A lot of people who are in need of a loan find many hurdles in their path, such as high interest rates, low credit score, extensive documentation and delayed disbursal of loan amount. Yet, there is a simple solution to these issues which is many times lying idle in their own homes. Not many know that you can easily use the gold ornaments in your home or bank locker to avail some of the best gold loans available. This type of loan can be a convenient solution to give you liquidity for multiple financial expenses, be it a sudden personal emergency or urgent business requirements. A gold loan can also be a great option for credit impaired customers, i.e., individuals having a low credit score. Besides, it is among the quickest loans to be disbursed, has comparatively lower interest rates due to the collateral and can be availed in a few simple steps. All you have to do is pledge the gold with a lending institution in order to avail the loan. Once you repay the loan amount, the pledged gold is returned to you. Here is a look at the features and benefits of gold loans :

High-value loan amount:

With the best gold loan, you can avail a loan amount of up to 75% of the gold value or of Rs 20 Lakhs. You don’t have to visit any gold vendor to find the worth of your gold ornaments. The financial institution will assess its market value either by in-house experts or through its network gold merchants.

Low interest loan:

If you are worried about incurring huge interest rates on the gold loan, then rest assured, for the best gold loans provide affordable and competitive rates of interest. The low interest loans can be customised for your specific financial requirements, after considering key factors such as your repayment capacity and credit score.

Flexible repayment tenures:

With the best gold loan, you can avail flexible repayment tenures of up to 48 months. A key highlight of gold loans is that it can allow you to repay only the interest component as EMIs, while allowing you to pay the entire principal amount, as a lump sum payment, at the end of the tenure. This will allow you to plan your repayments with ease, while zeroing in on the right EMI amount. You can even opt for foreclosure of your loan payment of a minimum of six EMIs. You can, however, be required to pay some foreclosure charges, as per the terms and conditions of your loan.

Guaranteed safety of your pledged gold ornaments:

You are mistaken if you thought that your gold ornaments are safe, only when kept at home or in a bank locker. The best gold loans, provided by trusted financial institutions ensure the safety and security of your pledged gold. The gold remains in safe custody, and is returned to you after completion of the repayment tenures.

Minimal documentation:

The best gold loan comes without the requirement of cumbersome paperwork, and needs minimal documentation. You are just required to provide proof of identity and residence such as passport, driving license, Voter Id, Aadhar etc. along with signature proof, date of birth proof and two passport size photographs.

Quick approval and fast disbursal:

Once you submit the requisite documents, the gold loan is approved quickly and disbursed in your bank account within no time. What’s more, you can apply for a gold loan online from the comfort of your home.

Simple eligibility conditions:

The best gold loan comes with simple and easy-to-fulfill eligibility conditions. Be it a salaried or self-employed individual, anyone within the age bracket between 21 and 65 years can apply for a gold loan. The gold should be owned either by the individual or his/her family-members. The financial institution will also consider other vital parameters like your credit report and eligibility as per its internal benchmarks. You must, however, remember that a gold loan cannot be used for high-risk purposes such as investment in stock markets or purchase of land.

Conclusion:Thus, a gold loan can be the ultimate solution, when it comes to meeting your immediate requirements for cash. You can rely on the trusted name of HDB Financial Services (HDBFS), when it comes to availing the best gold loan. Apply for a gold loan online today and get access to a wide range of benefits. HDBFS has ratings of CRISIL AAA, CARE AAA and A1+, making it among the strongest and most reliable financial institutions.