Gold loans have grown as a great mode of secured loans by 2022. There are several reasons why it is preferred over personal loans (that fall into the same category of secured loans). You can use a gold loan for whatever purposes you want, unlike other loans that restrict your purpose of taking the loan. Gold loans are fundamentally equivalent to a singular loan as it grants you to meet your financial necessities right away. People generally settle on a loan against gold to support home rebuild or purchase, cover clinical liabilities, the capital essential for business, etc. by far most of these expenses are requested under the singular necessities section. Gold loans partake in some basic advantages that make them the best response for individual financial necessities. In any case all of these, the financing cost on the gold loan is by and large lower when stood out from individual loans.
These were a piece of the huge nuances and real factors about loan against gold, and today in this blog we are going to burst a few of them and tell you the real scenario. So, hold tight as we walk you through the top 4 myths about gold loans in 2022 that you need to be aware of before pledging your gold jewelry.
1. Personal loans are better than gold loans
False by any means. Gold loans are one of the most reasonable and client amicable types of loan. They permit just interest installment consistently and head installment toward the finish of the loan. They offer the absolute most minimal rate of interest. They permit simple augmentation of loans. They don’t rely upon your payor compensation explanation. They don’t rely upon your financial assessment. They don’t request a justification for taking the gold loan. So assuming that you have gold lying at home or in a vault, gold loans are the most effective way to get cash for your business and personal necessities.
2. Gold loans are not safe
When kept with a good NBFC like Rupeek, your ornaments are highly secured in the vaults. These vaults are heavily guarded with advanced security systems. Not just that, your ornaments are insured for an equivalent amount and time against any mishap that may harm your jewelry. Rupeek ensures the total safety of the ornaments.
3. You should have a great credit score to avail a gold loan from a reputed organization
This is a complete myth. The gold loan is a kind of secured loan backed by physical gold jewelry collaterals, and so no reputed organization asks for a good credit score (FICO score). You can get the best deals on gold loans by visiting rupeek.com. Rupeek has maintained a high reputation by serving its customers with all honesty, over the years.
4. Jewelry bill is quite important to avail loan against your gold assets
This is one of the biggest fears for middle-class families availing gold loans in 2022. Old jewelry does not necessarily have to have a bill that confirms its purchase. Nor is it possible for the families to keep them safe for ages. This should not restrict you from pledging your ornaments for a gold loan, and Rupeek understands that quite well. So, there is no such policy of presenting the bill for seeking a gold loan for your ornaments, however, the quality test would be done in the absence of bills to ensure the purity of gold is what is mentioned by the loan seeker.