Now, why is that? Let me just tell you that in a Layman’s language. Gold loan is not a new concept. We all have grown up watching movies where gold has been mortgaged to a cruel looking zamindaar for money in an emergency. The banks are doing the same in a more organized and not-at-all cruel way. If you compare the interest rates, the gold loan rates are cheaper and pretty negotiable. The funda behind this is simple – higher the security you provide lower is the interest rate you pay. A banker is always more confident in lending you money when it is backed by a security, no?
When you look at the other benefits, the processing fee is low for the gold loan and when it comes to Muthoot Finance, you just can’t ignore its benefits. It is fast, easy and low on interest rates. The disbursal is faster and in most of the cases, it happens within a few hours. The Muthoot Gold loan portfolio is the largest in India as well as all around the globe. It is humbling to know that more than 81,000 people avail our trusted services on a daily basis. In terms of an economy also, gold lying in lockers is not useful at all, but once you take a loan against it, you monetize the gold and you set a motion for a new economic chain of demand and consumption.
Hence, if used judiciously, Muthoot Gold loans are really beneficial to repay liabilities like credit card bills, raise money in emergency situations like medical expenses, educational loan or if you are a businessman, the gold loan can be used to avail overdraft facilities. Gold loans are thus, a very good way to support your financial plans and goals.