Understanding gold loan in Kerala
As a melting pot of culture, the state of Kerala in India stands out as one of the most bustling and rapidly developing urban centres in the country. Renowned for its abundant cultural heritage, historical landmarks, delectable cuisine, and lively nightlife, Kerala, with a population exceeding 34 million, serves as a thriving hub for commerce, trade, and tourism.
Delving into its rich history of gold trading, Kerala proudly hosts some of India's largest and most ancient gold markets. The city's deep affection for gold is unmistakable, reflected in the numerous jewellery stores and markets showcasing a diverse array of gold jewellery, spanning both traditional and contemporary designs.
Why is gold loan a feasible borrowing mode in Kerala?
Gold loans are a popular and feasible borrowing option in Kerala due to the state’s strong cultural affinity for gold. Many households possess gold jewellery, making it an easily accessible asset for securing funds during financial emergencies. Unlike other loans, a gold loan requires minimal documentation and is processed quickly, ensuring immediate access to funds.
The interest rates on gold loans are lower than unsecured loans like personal loans, making them more affordable. Borrowers can also choose from multiple repayment options, including interest-only payments and flexible EMI plans, based on their financial situation.
Additionally, gold loans do not impact credit scores significantly, as approval depends on the gold’s value rather than the borrower’s credit history. With a high loan-to-value (LTV) ratio of up to 75%, individuals can secure a substantial amount while retaining ownership of their gold, making gold loans a practical and convenient borrowing solution in Kerala.
Explore the Bajaj Finserv Gold Loan for seamless and hassle-free financial assistance. Avail funds ranging from Rs. 5,000 to Rs. 2 crore with interest rates commencing at just 9.50% p.a.
