In business, the finance department is the only section where the company relies on. All the experienced employees are included in this because they know how to arrange funds. And since business is always in the need of money to keep running the production they keep some gold as the asset too. This where the finance department needs to tell everything how to arrange funds. So you should tell at least 5 things to your boss about the gold loan industry.
Five things about gold loan
1. Low-interest Rate
Indian bank gold loan interest rate is the least in the market of finance. Many people have given the feedback of availing the same loan later in the future.
2. Income decides EMI
Your Gold loan interest rate will be decided on the basis of your income and since businesses are known to qualify for the low-interest rate, then there will be no issue in the demand for gold loan.
3. Minimal Documentation
Also, the best part is you need to provide fewer documents to the Indian Bank where they will take minimal time for verification and for other information registering stuff.
4. No foreclosure charges
Since the mortgage is yours and you are already paying the loan debt in the form of EMI you can choose to pay for foreclosure after 6 months easily and there will be no charges involved.
5. Four ways of repayment
- Bullet payment, at the end of the term you will pay the sum of EMI and principal amount.
- Partial Payment, no EMI schedule required.
- Regular EMI payment, EMI will be paid as per selected tenure months interval.
- Interest paid and principal later, Keep paying interest first then will pay the principal amount.
Currently due to the pandemic already many businesses have suffered the loss. They are standing in the market because of the goodwill they have created. Also, there has been complete lockdown so nothing was running for those using the traditional way of marketing. So it has become necessary as well to take an ideal amount of gold loan.
