5 Things To Consider Before Taking A Gold Loan

 

The easiest way to get money is a gold loan. Anyone who owns gold can apply for a gold loan. Some people prefer banks while some prefer nonbanking financial institutions. You should consider some factors before choosing the right one. Lenders provide numerous offers to the borrower. Applying for a gold loan is a very easy process and required very less documents because gold is kept as security. 

Things you should consider while opting for a gold loan

We have discussed below some factors you should consider while opting for a gold loan.

Interest Rate: It is the most important factor while taking any loan. The interest rate of a gold loan is generally lesser than that of a personal loan. The difference between a gold loan and a personal loan is that a personal loan doesn’t require any collateral. If you don’t have gold then you can go for a personal loan. There is so many personal loan provider in vikaspuri. Instead of taking a gold loan from a jewelry store, prefer to take loans from non-banking financial institutions or banks because they provide gold loans at a low rate of interest. 

Amount of Loan: The price of gold keeps fluctuating. The way of calculating gold loans may vary from lender to lender. Some lenders take the daily rate for calculating the value of gold and some take the average price of the last two weeks of prevailing prices. Consider which method gives you a higher value of gold before taking a gold loan.

Credibility: Gold loans are very quick because they require very less paperwork. The lender keeps your gold as security. So, you should do a deep background check on the lender. Always choose a reputed lender who gives you a guarantee of safety.

Also Read: lowest interest rate gold loan company in delhi

Duration of loan: Make sure you are able to repay the loan amount in a given period of time. Because generally, the gold loan is only for the short term. In case of emergency, gold loans are the best way to receive immediate cash. 

Repayments Options: Gold loans have a flexible repayment structure. It may vary from lender to lender. You can go for paying the interest amount as EMI and principal amount after completing the tenure of the loan and take back your gold. Some lenders may ask to pay some principal amount along with interest. So, go for the option which is best for you.  

 

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