Financial emergencies can knock on your door anytime during this age. Getting a personal loan during these times can be a long and tedious process, especially when you do not have enough collateral or match the eligibility criteria laid down by the lenders. Hence, in situations like these, a loan against gold jewellery is very beneficial. If you have gold jewellery lying in your house, then you can very easily put it to use by pledging it to get a loan.
However, as easy as it sounds, applying for a गोल्ड लोन can also be a tricky process. That’s why we have laid down some easy steps that you can follow to get a gold loan:
- Analyse Your Current Financial Need & Loan Amount:
Whenever you move ahead with the decision of pledging your gold for cash, always remember to thoroughly evaluate your financial requirements. The amount that you actually receive as a loan entirely depends on the purity and weight of the gold jewellery you are going to be pledging. A tip you can keep in mind while pledging your gold is to always borrow what you need and nothing more than that, just to have some extra cash in your hand.
- Compare Lenders And Interest Rates:
In order to find top lenders for a gold loan, simply search ‘apply gold loan’ on the internet, and you will receive a list of the best ones. Now that you have the names, you need to compare their offers and figure out which lender is giving you the most attractive interest rate for the amount you need.
- Check Eligibility Criteria And Required Documents:
Once you have selected the lender you wish to go ahead with, you need to now check its eligibility criteria and figure out if you meet the requirements set by them. Furthermore, also check the list of documents that they need in order to process your gold loan easily and without any roadblocks.
Before going ahead with your loan application process, ensure that you use a gold loan EMI calculator. To access the most reliable one, just search ‘calculate gold loan’ or ‘gold loan calculator’ on the internet, and you will be directed to the most trusted one. This gives you clarity on the interest rate offered by the lender of your choice on the amount you wish to borrow against your gold. It will also help you figure out the repayment amount based on the intended repayment tenure.
- Checking Purity And Weight Of The Gold:
Once you have thoroughly evaluated the offer you wish to move ahead with, you now have to actually visit the branch or have the lender’s officials visit your home and check the purity and weight of the gold you are planning to pledge. Once the lender checks the purity, weight and current market rate of gold, they will make you an offer. If the offer sits well with your current financial requirements and repayment abilities, then you can accept it. However, if it does not match your expectations, then you can always select a different lender for the gold loan.
A loan against gold jewellery is an excellent way to unlock the hidden value of your assets during financial emergencies. By following these simple steps, you can make the most of your gold instead of keeping it stagnantly locked away in your drawer.