With over a month of the lockdown, demand for personal loans and emergency funds is on the rise. The Coronavirus related financial crunch is here and everyone have been caught by the fear - many have lost their jobs and there are others who have seen a dent in their monthly salaries.
A gold loan can significantly ease the financial crunch, given it is a sensible option for those opting to make the best use of available gold. There are several avenues to en-cash a gold loan. Moreover, there's lesser paperwork - you don't have to share your salary statements. The financial benefits include lower interest rates and easy repayment options, moreover, there are several avenues where individuals can receive funds within an hour.
India is the second largest consumer of gold after China. The precious metal acts as an insurance policy and a retirement plan in this country. If you have even a gram of gold, en-cashing it for a financial crunch is not as tough as it looks like. Here's what's a gold loan and how to make the optimal use of a Gold loan.
Text: Shweta V, Sify Finance