Are you on the edge of giving in to avail high-interest loans without good repayment options? It is quite an ironic situation wherein the rate of gold is skyrocketing all over the world, and no one likes to wear it. Buddy Loan offers loans primarily a personalized gold loan based on the repayment option.
The features of gold loan
As far as making a fashion statement is concerned, Diamond jewellery or platinum wear has overtaken Gold jewellery, but as far as authenticity, investment, and value of a product are concerned, gold remains a favourite.
In case of urgent need of money, many people apply for a loan against gold, which is a secured Buddy Loan. Gold Loan providers keep Gold ornaments as collateral and fund immediate financial requirements. The interest rates are quite alluring, and even the borrower feels it’s an effortless and instant loan.
- Age has to be more than 21 and less than 65 to be eligible to apply for an online gold loan.
- If taken, the loan must be terminated before the borrower turns 65 years old.
- The employment of the borrower is a must to ensure repayment of the amount given.
- For Approval of the Buddy Loan, minimum purity of gold needs to be 20 carats and above.
Documents required to apply for the Loan on Gold:
- Passport size Photographs
- Identity Proof – a valid proof that can be used as an address proof as well.
- Signature Proof
- Current Residence Address Proof
- If the amount of the loan exceeds 50k, PAN card submission is required. If the value o the loan exceed five lacs, income and employment proof is required.
- Instant Processing -The eligibility criterion needs to be met to apply for the Buddy Loan.
- Low and Affordable Interest Rate – Since gold is given as security, the interest rates are much lower.
- No Hidden costs or charges while applying for the Buddy Loan.
- Transparency of terms and conditions between the borrower and the lender.
- Using Gold Loan EMI Calculator, you can check the minimal amount of interest charged for the Buddy Loan
- At home and doorstep facility provided to avail the Buddy Loan.
- No processing fees or very minimal charge taken to process the loan.
- Foreclosure charges are not entertained
- Income/Salary Proof is not required
- Credit Rating not required or affected
- Loan-to-Value Ratio- Only 80% of the value of gold is remitted to the borrower.
- In case of any default in skipping the time range or a payment, you can lose your gold
- in future whenever you require a Buddy Loan on gold in case of any financial restraints, you can apply for an online gold loan and get the available anytime anywhere in just a few minutes.
Read more: 5 Primary Factors Your Lenders Consider For Your Loan Application
The best way to repay a gold loan!
A gold loan can be easily processed. The yellow metal is as attractive as it looks, and not only is it a source of money by buying and selling gold, it can also be an asset for a loan. Buddy Loan is one of the best loan aggregators that disburse gold loans with lower interest rates depending on your credit history.
There has been a long history of the continuously changing prices of gold. Some companies claim to provide the loan in minutes when it comes to a gold loan. It also doesn’t require you to provide too many documents.
The best thing about the gold loan is, no matter how bad your CIBIL score is, you would still be approved for a gold loan. The money from gold loans can be used as a personal loan and can be used for investment in any field, and no document must be provided for proof. In some cases, no income proof is required for a gold loan.
The loan is easy, but the question comes, how to repay the gold loan. Gold can serve as an asset we can bank on during an emergency. Apart from being a piece of ornament, it will help you when you’re in dier need of money.
In short, the reason it is easier to pay off debt is that lenders are lending you at lower interest rates than personal loans and credit card debt.
- Pay Interest as EMI and Principal amount later: With this option, you can pay interest amount according to the EMEA Loan Schedule, but the payment must be paid at full maturity. Such arrangements are often surprising for the benefit of the loan as all loans must pay only interest, not worrying about paying the principal.
- Partial Payments: You can make partial payment in this method whenever you desire. The EMI schedule is not essential in this payment method. The borrower can pay back both interest and principal partially or in full irrespective of the EMI schedule.
- Bullet Payment: In this payment method, borrow doesn’t need to pay during the tenure of the loan. Also, the loan term accepts one-shot payment in the end.
- Regular EMI: Mostly suited for the salaried class, proper EMI payment option is best for people who get cash credits in their accounts monthly. The EMI contains the part of both principal and interest amount.
Mostly gold loans don not have any penalty on pre-closure of the loan, and thus borrowers can enjoy the facility of closing the loan before the loan tenure ends. The lender returns the assets/collaterals upon completing the repayment & closure.
The importance of PAN card while availing a gold loan!
People buy gold for various purposes and occasions. Gold is one of the many forms of gods in India. Worshipped in the form of an idol and blessings in the form of a gift.
Buddy Loan disburses gold loan based on your credit history, giving you lower interest rates on it. is the with the gold loan facility available with almost every financial institution, the gold lying idle in the houses and bank lockers can be used for availing the loan for personal and business purposes.
The process of obtaining gold loans is quite easy, and it doesn’t take much time to process the loan. The gold loan brings benefits as stated below:
- Secure processing: Gold loan processing is fast, and the borrower can get the loan within a few hours. Since it is secured, the loans are disbursed fast.
- Lower rate of interest: A gold loan is a secured loan, and thus the lenders don’t charge a higher rate of interest. The ROI is usually lower than the interest on a personal loan
- No processing fee: Lenders do not charge any processing fee on the gold loans and borrower can save a lot of money in gold loans
- No credit score needed: CIBIL score is not required to avail gold loan as gold is kept as the security for the loan amount
- No income proof needed: Gold loans do not require any income proof from the borrower
Documentation required for Gold Loan:
Gold loans come handy to anyone who owns gold. The documentation required is minimal and there is no need to have a PAN card to avail the loan.
Following are a list of documents the borrower should carry to get the loan from the financial institution:
- Passport size photograph
- Identity proof such as PAN card, driving license, Passport Copy, Form 60/61, Voter’s ID Card, Ration Card, Aadhaar Card, any one of the said documents can be submitted
- The lender must collect the Address proof of the borrower. It can be any of the following, driving license, voter id card, passport copy, ration card with photograph, Aadhar card copy, registered rent agreement of the borrower
With these mentioned documents, anyone can avail of the gold loan facility and used the money for any personal or business purposes. It comes as an advantage that people with no PAN card can also use this facility and avail the loan. However, for safety and ethical purposes, Buddy Loan urges the borrower to present his/her PAN card for fast approval, better repayment option and lower interest rates with respect to your credit score.