Gold loan remains the top option for meeting financial requirements on short notice. Imagine how tiresome it would be to arrange all the documents, observe the complex loan approval process and plead to bank officials for early sanction of loan. None of us would like to get into such complications when in dire need of money. Gold loan is the savior during such circumstances.
Gold loan is the most preferable loan when one is in urgent need of funds. India has registered a quantum leap in the number of gold loan borrowers in recent years. The convenient loan application process, very easy documentation process, and feasible repayment options, including gold loan repayment online make a loan against gold the most advisable one.
By V.P. Nandakumar
To promote the next level of financial inclusion, let us remove restrictions on opening new branches that currently apply to gold loan NBFCs
Repayment is the biggest concern when one thinks of applying for loans. At the same time, there is no other way out than obtaining a loan during circumstances with dire financial requirements.
Gold loans are the recommended option in such a scenario. The customer need not have to worry about procedural delays, low credit score, or arrange for a guarantor. Anyone requiring money can mortgage the gold asset and obtain the money depending on the value of the security.
Life is a complex puzzle! It can put you in tough situations or difficult hurdles on the way. Many a time, money might be required to resolve the issue. Obtaining financial support from banks or NBFCs may not be easy during such a scenario. You will be presented with many complex formalities for the approval of loans.
Manappuram Finance established an eminent position among the gold loan companies in India. Nothing less than dedicated support to the customers and client-oriented services are behind this prestigious feat. The positive factors like the lowest gold loan interest rate and the easy approval of gold loan have made it the best gold loan company.
The gold loan has been the best way to meet financial requirements in an emergency scenario. The loan against gold business has increased manifold in recent years. The flagging business situation, due to the prevalent pandemic, has been the predominant factor in the increase of gold loans. Furthermore, the interest of gold loans has been favorable for the borrower compared to personal and business loans.
The US has an inflation problem
A jump in US inflation may pressure the Fed to tighten monetary policy sooner than expected. How would India fare in that scenario?
There is no doubt that the US economy is facing an inflation problem. And the risk is that if it is not handled with care, it can get out of hand.
I write in continuation of my earlier article “Gold: Outlook for 2021 and the competition from crypto currencies” published in the February 2021 issue of this magazine. In that article, I had looked at how investors, uncomfortable with the surge in money printing by central banks, have fuelled a rush of money into digital cryptocurrency. The returns on gold during calendar year 2021 were far outstripped by the multi-fold rise in Bitcoin and other digital cryptocurrencies.
Gold loan companies have been the saviour in times of urgent needs. Mortgaging the gold ornaments at the lowest gold loan interest rate, people could find the fund for varying requirements. A prominent factor to note here is that India is one of the biggest importers of gold.
Above all, India is the biggest importer of gold for domestic purposes. The yellow metal has been of multiple use for individuals. It is one of the safest tangible investments. Further, the gold ornament can be used for a gold loan with low interest during a financial crisis.