Here’s how small businesses can get funds with a Gold Loan
Keep reading to know how taking a gold loan can help small businesses grow
Starting a new business or growing an existing one can be expensive. There are bills and salaries to pay, equipment to fix and buy, and cashflow to manage. A gold loan can be a great way for small businesses to manage their expenses.
With loan amounts of up to Rs. 2 crore on offer, gold loans come with a fast approval process and flexible repayment options. This makes it easier for people to get money quickly and keep working without stopping, which helps them grow and get more done.
Keep reading to know how taking a gold loan can help small businesses grow.
As the loan is taken against physical gold jewellery, the gold loan interest rates are relatively lower than the unsecured loans. Reputed lenders like Bajaj Finserv also offer an online gold loan EMI calculator. The calculator helps consumers to determine the loan amount depending on the weight and purity of their gold jewellery. Before agreeing to a loan, they can determine the total interest that will be charged and the amount that they can afford to pay back each month.
What makes gold loans a smart choice for borrowers?
Less paperwork: Applying for a loan against gold is one of the easiest to get funds instantly. It only needs KYC documents to prove who you are and where you live. This gets rid of the long, complicated paperwork.
No credit score: If you have no credit history or a low credit score, it might be hard for you to get money through other types of loans. But you do not need credit or a certain CIBIL Score to get a loan against gold. Someone who needs money only needs to have 22 karat gold at his disposal.
Part-release facility: By making equal payments before the end of the loan term, you can "part-release" some of the gold jewellery you pledged as collateral.
Multiple repayment schedules: Many repayment options are available for you to plan your repayment. You can choose to pay the interest monthly, bimonthly, quarterly, semi-annually, or annually at your discretion.
No part-prepayment fee: Most lenders offer competitive rates on gold loans and allow prepayment of any amount, in full or in part, without any penalty.
If you need a gold loan to pay for planned or unplanned expenses, you can look at the one offered by Bajaj Finserv. Get the best value with loan amounts ranging from Rs. 5,000 to Rs. 2 crore and benefits such as free insurance, part-release facility, and more.
Visit the Bajaj Finserv website for more details,
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