What are the best gold loan schemes and services available now in India?
Gold loan companies in India have been offering diverse gold loan schemes to support customers. The low interest gold loan has been the pillar to lean on for several freelancers, entrepreneurs, self-employed professionals, and many others during the testing times.
Studies indicate that gold loans across the country have registered a massive rise in the past couple of years. Of course, the low interest gold loan is always more preferable to personal or business loans. Besides being low interest gold loans, the gold loan companies present the borrower with several attractive schemes. The EMI gold loan calculator would prove the gold loan to be a better option even if one considers the repayment options.
If you ask me, I check for a gold loan near me whenever I have fund requirements. Rather than searching using the gold loan near me option in Google, you must study the gold loan companies to identify which one offers the best gold loan scheme.
The gold loan companies support the customer with the Emi gold loan calculator to get the exact statistics about the money required for monthly repayment. The low interest gold loan can be repaid through flexible repayment options. Another important fact that distinguishes gold loans from other types of loans. Before you get down to check gold loans near me, go through this article to confirm the gold loan schemes offered by different gold loan companies in India.
Factors Regarding Gold Loans
The gold loan companies are in tight competition to counter the competitors and achieve a maximum customer base. They not only offer low interest gold loans but also provide several exclusive gold loan schemes to facilitate the borrower with optimal options.
Rebate in Gold Loan Scheme – The leading gold loan companies in India, like Manappuram Finance, has a rebate on a gold loan scheme. This facility can be availed of by the regular monthly interest paying customers. If you are a salaried employee, looking for a gold loan near you, go for such a scheme that would be financially beneficial for you. The EMI gold loan calculator will aid you in calculating the budgetary requirement for repaying the low interest gold loan.
Additional Rebate on Low interest gold loans for Online Customers – Online gold loan option has been a remarkable step in the gold finance sector. The gold loan companies that have rolled out this facility also formulated advantageous features for the borrower. The client can receive attractive interest rebates on low interest gold loans whilst re-pledging through online mode in certain schemes. You may confirm the conditions in addition during the discussion with the NBFC offering a gold loan near you.
Processing Fee Must be Ascertained Before Applying for the Gold Loan – You may finalize the gold loan company just by determining which one provides the low interest gold loan. Never do that! The gold loan companies charge processing for the low interest gold loan you are obtaining from them. You may not include the processing fee on the Emi gold loan calculator. But, the percentage-based processing fee is an additional burden on the borrower. The majority of the gold loan companies and banks charge processing fees depending on the loan amount. Accordingly, it would be higher for a higher gold loan amount. Consider this on comparing gold loan near you. A few gold loan companies including Manappuram Finance offer a fixed minimal processing fee, irrespective of the gold loan amount, that is around ₹10.
The Aspect of Gradation of Risk – The gold loan companies evaluate the gradation of risk based on some of the determinant factors. The gradation of risk on the low interest gold loan would depend on varying elements including Loan to Value ratio (LTV), gold loan tenure, amount of the low interest gold loan sought, etc.
Gold Loan Schemes Available in India
The gold loan companies in India have several different types of gold loan schemes in their kitty. Depending on the needs and specific type of requirements, the customer can choose the low interest gold loan that meets their EMI gold loan calculation. In addition to going through the schemes we mention here, you can consult the companies offering gold loan near you to find some of the exclusive low interest gold loans that might suit you.
Kisan Gold Loan Schemes for Agriculture and Livestock Farming – As the name indicates, this low interest gold loan scheme is specially defined for the cultivators of the country. Farmers are the soul of every nation, especially in the case of India that has a population of 1.3 billion. By feeding such a vast number of citizens, the farming sector is performing a laudable task.
The farming sector encounters several adversities including climate change, price fluctuations on farming-related products like fertilizers, drop-in harvest due to unexpected scenarios, etc. The gold loan companies in India offer them additional financial support through low interest gold loans. Besides being the low interest gold loan, the Kisan Gold Loan schemes may offer other features that will not be available in other types of gold loans. Check out the gold loan company or Manappuram branch near you for further clarifications.
Business Revival Gold Loans – We have discussed in the introductory section the rise in gold loans in the previous couple of years. Obviously, the low-interest gold loans in the country marked a massive increase mainly due to the impact of the unforeseen COVID-19 pandemic. The lockdown and uncertainty surrounding the disease wreaked havoc across business sectors.
Gold loan companies understood the conundrum the businesses are in and put a supportive hand forward for the entrepreneurs and companies. Business revival gold loans offer low interest gold loan with unique features for making it comfortable and easy for businesspersons to obtain the loan and repay it without any hassles.
EMI gold loan calculations are not necessary in the case of most of the business revival low interest gold loan schemes. The borrowers obtaining the fund can choose flexible repayment options and close the loan account in the most convenient manner. The search for “gold loan near me” may not get you the details on the business revival loans. You need to reach out to the gold loan company to discuss the subtle features of this low interest gold loan facility.
Express Gold Loan Scheme – Low interest gold loan is the best finance option during the urgent need of funds. It does not require you to pursue complex procedures or submit a list of documents. Minimal documentation and maximum support are the mantras of the gold loan companies providing loan interest gold loans. Express gold loan is a faster gold loan facility than other types of gold loan schemes.
The main feature of this gold loan option is that the customer may choose this if the loan amount is lower comparatively, i.e., the loan amount for the express gold loan could be as low as ₹1000. That means the express gold loan may not be a viable scheme for those looking for ₹10 lac or ₹50 lac or a similarly high amount.
