It may be a marriage, medical emergency, or any economic distress to satisfy capital requirements in business or personal. Financial help or a loan for a shorter or longer duration is all we need at the time of emergency.
Though it could be highly challenging to get the money when we require it the most, the solution is Gold Loan which could directly fulfil our necessary money requirements and provide an option to refund with a manageable form. Above all, our investment is made to get help in our bad times.
If there’s a marriage in the family, our parents or guardians start saving or securing funds, ornaments, clothes and other vesture things for this day from the start so that the big day turns out to be perfect and a special one. When a child is born, the family starts saving little by little for this one day. In India, marriage is the biggest function that needs to be done on a large scale because it is special for both families and the bride and groom.
Nevertheless, planning the event day is a complex one for obvious reasons of funding necessities in case our savings are dropping insufficient to meet the planned estimates. Everything listed is a decision regarding the exact expense/budget, and we cannot settle for less. This is when the actual challenge starts where the funds are lower than the actual budget needed.
You must make a note of these things while planning a budget for any event.
- What will be the expenditure budget?
- Is there any travel from one city to another at the time of the event?
- The number of people who will be part of your ceremony or occasion?
- What you all are planning to give as gifts or goodies.
- And the list continues.
How to fund such Budgets?
There are various methods to attempt short duration hand loans; in an emergency, you need urgency.
Take from a colleague or relative, Go for a wedding loan from any Bank, Personal Loans can be appealed, Choose a gold loan based on your terms for a specified duration.
Let us understand the above ways to finance the need of the emergency.
Borrow from a colleague/ relative: Friends or family members who lend you money may assume their financial investment gives them a right to direct where to use their money. On the other hand, borrowers may consider that it’s okay to miss the occasional payment since the lender is a recognised person.
Also, since there’s no document required for this transaction, there may be possibilities of conflicts.
And, of course, accepting loans from loved ones isn’t just uncertain but problematic for your relations. It can build social embarrassment as well.
Applying for a Wedding or Personal loan:
Go to your nearest Financial Institution if you are endeavouring a Wedding/Personal loan, or you can apply online, which may take 4-5 functioning days and many papers to arrive at the qualification.
However, there are several cons included, like the interest rates are very high.
For instance, if you take a loan of Rs 10 lakhs at a 10% interest rate for 5 years, you will pay Rs. 2,74,823 extra on your loan.
Taking a gold loan: Availing a Gold Loan provide your profits like the most economical interest rates, highest loan to value as per Reserve Bank of India guidelines, EMI option, minimum or no documentation process and disbursal within just 30 minutes in your account or cash mode if the loan amount is underneath Rs.1.99 lakh.
Much more manageable option wherever you can choose to close the loan any day after disbursal. Neither foreclosure charges are included. You can part pay, take a loan top up, and collect your savings in this account as part payments to diminish the monthly interest burden.
Nowadays, we even have some companies which provide doorstep service. All you need is to make an appointment, and the employee will visit your house with all the paperwork, which makes your life more convenient and hassle-free. You can even apply online.
Gold is the biggest investment nowadays, and the investment should be used at the right time for the right thing. Gold rates are increasing day by day, and your gold will never backfire on you in terms of investment.