Gold loan can be the perfect way to raise capital to start a new business or to meet day-to-day expenses associated with the business.
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Gold Loan Benefits: If you want to meet your expenses and your savings are over. So in this case you can take gold loan. Because in today’s time many times a person gets stuck in such a situation where his bank savings falls short. This situation can be medical emergency, child’s admission in college, marriage or business. There are many loans available to meet these needs. However, gold loan has no match in terms of flexibility. The reason for this is the presence of gold in every household. Loan is easily available by mortgaging it.
The loan to value (LTV) for gold loan is high which means you can get loan up to 75% of the cost of gold. Gold loan can be used to meet any expenditure. There is no compulsion or condition in this. We are mentioning some such ways in which gold loan can be used.
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As a business or startup loan
Gold loan can be the perfect way to raise capital to start a new business or to meet day-to-day expenses associated with the business. This is because of the high loan to value and attractive interest rates. Gold loan can be a good option for rural women to materialize their plans and set up their own enterprise.
like education loan
There are many financial institutions that provide education loans for studies in India and abroad. However, there is a bit of a screw up regarding the type of educational institutions to give student loans. Banks generally give loans to top level institutions. In such a situation, gold loan can be a good option as there is no eligibility criteria for it. Also, this money can be used for admission in any kind of college.
for medical emergency
It is said that trouble never comes without telling. Medical emergency is also like this. The cost of medicines and treatment can eat up all the hard earned money of a person. In such a situation, gold kept at home can help you. Easy processing and quick disbursal make Gold Loan a suitable option to meet a range of medical expenses.
Helpful in meeting other expenses
Low interest rates and the freedom to spend the loan amount as per your wish make gold loan a good option in many ways. In this, the cost of repairing the house, other big expenses, expenses like foreign tour can be covered.
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