For ages, gold has been considered valuable and precious. A strong affinity towards this yellow shiny metal can be profoundly seen in the Indian population. People in India love to wear gold ornaments. They purchase gold coins, jewellery or biscuits as an investment in gold for a rainy day.

Before the growth of the banking system, individuals used to sell their gold ornaments in order to overcome financial difficulties. People often sold family heirlooms and costly jewellery, for small amounts, due to the lack of options. This unscrupulous scenario of the past underwent a total phase out with the introduction of gold loans.

In the past, you may have taken a personal loan in order to settle a debt. These loans are unsecured and banks might have demanded higher interest rates during repayment. Furthermore, you might have also been asked, to produce a guarantor or witness while availing the loan.

Personal loans have tedious requirements and stringent repayment procedures. If you skip an instalment or two, then the loan recovery agents will start ringing your doorbell. However, the hassles of high interest and rigid repayment procedures can be avoided by taking a Magma gold loan. These gold loans are the easiest way to borrow money, while keeping your gold belongings as collateral.

Many banks and non-banking financial bodies like Magma offer this unique facility to those in urgent need of financial aid. You can walk into their office with gold ornaments and walk out of the place with a gold loan. All you need is to present valid identity documentation and address proof, to the loan officer while filling the form. NBFCs like Magma offer loans at low interest rates starting at 12% per annum and for tenure of 12 months. Amounts as high as 60% of the value of the gold, are sanctioned as loans. Moreover, they do not charge any processing fees or foreclosure charges over the same.

So, why worry about high interest rates, guarantors, income proofs or bank accounts, when you can easily pay off your pending debts with easy gold loans!