No matter how well your budget is planned, there are always some unforeseen expenditures waiting round the corner. There might be some sudden requirements that may need a substantial amount of funds. In such situations, people usually resort to taking loans from a bank or an NBFC. However, a preferable way is to avail of a gold loan. Let’s see some of these situations and understand how you can tackle them promptly by applying for a gold loan:
- Medical Expenditure: Emergency medical situations might arise, which are usually unplanned occurrences involving sizable cash outflow and may rob you of your savings. In today’s time, even common diseases such as dengue and malaria take up a chunk out of your pocket. Covid-19 has shown us the extent of the burden that medical emergencies can create on your finances.
- Working capital crunch: Due to unavoidable circumstances in your business, there might be a delay in receiving payments from your debtors. This is because various uncertainties surround businesses. Delay in receiving payments from debtors can create a cash crunch and might create a shortage of funds to the creditors. Any delay in payments to suppliers can harm the business’s reputation and negatively affect the supply chain. It might result in strained relations, reduction in credit period, stoppage of important supplies, etc.
- Multiple EMIs: People sometimes take multiple loans and trap themselves into numerous EMIs. Keeping track of all the EMIs and their due dates becomes cumbersome, and they end up skipping one or two. This adversely affects the credit score of the borrower. This may, in turn, create problems for your future borrowings. Therefore, to get free from multiple EMIs, you can consolidate all your loans into a single loan.
How instant cash loans in the form of gold loans can solve the above problems
- Problem 1: Medical Expenditure
Solution: In case of any medical emergency, you can simply avail of a gold loan and pay all your medical bills. Your hospital bills get converted into a loan which can then be repaid in installments. This reduces stress and strain on your finances. As the gold loans are available at affordable rates and instant, you won’t have to run from pillar to post to get your loan sanctioned and wait for long to get disbursal.
- Problem 2: Working Capital Crunch
Solution: If your business faces a working capital crunch due to a delay in receipt of payments from debtors, you can use gold loans as an instant financing facility. This will enable you to pay your creditors till the time you receive your payments. From the payments received, you can repay the loan. Another benefit is that, as the loan repayment is to be done in installments, therefore, you get considerable time to manage your working capital crunch and bounce it back to normal.
- Problem 3: Multiple EMIs
Solution: You might unknowingly end up screwing your credit score due to multiple EMIs and failure to keep track of their due dates. By taking a gold loan, you can prepay your other existing loans, and in the end, you will be left with a single gold loan. This is known as debt consolidation, where your multiple loans get consolidated into a single loan. With only a single EMI payment, you can repay it within the due date and save your credit score.
Immediate financial requirements may arise anytime. If you have invested in gold, it can be a saviour during immediate financial needs. Gold loans, because of the instant process, lower costs, and flexible terms and tenure, are the best arrangements to meet short-term fund requirements and reduce strain on your finances. With indiagold, you can easily avail of gold loans with flexible terms, lower costs, and the entire process at your doorstep. You can repay your gold loan directly from the indiagold app as well.
Q: How do gold loans score over personal loans?
A: Gold loans are better than personal loans in the following aspects:
- **Gold loans **involve lower interest rates and other costs as compared to personal loans.
- Gold loans involve fewer formalities and documentation requirements
- Its eligibility criteria are easier to fulfill than personal loan eligibility.
Q: What are the documentation requirements for gold loans?
A: Gold loans do not involve much documentation. The only **documents **indiagold asks for gold loans include:
- Identification Proofs: Aadhaar card, Voter ID card, Driving license, etc.
- PAN card or Form 60
- Your Photograph
- Address Proofs: Aadhaar Card, Driving License, Voter ID card, Passport, Utility Bill, Rent or lease agreement, etc.
- Pledge card of your existing gold loan and details of ornaments pledged (in case you transfer your existing gold loan to indiagold).
Q: What is the process of availing gold loans from indiagold?
A: The process for availing of gold loans from indiagold is simple. With indiagold, the entire process can be completed online at your convenience.
- Personalised loan advisor: Visit the website and click on “Apply Now” or just give a missed call at 1800-123-999-888. A loan advisor will guide you through the process of the gold loan application.
- Doorstep Service: A loan manager will visit you at your home to process your gold loan application. The entire process is online and takes only 30 minutes. Once the application is processed, the money is instantly transferred to your bank account as per the latest rate.
- Secure packing and storage: Your gold will be packed safely in front of your eyes in secure GPS-enabled packets and deposited in safe lockers. Once it leaves your house, the entire responsibility of your gold is of indiagold’s along with insurance from New India Assurance Co. Ltd.
- Delivery at home: Once the repayment of the loan gets completed, your gold is safely delivered to your doorstep the next working day. This makes the entire gold loan process available at your doorstep.