Gold Loan in Chennai
State capital of Tamil Nadu, Chennai is the biggest industrial and commercial hub of the country. The climate is however very much uncomfortable as it has been declared to be the hottest among global cities by BBC. Chennai is the third largest city of the country. People go for personal loans against gold in Chennai to meet their emergency financial requirements.
The city is in the list of top ten cities to visit for year 2015. National Geographic has ranked Chennai as the world’s 2nd best city for food. The city has been recognized by various such institutions for its geographical conditions, beauty, maintenance and culture.
What is Gold Loan in Chennai?
Gold loan is an immediate loan which is advanced to the applicants against gold, gold jewelry/ ornaments, gold coins, etc. The borrower is free to repay the loan amount in either EMIs or in lump-sum. Major public and private sector financial institutions offer gold loan in Chennai.
Some of the loan against gold to look for in Chennai are: Kotak gold loan, HDFC gold loan, Axis gold loan, Muthoot gold loan, and gold loan Manappuram besides others. At loanbaba.com, you can know the best gold loan provider in Chennai and gold loans interest rates in Chennai.
Features and Benefits of Gold Loan in Chennai
- Fast processing: Loan against gold is secured by gold, which is easy to carry. This makes it fast to process this loan and disburse it to the customer’s account. Generally, the process is completed in a few hours.
- Low rates of interest: As gold loan online is secured, the lender charges a lower rate of interest.
- No Foreclosure charges: The lenders don’t charge foreclosure/ prepayment charges for paying the advance installments. Even if they do, charges are nominal/ low.
- Credit score, no issue: The value and sanction of loan depends upon the value and quality of loan, there is no/ very less weight given to credit score. Hence, you may be sanctioned with gold loan if you have a bad credit score.
- Safety of gold: The security of the gold pledged is of the lender. Hence you can rest assured about the safety of the gold.
- Income is not an issue: You need not to render your income proof as the bank does not need to assess your repaying capacity.
- Processing fees: Majority banks/ NBFCs generally don’t charge any processing fees.
- Repayment: The repayment of the loan is easy as the borrower can opt for paying just the interest in installments regularly; however the principal can be paid in future (after loan tenure is over).