Gold Loan Is Becoming Popular Choice In Loans, Know How And Why


Gold Loan: The running of gold loans has increased rapidly in the last few years and there have been many reasons behind this. One is that gold is available in Indian homes through one or the other means and secondly, the gold loans available in the country are secured loans, through which you can take a loan even if your credit history is weak. Also, its interest rates are also lower than personal loans, through which you get a loan at a lower rate.

Take a look at Gold Loan Rates
SBI’s gold loan can be available at 7.5 percent, but if you take its personal loan, then it will be available at rates above 9.6 percent, so it is clear that the country’s largest government bank is also giving gold loans at cheaper rates. If you have to sleep in your house then this option can prove to be good. Take a gold loan, use gold as a financial support for your needs, which remain unused in homes.

Where is the cheapest loan right now
Mannapuram Gold Loan and Muthoot Finance are currently giving gold loan at the rate of 6.90 percent and if we talk about personal loan in front of it, then this loan of Muthoot Finance is available at the rate of 14 percent. These facts are known to all that one should not take a personal loan unless there is absolutely no financial emergency.

There are other aspects of gold loan as well.
For example, if the gold loan installment is not paid on time, then the company can sell your kept gold. At the same time, only 90 percent of the total cost of gold jewelery will be available. You should have at least 18 carat gold and you may be asked to keep extra gold as security when the market price of gold falls.

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