Gold Loan
Gold has been one of the most valuable metals throughout mankind’s history. Apart from being used as jewellry, in decorations and as hardware components for some devices, it has been a valuable asset to own because of its high value. It is estimated that India is the second-largest consumer of gold products and ranks 9th in the list of largest gold reserves in the world. Moreover, there has been a significant rise in gold loans as well over the online platforms because of the many benefits. So, let us look at the key factors and benefits of taking Muthoot Fincorp’s gold loan. Factors that Affect Gold Loan
  • Gold Prices in the Market
While applying for a Muthoot Fincorp’s gold loan, the current market prices are considered while taking in the collateral. So choose the best time in the market to get the best gold loan interest rates. These prices are affected by other factors such as inflation, global exchange rates, country’s gold reserves and the demand-supply ratio in the market.
  • Tenure of Gold Loan
The preferred duration for the gold loan’s repayment plays a crucial role in deciding the plan you choose. One must choose a comfortable repayment tenure. Since a Gold loan is a short term loan, the maximum repayment tenure is usually 12 months.
  • Repayment Conditions
Generally, there are two types of common schemes in gold loans. A regular EMI based scheme or a final lump sum amount at the end of the gold loan. Make sure to choose the type of plan suited to your needs. It is also recommended to read all the terms and conditions of your Muthoot Fincorp gold loan to understand the repayment process easily.
  • Gold Loan Interest Rates
Interest rates play a key role in determining the borrower’s gold loan EMI. The lower the interest rates, the lower is the EMI. Therefore a borrower must consider a lender who charges the least possible interest rates while offering gold loans. Benefits of Muthoot Fincorp Online Gold Loan Let us look at some of the key benefits of taking Muthoot Fincorp’s online gold loan:
  • Easy and Faster Processing
The whole process is done with the utmost efficiency and security. Gold loans can now be approved in a few minutes and save your precious time.
  • Minimal Processing Fees
At Muthoot Fincorp’s gold loan, we charge a minimal processing fee compared to other gold loan platforms. This ranges from Rs 12 to Rs 20. This helps in saving a lot of extra charges for the applicant and helps in serving you better. This is possible due to the online platform where the application process becomes automated and easier to approve.
  • Lower Interest Rates
Online gold loans have lower interest rates compared to the other types of loans such as a personal loan or house loan. This is because of the collateral involved and there falls under a secured type of loan. Muthoot Fincorp’s online gold loans charge an interest rate beginning from 15%, which is quite competitive.
  • No need for a credit score
House loans and vehicle loans have strict policies on the applicants’ minimum credit score for loan approval. This is not the case in online gold loans since the collateral involved makes it completely risk-free and enables trust between both the lender and the borrower.
  • Security of your Gold
The Muthoot Fincorp world-class safety and surveillance standards that keep your money safe. But also insured. You can stay completely stress-free during the loan period as there are zero chances of theft. Eligibility Criteria for Applying There are fairly simple criteria involved in online gold loan applications. These include
  • Proof of identity documents
  • Proof of address documents
  • Minimum age of 21
  • Either a ration card or passport or driving licence or voter id would fulfill all these requirements.
Applying for Muthoot Fincorp’s gold loan has its own benefits and it can help you with managing your finances and calculate interest using a gold loan calculator. Make sure that you choose the schemes which suit your requirements and feel free to contact the customer service for help or queries via phone or email during the online application process.

muchasaludblog

Leave a Reply

Your email address will not be published. Required fields are marked *