How Can Instant Personal Loans Help Buy Digital Gold in India?

Features and Benefits of Digital Gold Investments

You can buy digital gold through an online platform and store it in digital vaults. The process overcomes several hassles that arise when handling the yellow metal in physical form. You only need a smartphone and internet banking to invest in gold anytime, anywhere. Here are a few features and benefits of digital gold investment:

Collateral

You may use digital gold as collateral to apply for a secured loan or cover another financial obligation. Using it as collateral enables you to borrow money and get easier access to credit. Gold is one of the most common assets people use as security against a loan, and its digital form is also eligible.

Safety and Security

By secure storage, we mean keeping expensive objects in a safe vault. Storing yellow metal requires several precautions to keep it protected from damage, theft, and loss. You don't need to worry about its secure storage when you buy and hold digital gold online.

Transparency

In terms of online gold, you get what you buy. Investing in 22K gold ensures you receive the correct purity (22K) without being deceived with lower-quality gold like 18K. The whole process is transparent. The transaction occurs in front of you. You can check the price of digital gold in real time and sell it after it becomes profitable.

Quality Assurance

The genuineness of the gold quality describes the asset's legality and truthfulness. It fosters mutual trust and ensures the purchased asset lives up to its promise. Utilising safe payment sources, confirming identities, and running background checks are a few methods to provide the asset's quality assurance.

Storage

Storing an expensive asset is a crucial aspect of purchasing it. Wherever you store it, it is exposed to risks like damage, theft, etc. It also consumes significant space in your safe locker. Since digital gold does not involve any physical metal, you don't need to worry about its storage.

No store visits

The entire gold sale and purchase is done through an online platform. That means you don't need to visit a physical store to purchase the desired gold. Besides saving time and energy, it also avoids the insecurity of carrying purchased gold from the store to home.
Read Also: Loan against property vs Gold loans- Know the difference

Is Instant Personal Loan Helpful to Get Digital Gold and How?

A low-interest rate Personal Loan from Hero FinCorp can significantly help if you want to buy digital gold. These are a few benefits that it comes with:

• An ample amount of up to Rs 3 lakhs allows you to purchase sufficient gold to create wealth.

• You don't need to pay the gold’s price in lump sum as a Personal Loan distributes the cost into EMIs.

• The repayment terms are flexible, allowing you to adjust the EMI amount conveniently into your budget.

• Personal Loans have no usage restrictions – they can be used for any legal purpose.

• You can borrow these collateral-free loans without any security, guarantor, or collateral.

Read Also: Gold Loan Vs Personal Loan: Which one is better

How to Get a Personal Loan for Digital Gold?

At Hero FinCorp, you can get a Personal Loan online without even visiting our office once. These are the simple steps to follow:

• Visit the Hero FinCorp website or download the loan app.

• Navigate to the Personal Loan section.

• Fill out an online application form to provide your personal, financial, employment, and other details.

• Scan and upload the necessary documents, such as your identity, address, and income proofs.

• Once the verification process is complete, you will get a loan offer that you must accept to initiate the disbursal procedure.

• Once you receive the loan amount in your bank account, you can use the funds to buy digital gold online.

Conclusion

Digital gold has become a popular alternative to investing in the precious yellow metal. If you want to diversify your investment portfolio, buying gold online is a safe avenue to invest in the asset without physically handling it. If you need money to invest in the asset, borrow a Personal Loan from Hero FinCorp and avail of the benefits it offers.
Read Also: What should you select between : Instant loan Vs Gold loan ?

Frequently Asked Questions

1. Is it good to take a Personal Loan to buy gold?

Personal Loans have no usage restrictions, so you can use them to buy gold. Since the investment has minimal risk and the digital gold price keeps increasing, buying gold with a Personal Loan can be the right choice.

2. Can I take loan against digital gold?

Yes, just like you can take loans against physical gold, digital gold is also eligible collateral against a loan.

3. Is it better to invest in physical or digital gold?

Buying digital gold has several advantages over physical gold in terms of security, storage, transparency, genuineness, quality assurance, etc.

4. Is selling digital gold taxable in India?

Yes, gold, in any form, is a capital asset that attracts 20% taxes and 4% cess on long-term capital gains (LTCG)or slab rate on short-term capital gains (STCG).

5. How much quantity of personal gold is allowed in India?

In India, married women can keep up to 500 gms, unmarried women can keep up to 250 gms, and men can keep up to 100 gms of gold, irrespective of marital status.