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Bursting The Myth About Gold Loans

Gold loans from banks and NBFCs may seem like a new concept to many, but in reality, it is not so. In India, getting loans against gold is a time-honored tradition.

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Bursting The Myth About Gold Loans

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  1. Bursting The Myth About Gold Loans Gold loans from banks and NBFCs may seem like a new concept to many, but in reality, it is not so. In India, getting loans against gold is a time-honored tradition. Since Indians traditionally do not like to part with their gold which they consider auspicious, instead of selling it off, they have always preferred to seek loans in emergencies by giving gold as collateral. Although getting a loan against gold is a convenient option, few people avoid availing it because of certain misconceptions. Firstly, people are afraid to opt for this loan as they feel that their ornaments will be swapped for fake pieces or may get lost. When the loan is availed from a registered gold finance company, this never happens as the RBI has strict rules regarding the same, and the banks and NBFCs offering the loans are also extra careful about the safety of the products.

  2. Secondly, many people feel that the interest rate on such loans remains high. However, what is worth noting that many overlooks is that since the gold actually works like collateral, the loan granted is secured and has a much lower interest rate. Thirdly, people believe that the whole procedure of a gold loan is time- consuming, and they would have to wait for hours while the gold is evaluated and all the documentation completed. However, it is not true. Banks and NBFCs have registered goldsmiths who evaluate the gold quickly and decide if it works for the lender. After this, the bank checks some basic documents like the address and ID proof, salary slips for the last 3 months, and Form 16. After checking these documents, the applicant only needs to fill out a form, and the loan is granted. Muthoot Finance is India’s most trusted gold finance company Muthoot Finance is India’s most trusted financial services brand that offers gold loans at competitive interest rates. The NBFC also offers several other financial products designed as per the needs of Indian customers. If one has to avail of a gold loan, Muthoot Finance is the name to trust.

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