We often avoid taking loans, especially when it requires one to mortgage a property or asset. Well, that concept is fast changing today. Mobilizing funds and ensuring a high return on investment is the trend. One must plan finances well and understand the schemes before taking any decisions.
Loan against asset is one such scheme wherein a person is required to mortgage an asset in order to avail a loan against it. These are secured loans the financial institutes offer to the public. Thus, the loan amount can be huge while the interest rates remain low as compared to the interest rate offered under unsecured loan schemes
Loans against assets can be quickly availed and requires only basic documents, such as proof of identity, proof of address, pan card and others. The financial institutes offer doorstep services so as to make it easier for the customer. The tenure of the loan can range between 6 months to 48 months subjective to the financial institute offering you the same.
Availing Loan against Gold in India
Loan against gold in India would require one to give in a minimum of Rs 50,000 worth of gold in most financial institutes while one can avail a loan on gold valued at less than Rs. 50,000 in the rural parts of our country.
The interest rates for a loan against gold in India are very attractive and thus one must opt for the same in order to fulfill one’s financial requirements through Calculate Home Loan Emi.
The gold mortgaged can be liquidated at any given time. The financial institutes generally charge a foreclosure charge, but one may request for a waiver. This shall help you save 1% of charge on the amount payable if at all agreed upon by your lender.
The loan processing charge and gold valuation charges are minimized and one has to bear them in order to avail the loan against gold in India.
One may renew the tenure of the loan at a given charge, or pay up to 1% as a prepayment charge.
The best thing about loan against gold in India is that it can be disbursed within an hour provided the documents are in order and the verification of the gold takes place quickly. One must opt for loan against assets in order to meet unforeseen circumstances and other urgent requirements.