During times of financial crunch, we all struggle to arrange for funds to meet different unexpected expenses. Investing in a loan is a great way to deal with such financial needs. There are various types of loans available for borrowers in India, such as personal loans, car loans, home loans, loan against property, and more. You can also take loans against some precious metals, like gold, known as a gold loan.

Various non-banking financial institutions provide online gold loan to people in India. This is because Indians possess a huge amount of gold, in the form of ornaments. Further, since it offers a good amount of capital appreciation over the years, it is considered as a secured asset.

Muthoot Fincorp’s Gold Loan is a viable option for raising short-term capital to meet urgent needs. You can instantly get your loan approved at competitive interest rates. The company, which is backed by a legacy of 133+ years, provides you with simple financial products so that you can easily avail the loan without any complications.

Below are some benefits of availing the Muthoot Fincorp Gold Loan.

Easy to get
What makes this Gold Loan a perfect option for borrowers is its easy availability. You can instantly get your gold loan sanctioned without any difficulties. All you need to do is visit any of your nearest branches, and they will do the purity check of your gold right in front of you. It takes only a few minutes to sanction the loan and transfer the money to your account. Also, the gold will be kept with the lending institution as collateral until the full loan amount is reimbursed.

Customer-centric loans
At Muthoot Fincorp, you can choose between varieties of gold loan products according to your financial needs. These are usually designed on the basis of cash-flow, cash requirement, etc. For example, the requirement and the repaying capacity of a student or a new employee would be different than a retired professional or a businessman. So, you can choose from Bright Gold Loan, Guide Gold Loan, Power Gold Loan, Smart Gold Loan, Bigg Gold Loan, and more. These are all part of the Muthoot Blue’s focus on meeting the varied demands of the customer.

No credit history required.
One of the significant advantages of availing a Muthoot Fincorp Gold Loan is that you don’t need to showcase your credit history to get competitive rates. For example, personal loans mandate lenders to evaluate your credit score and your income. But this is not the case with gold loans as the gold is provided as collateral. The bigger advantage is that you can rebuild your credit score with timely payment of your EMI.

Minimum requirements
To get your gold loan approved at Muthoot Fincorp, you only need to submit your basic documents, such as ID proof and address proof. Further, there is also no need for any guarantor for obtaining gold finance.

Flexible repayment and tenure
Muthoot Fincorp provides two types of schemes to repay the loan – Bullet and EMI schemes. In the bullet scheme, you can refund the loan amount any time during the loan tenure as per your convenience. You can even repay the loan in multiple instalments, which means paying monthly interests and the balance principal amount at the end of the term. On the other hand, the EMI scheme allows the borrowers to repay the loan in fixed equated monthly instalments for longer loan tenure.

Easy eligibility criteria
Getting a gold loan involves a simple eligibility criterion. If you are above 18 years, you are eligible to apply for a gold loan. NBFCs provide such loans to both salaried as well as self-employed professionals. Further, the approval of this loan depends on the value of the gold you possess and not on your credit score or repayment history.

Conclusion
A gold loan from Muthoot Fincorp is the solution for all your emergency needs, such as medical expenses, marriage, unplanned business travels, and more. You can be assured about the safety of your gold as it is kept in lockers within special rooms with full safety standards and word-class surveillance.

Author's Bio: 

Eliza Berry is a professional blogger who loves to create content and add value to the readers.