🤔 What’s the use of gold?

Civilizations across the globe have used gold as a form of currency at one time or the other in their collective histories. As nations built stable currencies, people still bought gold in the form of jewellery for its beauty, auspiciousness and appreciation in value. Today, apart from using gold for jewellery and adornments, it is also used as a saving and investment in the stock/trade markets. Beyond all these, gold is an excellent security to obtain credit in the form of a gold loan.

🛡️ Gold loan and why it’s a great way to secure cash

A report by the World Gold Council estimated that Indian households have stocked up to 25,000 tonnes of gold ‒ an impressive number for a country that’s currency is not the strongest. Since gold appreciates and is a dependable asset, it is also used to avail an instant gold loan, by pledging them to various lending agencies. Pledging gold to obtain cash is one of the fastest ways to get liquid money. At current gold prices, one can obtain a gold loan at Rs. 4,000 - Rs. 5,000 per gram through various lenders. The value varies based on the quantity and purity of the jewellery.

The Oro Money team conducted extensive research on loan interest rates across different products in 2023, and the jewel loan/gold loan is one of the topper with the best interest rates.

🎉 But why can gold loans be the best option for you?

Even if we rule out the advantage of low-interest rates, a gold loan has plenty of benefits that make it the right choice for those who are conscious about their investment/spending/borrowing patterns.

1. Flexible Repayment

Unlike other types of loans, gold loans offer the independence of a flexible repayment schedule. Most loans available today have a monthly-repayment schedule that attracts a hefty penalty for late repayment. With gold loans, however, the borrowers can repay the loan amount either monthly or quarterly or at the end of the tenure, depending on their financial commitments.

2. Accessibility

In India, banks remain to be intimidating institutions with complex rules and expansive processes. A gold loan is far simpler and easier to obtain thanks to the presence of online gold loan providers, who quickly check the quality of the jewels and disburse the loan amount immediately.

3. Minimal documentation

Gold loan providers usually ask for the basic required documents, accelerating the entire process.

4. Instant cash disbursements

This is one of the best features of gold loans. Unlike other types of loans, where it takes considerable time for document processing and cash disbursement, gold loans are easy and an effective way to get cash instantaneously. After checking the quality of the jewels, most loan providers tend to give the quoted amount to the borrower without burdening them with multiple rules.

5. Get the asset back in the same condition

In the case that the loan is paid in full along with the interests, the borrower receives the gold that they pledged without any impact on the jewels’ condition. In the unfortunate case of non-repayment, the lender might sell the gold on your behalf and settle the loan amount. The surplus amount from such a sale would be given back to the borrower.

Unlike the other types of loan, a gold loan is instant, provides the maximum loan amount, and is easy for people to avail loan irrespective of their background. However, gold loans aren’t without risks. One of the biggest risks involved in availing of gold loans is choosing the correct lender. Not all gold loan lenders can be trusted. Unregistered and unscrupulous agencies often take advantage of the borrowers and lend loans that are way below the industry standard with high rates of interest. Just like evaluating the right type of loan, it is essential to select the right lender.

⭐ Why is Oro Money an ideal choice for you?

When it comes to obtaining loans with gold, authenticity is one main characteristic to look out for. Banks and financial institutions are safe platforms to get a gold loan without being worried about asset safety. Although banks offer loans at an industry-best interest rate, the per gram value offered is much lower and they have strict rules in place, which dampens borrowers’ goals. Oro Money, on the other hand, is a registered and recognised gold loan provider that is trusted by thousands of families across India to secure a gold loan. Apart from having a standard framework for analysing the jewel purity, the loans offered by Oro Money are a value for money as well as time!

1. Get gold loans without stepping out!

Oro Money operates on customer-centric ideals, where the entire process of securing the loan is condensed and made highly effective. With Oro Money, you can simply book an appointment, and our experts will visit your home to evaluate them. Once the evaluation process and basic documentation are done, we’ll transfer you the money instantly.

2. Fixed interest rates

Unlike unauthorised lenders, Oro Money has a strict fixed interest rate policy, which makes repayment easier for the borrower. You can get a loan without worrying about interest fluctuation.

3. Flexible repayment

The borrowers have the freedom to repay their loans in flexible instalments, thereby reducing the financial pressure of loan repayment. You can either pay in monthly instalments or pay at any time during the tenure period!

4. No hidden charges

Process transparency is one of the unique aspects of Oro Money. The money owed by the borrower will be listed and no hidden charges will be added.

5. 100% free insurance

When you promise your gold at Oro Money, it goes without saying that your assets will be duly safeguarded and insured against risks. And the best part? There’s no additional charge for jewel insurance!

6. Repayment reminders

With Oro Money, you wouldn’t miss a repayment schedule! We send reminders periodically to ensure our customers are ahead of their dues.

7. Same-day gold release

Once the repayment schedule is completed without any backlogs, the team at Oro Money will release the gold assets to its owners almost immediately.

8. Tenure Extension / Renewals

You’ve reached the end of the tenure but are still in a tight spot? Oro Money has the right solution for this! In case of non-payment of the loan amount at the end of the tenure, Oro Money offers the choice of extending the loan after the repayment of just the interest amount!