Seeking a loan? You can get this one that too without any income proof, CIBIL score

We often need bigger amounts of money to manage our requirements. Sometimes it becomes difficult to arrange optimum funds at right time. In that case, there are numbers of options to which we can approach to get desired amount of money but there's always a setback. Asking a friend for a huge sum certainly has a limit. Personal loans require lot of documentation and have high-interest rates. However, there is a cheap and feasible option available for you to manage all your needs - Gold loan! There is no need of CIBIL, income proof or any other special thing to get these loans. Interest charged on these loans are also very less, which makes it a better choice. 

What is Gold Loan?

Gold loan is usually taken for the short term needs such as marriages, education, property and the state of emergency in the family. Generally, the interest rate on the gold loan is low as these are completely safe for the banks and NBFCs to offer. To take this loan, the debtor needs to keep his\her gold as collateral, which in turn a better option for debtor as bank is safer than a house. 

No CIBIL for Gold Loans

There is no need to check with your CIBIL record for taking a gold loan. You can take these loans even if your CIBIL is bad. Not only this, but one can also do improve your CIBIL by paying off loans from time to time. Gold loan is easily available with various financial institutions and usually takes 1-2 days to get these loans. Under the Gold Loan, a loan up to Rs 50 lakh can be taken and you can use the amount as per your wish, depending on the needs.

Interest rate on gold loans

Typically, a debtor is required to pay around 10-11% of interest on gold loans for a one to three-year tenure. The loan amount is Rs 2000 per gram, which can be more or less depending upon the purity of gold. Almost all the government banks and NBFCs offer gold loans and you can choose any reputed institutions as per your convenience.