Gold Loan

Gold loan is a type of secured loan i.e. the loan is provided against collateral in the form of different types of gold jewelry or gold coins. You have to deposit your gold with the lender i.e. NBFC or bank and you get the deposited gold ornaments or coins back only after you have paid back the loan amount in full including interest. Gold loan business, being secure, features short processing times, a low-interest rate and short to medium term tenure. You can avail several gold loan schemes from banks and other financial institutions. The amount of loan against gold you will get depends upon the value of the gold you surrender for the loan.The value and purity of the gold will be checked before the bank or NBFC takes possession of the gold. This loan is a good option if you are looking for instant liquidity. Also, since the approval of this loan does not depend upon your credit history or income, you need not worry about your adversely impacting your credit score nor scramble for income proofs for loan approval.

Bank Of Baroda had made the approval processes of Gold loan much simpler and faster by minifying the required documents .

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