Buy The Vehicle Of Your Choice By Simply Availing Gold Loan
How can you purchase your vehicle by availing of a gold loan and understand the documents required for a gold loan.
indiagold team
24 Mar 2022
Share this post
Buy The Vehicle Of Your Choice By Simply Availing Gold Loan.png.webp

If you have been waiting for too long to buy your dream bike or your first family car, then your wait is over. If you fear whether your vehicle loan would get sanctioned or not, then here’s a pro-tip. You can use your gold ornaments, jewellery or other gold belongings to finance your vehicle. You read that right! You do not need to worry about your eligibility for a vehicle loan and hefty interest rates, with a gold loan taking care of all of it.


How can gold loans be used to buy vehicles?


Gold loan is the financing facility that can be availed by the borrowers by pledging their gold articles as security. They can be instantly availed, and the banks and financing institutions readily provide loans against gold due to the premium value that gold carries. Usually, banks finance 75%-85% of the gold value as loans to the borrowers.


Therefore, if you are looking towards purchasing your vehicle, then you can instantly make payment for the same using the gold underlying with you. This can also help you negotiate discounts with automobile dealers for instant and upfront payment.


Benefits of Gold Loans


Gold loans offer certain advantages to their borrowers. These include the following:



  1. Affordable interest rates: Gold loans can help you get the required funds at the most affordable interest rates. At indiagold, the interest rates start with just 0.85% per month.
  2. Shorter tenures: Shorter tenures ensure faster settlement of loans, thereby freeing your cash flows. Usually, the tenure for gold loans is around 6 months.
  3. Instant processing: As gold has inherent premium value, banks readily accept gold as security for financing loans. As the formalities are less, the sanctioning and disbursement are done swiftly.

What does indiagold offer?


To enrich the financing experience of the borrowers, indiagold provides certain benefits that make it stand out from the rest of the lenders. The whole process from loan application to repayment is structured in a unique manner. It includes:



  1. Personalised Loan Advisor: You do not need to worry about the procedure as indiagold provides a loan advisor to the borrowers to guide them through various schemes and make the entire process smooth and hassle-free. You just need to visit the indiagold website and click on “Apply Now”. You can even give a missed call on 1800-123-999-888.
  2. Doorstep service: Here comes the interesting part. You can avail of the gold loan by just sitting at your home. Here, indiagold provides a home visit facility where the loan manager comes to your doorstep to process your loan application. It will just take 30 minutes to process your application. Gold is valued at the latest rate at your home itself. Thus, gone are the days when you had to visit the bank carrying the gold and complete all the formalities, taking hours to process.
  3. Instant transfer: Once the application is processed, the money gets transferred to your bank account instantly, thus, making the entire process seamless and swift.
  4. Secure storage: After the money is transferred into your account, your gold ornaments are packed in front of you in secured GPS-enabled packets. These are taken by the loan manager and deposited in the safe lockers. The entire responsibility of your gold, once it leaves your house, is upon indiagold. The company provides free insurance from the New India Assurance Co. Ltd. for the gold stored in the lockers.
  5. Easy repayments: Repayments are easy and can be done directly from the website or using the mobile app. It also offers flexibility over repayment options depending upon the scheme under which the loan is availed of.
  6. Gold delivery at home: indiagold ensures that your gold is safely delivered at your home by the next working day after the closure of your loan. This makes the entire loan process available at your doorstep.
  7. Other benefits: Other benefits that indiagold offers on gold loans include zero processing fees and even an option to not pay principal till the end. The above benefits depend upon the amount of loan you require and the scheme you select for your gold loan. Three different schemes are offered by indiagold for its customers:
  • indiagold FairValue
  • indiagold HighValue
  • indiagold MaxValue

Documents required for the gold loan


The following documents are required to be submitted directly to the loan manager visiting your house:



  • Your Photograph
  • Identification Proofs (Any one of the following): Aadhaar card, Voter ID card, Driving license, etc.
  • Address Proofs (Any one of the following): Aadhaar Card, Driving License, Voter ID card, Passport, Utility Bill, Rent or lease agreement, etc.
  • PAN card or Form 60
  • Pledge card of your existing gold loan and details of ornaments pledged (in case of transfer of your existing gold loan to indiagold.

Vehicle loans usually require more documentation like income proof and business or salary proof. Apart from that, its eligibility criteria include minimum income criteria, number of years of work experience criteria, and age criteria as well which are all relaxed in the gold loans. Thus, the documents required for gold loans are fewer as compared to the vehicle loan, making vehicle purchase smooth and easy with a hassle-free process.


Bottom Line


You have been excited for a long time to purchase your vehicle, however, stressed with the hefty process of vehicle loan and its formalities. This is where the gold loan comes to your rescue—no need to postpone your dream again till you meet the eligibility criteria. With just a missed call, instantly secure a gold loan and buy your dream vehicle now.

Share this post
Read more like this
logo

Copyrights 2021 | Flat White Capital Pvt. Ltd. All rights reserved.

DOWNLOAD OUR APP

PlayStoreAppStore

PRODUCTS

Gold Loans

FOLLOW US

REGISTERED UNDER

startupIndia