Why Should You Go for Online Gold Loan?

Online Gold Loan | Image Resource : etimg.com

With life becoming more and more complex, one hardly knows when a financial crisis strikes. This induces you to go for a loan to tide over the difficulty; however, choosing an appropriate loan is important for you to need to repay the amount with the interest. If the interest is high, you are in trouble. Online gold loans are the best options during the tough times for they help you get the required amount quickly and easily at affordable interest.

Most people in India invest in gold and this precious metal allows you to secure a loan from any financial institution like banks whenever you want it. Pledging your gold in the form of jewelry or coins helps you get the required amount, which is repayable or renewed yearly at a reasonable interest rate.  

Some Reasons to Choose Online Gold Loans 

There are several aspects that make a gold loan online a better option than any others.

  • Low interest rates and processing charges: A loan generally attracts interest and the percentage of interest largely depends on the type of loan you opt for. With the gold loan, the interest rate is lower for the gold you pledge acts as collateral security and there is not much risk involved for the lender. The rate of online gold loan interest varies depending on the institution. The nationalized banks charge a low interest while the private financial institutions charge a little higher. Moreover, the processing fee is also minimal with just 1 or 1.5 percent charged on the loan amount.
  • Minimal documentation: There are not many documents required to avail a gold loan. All you need are the identity - and address-proof documents attached with the filled-in gold-loan application form.
  • Different payment options: Any gold loan scheme has flexible payment options and this is why people mostly choose this type of loan to meet their needs. You can choose any of the repayment methods like the bullet, upfront, or regular EMI repayment methods. The bullet repayment permits you to pay the loan amount with interest after one year, while the upfront method asks you to pay the interest at first and the principal later. The EMI option allows you to pay the amount at regular intervals of quarterly or half-yearly.

Documents Required for Online Gold Loan 

You need to submit any of the following documents for an online gold loan: Voters’ ID, Aadhar Card, Driving License, Permanent Account Number (PAN) Card, or Passport and a passport-size photograph. 


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