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WHAT WORKS IN FAVOR OF GOLD LOAN FROM SHUBHBANK


           


Gold Loan from ShubhBank offer competitive interest rates of 9% - 26%, quick disbursal and no restriction on end usage. Many borrowers especially owning the gold often struggle to decide either to go for a personal loan or a gold loan. In this, article we have discussed some crucial factor that should help you to understand that what works in favor of Gold Loan from ShubhBank.

AVAILABILITY OF HIGH LOAN QUANTUM: Gold loans usually outsource other loan products in terms of maximum degree of loan quantum. The lenders offer the loan upon the capacity of gold that you hold that results from few lakhs to crores. In case you require a high loan quantum "Online Gold Loan" would be a more suitable option to fulfill your need.

LESSER EMPHASIS ON CREDIT HISTORY: Being a secured type of loan, as they are pledged against your gold ornaments is quickly disbursed without considering the borrower’s credit history. It makes possible for borrowers with low credit score to "Avail a Gold Loan" in times of emergency. In case of default, lender recovers the outstanding dues by selling the pledged gold. If the loan quantum is very high, then the lender could consider your credit history to determine the risk of defaulting in future while repaying the huge amount.

MINIMUM DOCUMENTATION: The gold loan involves the least degree of documentation among various form of loan products and credit, as most lenders require just some basic documents such as identification proof and residence proof of the borrower. However other loan products like personal loan have a more detailed documentation procedure. Along with such basic documents like identification and residence proof, income proof and bank statements are also needed. After submitting the genuine documents to the bank or lender, you can get an easy approval on your gold loan.

HIGHER REPAYMENT FLEXIBILITY: Many lenders offer flexible repayment options for gold loan, like option to pay the rate of interest portion upfront or on monthly basis and the principal amount at the end of loan tenure, bullet repayment (repay the principal amount along with rate of interest at the end of loan tenure) etc. Such flexibility on repayment mode isn’t available for most of the other loan products. In other credit forms, borrowers have to repay the amount through regular EMIs involving both principal amount and rate of interest.

            The decision totally depends upon the borrower’s profile and need either to choose a gold loan or other loan product like personal loan. In case, you want to avail a high degree of repayment flexibility while having a low credit score or you are in a need of higher loan quantum urgently, and is comfortable in paying back within short time period, you may choose to "Apply For a Gold Loan" from ShubhBank. Those borrowers who have a regular income, good credit score and require higher loan amount can get the benefit of approving their loan within a few hours after applying for it.

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