It is an overdraft facility that allows borrowers to withdraw cash as required from a pre-sanctioned amount
When it comes to addressing emergency financial needs, there are hardly any options that are as efficient as instant cash loans online. Borrowers need not undergo lengthy application procedures to avail the funds and can subsequently ensure that their financial needs are serviced at the earliest.
According to a report published in Outlook India, digital lending is slated to become a $1 Trillion industry in the upcoming 5 years, subsequently offering borrowers with increased accessibility to instant loans. Furthermore, the fact that these are small ticket advances makes it easier for individuals to cover basic monetary commitments without disturbing their savings.
While there are several types of secured and unsecured instant cash loans that individuals can borrow from financial institutions, gold loans stand out in particular. There are several factors which attest that instant loans against gold can be the most convenient option when it comes to tiding over a period of cash crunch or meeting small expenses.
However, before delving further into how availing an instant loan can be beneficial, take a look at how these loans can be utilised.
The best instant loans in India come without any end-use limitation. Furthermore, with instant loans availed against gold, individuals can borrow funds based on the value of the gold they pledge. They may not necessarily meet stringent eligibility criteria to avail the loan.
- Meeting small business requirements
Businesses like beauty parlours, boutiques, fast-food centres, etc. do not require substantial working capital for smooth operations. For such business-owners, opting for a small instant loan can help meet working capital requirements and ensure that the business keeps running without a hitch.
In fact, these loans can also help individuals set up a business that does not need significant investment at the onset.
- Home renovation expenses
You can easily meet the expenses incurred to refurbish your home through a small loan availed by pledging your gold.
- Purchasing household/personal equipment
One of the most popular reasons for availing these loans is to purchase electronic equipment. These are especially handy when it comes to purchasing air conditioners, refrigerators, etc.
- Addressing medical emergencies
These are but a few requirements that can be addressed with the help of instant cash loans online. The loans availed against gold can be especially useful when it comes to meeting these funding needs, owing to multiple benefits they offer.
Digital lending institution Rupeek Fintech Pvt. Ltd. has not only made gold loans more accessible to borrowers but also made availing instant cash easy through features like Rupeek Quick.
To avail this facility, individuals will only need to make an application through the NBFC’s app, which is easily one of the best apps for instant loan owing to its easy-to-use interface. Furthermore, this credit line can be availed 24×7, as and when required by the borrower, even on Sundays and on bank holidays.
Thus, the process to avail instant cash loan online can be simplified to quite an extent through this facility, and you can utilise your asset without depreciating its value.
Apart from readily available cash just a single tap away, there are several benefits proffered under a gold loan from this NBFC, which makes it one of the most convenient funding options. These are as follows –
- Doorstep loan facilities
One of the most remarkable benefits offered by Rupeek is that you can avail the loan from the comfort of your home. All you need to do is apply for the loan through the NBFC’s website, app or by placing a call, following which a loan manager will be appointed to visit your home on a scheduled date. Thereafter, the loan manager will complete formalities like the gold’s valuation and KYC registration, following which the loan will be approved and disbursed to your account, all of it within 30 minutes.
- Minimal eligibility compliance and documentation
As mentioned previously, these loans are available against minimal documentation wherein you will only need to complete KYC registration. These instant cash loans with no credit check no paperwork in India are accessible to all.
- Safe storage of gold
The NBFC employs strict measures to ensure that the gold you pledge remains safe throughout the loan tenure. The gold is transported in a GPS-traceable bag and stored in the nearest partner bank’s vault until the time you can repossess it. You can, thus, avail Rupeek’s facilities to store your gold safely, while utilising it as an asset to fulfil your funding click to read more requirements. Also, an insurance policy further keeps it secure as long as it remains in the lender’s possession.
- Easy repayment terms
With Rupeek Quick, you can also enjoy the benefit of paying interest only on the amount withdrawn instead of the entire amount sanctioned. This way, you can reduce your financial liabilities to quite an extent. Also, the credit line availed can be repaid, and your gold repossessed anytime within 6 months of availing it.
- A high loan to value
Thankfully, these small loans can make for the perfect option, which can help you regain the financial footing under such conditions
LTV or loan to value refers to the maximum percentage of an asset’s total value that a lender can provide as loan. With this NBFC, you can enjoy a high LTV against the gold pledged, thus allowing you to optimise your financial requirements effectively. With such benefits available with these instant cash loans online, individuals can cover their funding short-comings without having to disturb their savings. Gold loans, suitable for both small and sizeable financial needs, are the most convenient and profitable avenues to address such needs.