Short-term financial needs can crop up anytime and leave you feeling uneasy. For example, you may not have the time to wait for your next pay check or monthly instalment. So, what do you do in such a situation? One viable option is to take a gold loan. Gold loans are short-term loans that use gold jewellery as collateral and there are best gold loan interest rates available.
6 reasons why a gold loan is a viable option to meet short-term financial needs
- You can get a gold loan quickly and easily: Banks and NBFCs have made it very easy to get a gold loan. The entire process is quick and hassle-free. You can even apply for a gold loan online.
- Gold loans are cheaper than personal loans: Personal loans come with higher interest rates than gold ones. So, a gold loan is a good choice if you are looking for a cheaper loan.
- Gold loans offer flexible repayment options: Most banks and NBFCs offer flexible repayment options for gold loans. For example, you can choose to repay the loan in EMIs or lump sums at your convenience.
- You can get a higher loan amount against gold: Since gold is considered an asset, you can get a higher loan amount against it. Therefore, it can be beneficial if you are looking for a large loan.
- No income proof is required for gold loans: Unlike personal loans, you do not need to submit any income proof for gold loans. It makes the entire process very easy and hassle-free.
- You can keep your gold safe: With a gold loan, you can keep your gold in a safe locker with the bank or NBFC. It ensures that your gold is safe and secure.
Different types of gold loans provided by Bajaj Finserv
- Bajaj Finserv Regular Gold Loan: Bajaj Finserv gold loan is at an interest rate of 12.99% per annum. The minimum loan amount is Rs. 25,000, and the maximum loan amount is Rs. 1 Crore.
- Bajaj Finserv Mini Gold Loan: Bajaj Finserv provides a mini gold loan at an interest rate of 11.99% per annum. The minimum loan amount is Rs. 10,000, and the maximum loan amount is Rs. 50,000.
- Bajaj Finserv Flexi Gold Loan: Bajaj Finserv provides a Flexi gold loan at an interest rate of 10.99% per annum. The minimum loan amount is Rs. 25,000, and the maximum loan amount is Rs. 1 Crore.
- Bajaj Finserv Instant Gold Loan: The instant Bajaj Finserv gold loan is at an interest rate of 9.99% per annum. The minimum loan amount is Rs. 25,000, and the maximum loan amount is Rs. 1 Crore.
- Bajaj Finserv Digital Gold Loan: Bajaj Finserv provides a digital gold loan at an interest rate of 8.99% per annum. The minimum loan amount is Rs. 25,000, and the maximum loan amount is Rs. 1 Crore.
- Bajaj Finserv Smart Gold Loan: Bajaj Finserv provides a wise gold loan at an interest rate of 7.99% per annum. The minimum loan amount is Rs. 25,000, and the maximum loan amount is Rs. 1 Crore.
How to use a gold loan for your short-term financial needs?
Gold loans are a popular option for meeting short-term financial needs. They are easy to obtain and offer several benefits, making them an attractive choice for many borrowers.
However, before taking out a gold loan, it is essential to understand how they work and the potential risks. It will help you make the best decision for your situation and ensure you can repay the loan without any problems.
Conclusions:
For various reasons, a gold loan is a viable option to meet short-term financial needs. First, the gold loan can be easily availed by individuals with gold as collateral. Second, the interest rates on gold loan are relatively lower than other personal loans.
Finally, a gold loan offers flexible repayment options, making it an attractive proposition for borrowers.