Talk to anyone in a family, and you’ll find that gold is more than an ornament; it is a safety net for the family in case things go bad. Thus, in times of crisis, it is only natural that people from Madurai consider getting a loan against gold first before trying anything else. There is no queue at the bank, there is no problem of your credit score.
If you have been looking for loan against gold in Madurai but don’t know how to begin, then this blog post is for you.
Now, How Do You Define a Gold Loan?
A simple definition of a gold loan would be the money that you receive against pledging your gold ornaments ranging between 18 to 24 carats. After analyzing the purity and weight of your gold, the lender calculates its market value and provides you with a gold loan as a proportion of that value (which is known as LTV ratio).
Simply pay off your dues, and all grams of your gold will be returned back to you.
Why Do Many People Opt for a Loan for gold in Madurai?
It is quite easy to understand. The pace of life in Madurai is quite high, and at times, the requirement for money is immediate – an emergency hospital bill, wedding expenses, stocking up the retail store ahead of the festival rush. The most common causes of people opting for a gold loan include:
- An emergency medical bill
- Wedding or festival expenses
- Working capital for business and farm requirements
- School and college fees
- House renovation and repairs
- Repaying another debt
Unlike other personal loans where one’s salary slip and CIBIL score is considered by banks, in a gold loan, one’s gold talks. This makes it highly accessible to everyone, including shopkeepers, farmers, day laborers, and others.
Will they evaluate your gold properly?
A good lender will give you a clear answer to how they calculated your gold loan amount – there won’t be any ambiguity in numbers.
What is the actual interest rate?
Even a one percent difference can make a huge difference when you calculate monthly for a long period of time. Always compare and then decide.
Do they give you options for repayments?
There are some people who want to pay only the interest monthly and pay the principal later while others prefer EMIs. A good lender provides both options.
Why Madurai Residents Can Rely on Muthalagu Finance for Their Gold Loan?
Muthalagu Finance has established itself as a reputable, RBI-registered non-banking financial company with 12 branches situated throughout Tamil Nadu and has its base right here in Madurai. Some points made by their clients are:
Quick disbursal – minimal documentation ensures that there’s no need for you to waste your time waiting
Gold loan doorstep service – unable to reach their branches? They will reach out to you
Two repayment plans to pick from– the customer can opt for either a Flexible Monthly Interest Scheme or an Easy EMI Scheme ranging from 3 to 36 months
Takeover facility for gold loan – if you are currently paying back a gold loan somewhere else at a higher interest rate, it can be transferred here
Strong security measures – every loan undergoes necessary KYC and verification call
Who Can Avail of the Scheme?
Almost anybody from 21 to 65 is eligible; salaried employees, self-employed individuals, traders, farmers, among others, can benefit from it. However, the following documents will be required:
- Proof of identity (Aadhar Card, PAN Card, Voter Id, Driving License, or Passport)
- Proof of address (any utility bill or land records)
After the approval, you may receive the benefits in cash or directly to your bank account through NEFT, RTGS, and IMPS.
Gold Loan in Madurai is perhaps the quickest and wisest way out for most people to receive money without having to part with an asset that carries sentimental significance. And in a city where gold is like a member of the family, opting for a reliable, RBI regulated NBFC in the vicinity is key.
Interested to know how much can be availed with your gold? See the current gold price, estimate the amount of loan you qualify for, or speak to a representative a https://muthalagufinance.in/ or simply send us a WhatsApp.