Even after making the most of their savings and investment opportunities, a significant number of women continue to struggle with meeting their basic needs. When there is an immediate requirement but just a limited quantity of money available, loans are often the first alternative that is examined to meet the requirement. Raising the interest rate on personal loans makes it more challenging for borrowers to repay the loans. Gold loans are not only swift but also very affordable for moms. This makes them an attractive financial option.
A significant number of Indian private families possess unused gold assets, which they might potentially put up as collateral for gold loans. Gold loans are a viable option for addressing unforeseen expenditures in areas such as higher education, marriage, and the launch of a new company.
Gold loans offer quick money.
Indian ladies who need financial help can get gold loans. Indian mothers can apply for gold loans without any paperwork or waiting. This is crucial in an emergency.
No income or credit history bias.
Loans for gold are available to female borrowers regardless of their income, credit history, or CIBIL score. Both employed and jobless women stand to benefit from this.
Gold loans allow Indian moms to start businesses, pay for their children’s education, or meet unexpected expenses. This may help women gain financial autonomy and a brighter future.
EMIs, part payments, and bullet payments are gold loans. This allows women to choose a repayment plan that fits their finances and ensures they can return the loan without accruing more debt. Women can also choose an affordable payback plan.
Many banks offer gold-secured loans to Indian mothers. The banking institution will appraise the gold’s value and determine the loan amount. The gold asset will be stored securely till the loan is repaid.