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We may have our preferences when it comes to loan products. However, there are situations where a gold loan can be the best solution to our financial needs.
In these six scenarios, we look at what is gold loan offering that makes it stand out among all loan products.
Situations when gold loan is helpful
· Emergency medical expenses - The events of the pandemic and the rising medical costs highlight the urgency of medical expenses. Given the immediate need in most medical emergencies, a quick gold loan disbursal can come in handy.
· Education expenses - Like an education loan, a loan on gold can be a secured option. However, a parent can spare the student from becoming the primary borrower in a gold loan. In addition, less paperwork makes a gold loan the faster option of the two.
· Business investment - Business needs capital to expand and prosper. Whether starting a business or equipping it with new machinery with a gold loan, you can avoid delays in fund arrangement. This is an effective way of putting your idle gold to work.
· Debt consolidation - If you have multiple active debts, a gold loan can help consolidate them. A gold loan is available at a lower interest rate as a secured loan. With IDFC FIRST Bank Gold Loans available for up to Rs 50 lakhs, you can easily consolidate existing loans and dues.
· Home renovation - If your home is losing its shine, you can use your gold to renovate it. A loan on gold can be a low-cost option for getting the money needed to renovate your home.
· Wedding expenses - Unlike a business investment or an educational expense, wedding expense is a sunk cost. At the same time, it is unavoidable too. Rather than going for an expensive unsecured loan to meet these expenses, you can use the gold at your disposal to get IDFC FIRST Bank Gold Loan at an attractive and fixed interest rate.
The IDFC FIRST Bank Gold Loan
With its transparent banking practices, IDFC FIRST Bank offers a fixed gold loan interest rate, with no step up in rates during the loan tenure. It offers flexible repayment methods for gold loan borrowers to choose at their convenience.
To start the IDFC FIRST Bank Gold Loan application, you can bring the gold to your nearest IDFC FIRST Bank branch for a fully digital and paperless process.
Your 18 to 22-karat gold jewellery is accepted as collateral and stored in vaults with world-class safety standards. With this, a gold loan between Rs 10,000 and Rs 50 lakhs is sanctioned and instantly transferred to your account.
Make the most of your gold jewellery in times of distress with an IDFC FIRST Bank Gold Loan.
Disclaimer
The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.