They say that the best investment is the one which is done in Gold. And this statement doesn’t fail to stand true as the money invested in gold will always pay you back especially if there’s a financial need. Hence we are more attached to gold than any other commodity as its been holding onto its value for ages.
Gold not only serves its purpose of making you look classy and elegant by wearing them, but also can stand by you in times of your financial need.
Here we are talking about Loan against Gold or Gold Loan its ‘the’ answer to getting you out when in need of money.
Features of Gold Loan
Eligibility for Gold Loan
The best part about the gold loan is that it doesn’t have stringent eligibility checks like Financial credit underwriting etc anyone including farmers, traders, SME owners, salaried and others who have genuine and real gold can apply for a gold loan. Gold loan is the only loan where CIBIL score is not that necessary, but yes it always advisable to keep a clear track record to be eligible for higher and quick loans.
Tenure
Tenure for Gold Loans depend on the gold loan schemes that you have selected, it differs from Scheme to Scheme. You can choose the right scheme that suits your requirements; it can anywhere range from 3-12 months, irrespective of the loan tenure. Moreover, this is the only product where you can use the funds for even one day and offer to close any day during tenure and pay only for the number of days you have availed the loan. However, there will be some minimum number of days; lock-in depends on the lending policy of companies.
Documents required for taking a Gold Loan
ID Proof (any one)
Address Proof (any one)
How can you apply for a Gold Loan?
So, if you are in need of some urgent money with minimum hassle, head to your nearest Fedbank branch or visit Fedfina for more information.
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