A gold loan is one of the best options for women when it comes to taking a loan. Unlike other loans, a gold loan does not require collateral from the borrower. Therefore, it makes it a safer option for women, who may not have any assets to pledge as security. In addition, gold loan women are also easier to obtain than other types of loans.
10 reasons why gold loans in a better option for women:
- A loan against gold is a secured loan, meaning the borrower can use their gold as collateral to secure the loan. It makes it a much safer option for women, who may not have other assets to offer as collateral.
- Gold loans have lower interest rates than other types of loans. As a result, it makes them more affordable for women, who may have difficulty securing other types of loans.
- Gold loans are typically shorter in duration than other types of loans. Therefore, it makes them a more viable option for women who need access to quick cash.
- Gold loans can be used for various purposes, including business investments, medical emergencies, or education expenses. It makes them a versatile option for women who may have specific needs that other types of loans cannot meet.
- Gold loans are available from various lenders, including banks, credit unions, and online lenders. It gives women the opportunity to shop around for the best deal on loans.
- Gold loans can be repaid in various ways, including monthly instalments, lump-sum payments, or the sale of gold. It makes them flexible for women who may have different repayment preferences.
- Gold loans do not require a credit check, making them an accessible option for women with bad credit or no credit history.
- Gold loans are typically processed quickly, meaning that women can get the cash they need when needed.
- There are no prepayment penalties for gold loans, which gives women the freedom to pay off their loans early if they choose.
- Gold loans are a reliable source of funding for women who may not have access to other forms of credit.
Does Bajaj Finserv provide gold loans for women?
Yes, Bajaj Finserv provides gold loans for women at attractive interest rates. You can use the loan amount for any purpose and repay it at your convenience. The process is simple and quick, and you can get the loan amount within 24 hours.
Bajaj Finserv gold loan interest rate are some of the most competitive in the industry. So whether you are looking to avail a loan for business or personal reasons, we can help you get the best deal possible. With our easy online application process and quick disbursal, you can get the funds you need in no time.
Eligibility criteria for women for taking a gold loan
- The borrower’s age should be between 18 to 60 years.
- The minimum loan amount is Rs. 10,000/- and there is no maximum limit for the loan amount.
- The weight of the gold can be 20 grams to 1 kg.
- The tenure of the loan is one year to 3 years.
- The interest rate is 9% to 12% per annum.
- The processing fee is 1% to 2% of the loan amount plus GST.
- The maximum Loan to Value (LTV) ratio is 75%.
- The gold should be in the form of jewellery, coins or bars.
- The borrower should have a PAN Card and Aadhar Card.
- The borrower should have income proof such as a salary slip, bank statement or Form 16.
- The borrower should have residence proof such as a ration card, electricity bill or rent agreement.
- The borrower should have a passport size photograph.
What other options do women have other than the gold loan?
In addition to taking out a gold loan, women can use personal loans, credit cards, or even borrow money from family and friends. However, these options may not be as ideal as a gold loan since they often come with higher interest rates and may not offer the same level of flexibility.
Gold loans are much better options for women than personal loans, credit cards, etc. The interest rate on the gold loan is lower than the other options, and the repayment period is also shorter.
Thus, we can see that a gold loan is a superior option for women compared to other options. It is cheaper, more accessible, and has a shorter repayment period. So, if you are facing any financial difficulties, opt for a gold loan without hesitation.