The gold loan company would disburse the amount without an extensive analysis or study in the case of an express gold loan. The low interest gold loan might be a preferable option if you are looking for a low amount such as ₹1000, ₹5000, ₹10,000, etc. You may have to enquire about the gold loan near you to confirm the maximum express gold loan amount they provide.
Mahila Gold Loan Schemes – This is exclusively for women, as the name indicates. The low interest gold loan scheme has been a hit with women entrepreneurs and self-employed professionals. They could use this gold loan scheme for finding the principal amount for starting business ventures and for obviating financial crises during self-employed jobs.
The women in India are known to have at least a few grams of gold in reserve. Furthermore, the changes in the worldly scenario have given birth to several women entrepreneurs and mompreneurs. The gold loan companies designed this gold loan scheme observing these factors.
Countless women across the country have utilized Mahila or women’s gold loan schemes for achieving their dreams of self-sustenance. The women’s gold loan scheme gave them an opportunity to come out from the shadow of men, giving wings to their ambition. Undoubtedly, the gold loan companies have played a pivotal role in supporting women in this patriarchal society.
Online Gold Loan Scheme – Gone are the days when the customer had to visit the gold loan company during office hours for a gold loan. Imagine the difficulty to arrange funds during odd hours when the gold loan is available only during the day. The innovative online gold loan from some of the top NBFCs like Manappuram Finance has transformed the condition.
Now the client can visit the gold loan company any day and register for the online gold loan facility. The gold ornament to be pledged would be kept in the safe locker facility at the branch. That’s all. The customer can apply for an online gold loan at any time, whenever he or she wants. The low interest gold loan would be disbursed instantly and the money would be credited to the associated SB account.
The instant gold loan facility has opened up a new support system for businesspersons, freelancers, professionals, homemakers, and people from varying sectors. The borrowers found this facility not only self-assuring but also the best one from the gold loan companies.
How to Choose the Gold loan company for Finance?
With several gold loan companies around, anyone can get confused about which one to choose. This is the case with every borrower considering finance. The majority of the gold loan companies would be offering low interest gold loans adding to the confusion of the client. The EMI gold loan calculation also would not be of much use at this juncture.
The following points may be considered whilst you think of low interest gold loan from a gold loan company. Examine these points when you search gold loan near me in Google.
Lowest Gold Loan Interest Rate – Many financiers have made it their method to create confusion among the customers. They would be using some complex calculations for interest rates. Consequently, the gold loan interest rates may appear less but would be high in reality. Reach the branch of the gold loan company and ask the executive to explain the total financial load with their low interest gold loan. The gold loan companies to consult may be listed after searching for gold loan near me.
Repayment Options on the Low interest gold loan – Flexibility in repayment has been another optimistic feature of gold loans. The gold loan companies would have some stipulations concerning the repayment of the low interest gold loan. Some may specify that they accept repayment as EMI only. Some other gold loan companies or banks may accept only bullet repayment only (The EMI gold loan calculator may be used to check the monthly repayment amount if you want). Affirm that the low interest gold loan repayment option is feasible for you. Pick the gold loan company accordingly.
Reliability of the Gold loan company – Trust and reliability of the gold loan company are of the utmost importance. Especially in this period of rising fraud. The gold loan company should not misuse the gold ornament pledged as collateral for the gold loan and use it for their purposes. Understand that the gold loan company doesn’t have any authority over the gold mortgaged in their firm. It is your property only even though the company has given you a loan. The gold loan company is authorized to auction the gold ornament only if the borrower fails to repay the loan amount in the loan tenure, and couldn’t find the funds to repay even after providing adequate additional time. Select the gold loan company that has been functioning for years, offering transparent dealings and extending the best support to the customers. You may go through the customer ratings and reviews while searching for the gold loan near me.
Mistakes to Avoid During Gold Purchase to Get the Best Gold Loan
The gold loan amount approved would depend on the purity of the gold ornament mortgaged. Several gold loan companies do not offer gold loans to the gold ornament of purity less than 22 karats. You can avoid such issues by buying only good-quality gold. The points to observe during the gold purchase are elaborated in the subsequent paragraphs.
Purity of Gold – Gold ornaments are available in different purity of gold, viz 22k, 20k, and 18k. The low interest gold loan is easier with 22k gold ornament than other purity specifications. 22k gold ornament also known as 916 gold ornaments. This means that the ornament consists of 91.6% gold and the remaining part is the metals added to improve the strength.
BIS Hallmark – BIS Hallmark certification is the main advertising point for jewelers. They would repeatedly state that their ornaments are Hallmark certified. However, you may note that a majority of the jewelers would not be certifying 100% of their ornaments with BIS Hallmark. You need to check the ornament personally for the certification symbol on it. An ornament with BIS Hallmark would get you more LTV with a low interest gold loan.
Jeweler’s Name – The symbols or abbreviations indicating the jeweler’s name also would be engraved at the back portion of the ornament. Of course, the gold loan companies may not recognize the local jewelry. As is the case, the gold loan company reduces the loan amount if the jeweler is not a known one. Nonetheless, this may differ with gold loan companies. A lenient and customer-oriented gold loan company would offer you the best value if the gold is of good quality, even though they do not recognize the jeweler.
Stones and Diamonds – The weight of stones and diamonds is reduced whilst calculating the sanctioned loan amount. It is better to mortgage the gold ornament that doesn’t have any such additional elements. It would get you a better low interest gold loan.
Low interest gold loans have been the life-breather for many companies and businesses across India. Gold loan companies have been instrumental in the sustenance of several entities during this testing time. Check out the different gold loan schemes and go for the right one if you are looking to get some finance.
Title : Best gold loan schemes and services in India | Manappuram Finance
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