaments or coins back only after you have paid back the loan amount in full including interest. Silver loan business, being secure, features short processing times, a low interest rate and short to medium term tenure. You can avail several Silver loan schemes from banks and other financial institutions. The amount of loan against Silver you will get depends upon the value of the Silver you surrender for the loan.The value and purity of the Silver will be checked before the bank or FSMS takes possession of the Silver. 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 Silver Loan
A few reasons for the popularity loan against Silver are as follows:
Silver loans feature a low interest rate as compared to most other loan options The repayment options on Silver loan can be selected as per the choice of the borrower. In most cases, the lender does not charge a pre-payment penalty on Silver 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.
Silver Loans Features
It is a secured loan. Therefore, there is no requirement of a good credit history to avail a Silver 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, Silver loan schemes can be availed at a reduced rate of interest which can be as low as 8%. Since your Silver 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.