HDFC Gold Loan
A gold loan is a type of secured borrowing wherein you pledge your gold valuables against a certain sum you need as loan. It is a new and trending concept in the Indian loan sector. Many people in India own gold as it is considered a symbol of success and fortune. You can make the best of the locked-in value of your gold assets by pledging them to a bank or an NBFC against a loan with tempting interest rates.
Keeping your gold ornaments as collateral for a loan is known as 'Gold Loan'. It is the fastest way to get a loan as it demands minimal documentation and is a hassle-free process. Along with ornaments you can also keep gold coins as collateral. These gold loans are usually taken for short tenures as per the applicant's needs. The lenders design the repayment process and EMI's according to the borrower's needs.
Eligibility
Gold Loan Eligibility Criteria
The borrowers do not need any hefty eligibility criteria to avail a gold loan via HDFC. The minimum eligibility criteria are given below:
The borrower should own gold.
The gold coin or ornament to be kept as collateral should be above 18 karats.
The borrower should have a steady income to pay off the loan on time
The borrower should have a good CIBIL score.
Documents
Documents Required for a Gold Loan
List of Documents Required
Identity and signature proof
Voter ID
Passport
Aadhaar Card
Driving License
PAN Card
Employee Identity Card (in case of government employees)
Address Proof
Rent Agreement
Bank Statement
Voter ID Card
Passport
Driving License
Telephone/Electricity/Water/Credit Card bill or Property tax.
Two post-dated cheques for security purposes
Signed and filled HDFC Gold Loan Application Form
Passport-size photographs
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Our Benefits
Borrowing a loan is one of the most ways of business financing. There are various reasons people can borrow loans; it can be to finance their businesses, school fees loan among others. In a situation where you have insufficient funds, the only solution for you is to borrow a loan. You can borrow a loan to either meet short-term financial needs or long-term. You can either borrow a loan from a bank, friends, family, and relatives. Take a look at various benefits of borrowing a loan.
Cash flow is To start a business, you need capital. It is not easy to get capital to invest in larger assets or projects.
Borrowing a loan is the only option that can help you handle such kind of businesses. The higher the capital, the more the
chances of a successful business. With the availability of cash flow, You can make multiple investments. Cash flow helps you
to start a solid foundation for your business and remain with the operating cash flow. The business will not be at risk of
falling due to lack of funds.
Every individual needs funds to grow their business. For you to be a successful entrepreneur, you need to get extra money to
boost your business. Getting a loan will allow you to make an extra move to expand your business. With the availability of
finance, you are in a position budget well and plan on how you will achieve your goals. By growing your business, you are
guaranteed of qualifying for higher loans depending on your income.
Loans are always flexible. The interest rates, the duration of the loan and the amount can be negotiated before the loan
is given. You can make adjustments even after the loan is given. You can plan on how to repay the loan and also request for
adjustments in case you need any. When you borrow a loan, you are in control of the whole amount. You can choose what to
do with it. No one can control you on how to invest your money.
Interest rates come banks interest rates are lower in that low-class earners can afford to secure a loan. Low-interest rates
encourage many borrowers. Borrowers can offer collateral as a form of security in case you default in payments; the bank
will be in apposition to repossess the collateral offered. Lower interest rates attract more customers.
The above benefits of Borrowing a Loan will build your confidence in securing a loan. If you repay well your loan, you will
have a good credit history and stand a chance of more loan. Borrowing a loan is important. It helps you when you don’t have
cash on hand and will are of great help whenever you are in a fix.
