Gold Loan In Emergency, Festivals And For Education

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Basis 1

Emergencies will always require some cash or funds. There are different types of situations where we can come across which required to meet that particular uncertain event. There might be some requirements for the expenses of education of your child looking forward to higher education. As we all know that the education requirements are one of the most basic requirements which are focused on by most of the parents in all sections of the society. There are few options of availing the gold available in the house in the form of the jewellery or the coins can be placed against in the bank for taking of loan in lump sum for getting your child admitted to any medical College or other types of IIT institutes. From the survey, it has been noticed that 50% of the population levels gold loans to meet the educational requirements of their children especially for higher education's.

Basis 2

On moving towards the other expenses like that of meeting up with an accident or home renovation during the time of the festive season for other occasions which needs to be fulfilled on an urgent basis during that particular duration for urgent finishing of the work. There might be some requirement of the funding of the marriage of the third or second generation in the house. The cost of venue decoration, fooding, catering and all other sorts of services will be used up in the marriage. As we all know that Indian marriage is not only an event here but it is an emotion altogether due to which it is deeply rooted inside the hearts of Indian tradition which allows people from every section of the society to make it as remarkable as possible.

Basis 3

Many people want readymade and instant liquid cash which is not possible in any other kinds of loans like that of a car loan, home loan or even personal loan as well. In the case of a gold loan, it will only take nearly six - five hours to complete the application and all types of legal formalities from the side of the loan provided as well. After the valuation of the gold, the bank will proceed forward for the disbursal of the loan amount within the period of 24 hours. So we can get the availability of the liquidity in case of immediate and urgent requirements which cannot be ascertained or entertained in case of selling a bike, a car or a home as they are not liquid in the form.

Basis 4

During the time of the festival season especially during the period of October and November in the Indian market, there is a huge increase in the gold demand among the masses. This is the reason due to which the price of the gold jumps to a remarkable height from where it becomes quite costly to avail gold Loan at that particular period as per gold rate today. The increased demand of the gold but with the limited supply makes it quite difficult for the market provider to meet up the demand for which the prices of the gold prices and in return the loan availing cost that is the rate of interest of the gold that is the highest peak during this time of the year.

Basis 5

Gold loan is also a very good option of availing loan especially during the time of the emergency because of certain reasons and among that the procedure of the documentation is one of the most important and first reasons for which it is done. HDFC gold loan have such good facilities which helps the customers to be flexible. The submission of the documents and the proof of address, proof of Identity, documents showing the ownership of the gold and some attested passport size photographs might be required for some of the loan providers.

Conclusion

To conclude we can say that the availability of the gold loan is just similar to that of having a boon in the financial industry and services. The implications of the gold loan for any kind of situation even other than the emergencies are also well acquainted.

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