Gold Loan In Bhopal
As one of the two wealth pillars of Madhya Pradesh, there is always a strong requirement of financial capital in the city of Bhopal. Fortunately for those who need a loan in Bhopal, and on the lookout for a good loan agent, IIFL Finance offers several loan products which are easily accessible. One of the most convenient of them is the gold loan in Bhopal. You can apply for this loan, which has several attractive features, low and affordable interest rates, no matter what the purpose of the loan is. All you need for a gold loan in Bhopal is the required gold ornaments to offer as collateral.
Features and Benefits of Gold Loan In Bhopal
IIFL Finance stands out as a sought-after loan provider in Bhopal, because its gold loan in Bhopal has several attractive features and benefits. You can easily apply for gold loan online and complete all the processing formalities without moving out of your home-residence. As a loan secured by gold deposited by the borrower, the loan also offers lower interest rates as compared to other loan products without collateral. The chief and most outstanding features are as follows:
How To Apply For Gold Loan in Bhopal
Gold Loan Calculator
Eligibility Criteria to Apply For Gold Loans in Bhopal
Just as the paperwork is minimal and easy to meet, the eligibility criteria for the gold loan in Bhopal is easy to meet. With gold to offer as a collateral, IIFL Finance protects the borrowers’ interest by ensuring that the borrower is also in a position to repay the loan and reclaim what usually is family heirlooms or jewellery with sentimental value. The basic eligibility criteria is set as follows:
You need to be a salaried employee/businessman/businesswoman/trader/ farmer or self-employed professional.
LTV, ratio at max 75% of the value of gold will be given as loan amount
You should be between the age of 18-70 years.
You should have gold ornaments purity 18-22 carats
Gold Loan Documents Required in Bhopal
The gold loan document in Bhopal is kept limited to the absolutely necessary to ensure that the entire process from application to repayment is seamless.Borrowers can choose from among the following:
Valid Driving Licence
Voter ID Card
Why Choose IIFL Gold Loan in Bhopal?
Those on the lookout for a good loan provider in Bhopal, will find that the loan offered by IIFL Finance is one of the best gold loans in the city. Apart from the easy application procedure and home-service provided, there are several other reasons to choose the gold loan offered by IIFL Finance. These include the following:
Highest Loan-to-Value: This is the percentage amount the borrower can get, subject to the current market value of the pledged gold ornaments. IIFL Finance offers the highest LTV of 75% of the gold ornaments’ total value based on the gold rate in Mysore.
Flexible EMIs: IIFL finance makes it easy for borrowers to repay gold loans. The lending company offers the flexibility of paying in monthly EMIs or as a single payment.
Safety: We accepts responsibility for the pledged gold by securing it in steel vaults and also offering insurance against loss or damage.
Transparency: We follows a transparent process in approving and disbursing the gold loan. The interest rate and applicable charges and the factors affecting the interest rate are disclosed on the IIFL Finance website.
Why is Gold Loan the Most Feasible Borrowing Mode in Bhopal?
The gold loan is undoubtedly the most feasible borrowing option in Bhopal for those who have gold to offer as a collateral. This is because you can apply for the loan without a credit score. Equally important is the fact that it gives you the freedom to use the loan for any kind of need, or multiple needs that may arise. Being a loan guaranteed by the borrower with a collateral, the loan also has comparatively much lower gold loan interest rates than unsecured loans.
Uses of Loan against Gold in Bhopal
There are multiple uses the gold loan could be put to as it is a no-end-use restriction loan. The decision on usage rests entirely with the borrower, with IIFL Finance or its officials having no say in the matter. Most commonly used purposes are as follows:
Medical: The gold loan in Bhopal can be used to tide through a personal or family medical emergency. You can use it to pay for hospitalisation or surgery related expenses or even home-nursing.
Personal: People often use the loan for travel, buying gadgets for themselves or their home, wedding expenses or supplementing a home loan.
Business: The gold loan can be used for business expenditure or expansion when other less expensive loan options do not exist. The borrower is free to use it for both capital and running-expenditure.