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Advantages of taking a gold loan

by komal_singh

Every person wants to have his or her vehicle or a house. For achieving things like these, a person should have a good bank balance as these things might not come that cheap. Every person wants to buy these things but not every person has a big bank balance because of the occupation or job. There are some times in which a person is needed a specific amount of money in an emergency. So what a person should do if he or she is in a situation like this with a low bank balance? For these people, a person can take a gold loan or any other loan to overcome these things easily.

Benefits of taking a gold loan

If a person is in a state where he or she has to take a loan, then one of the better options for taking a loan can be a goal loan. This loan stands at a better proposition which is the reason why it is considered a better option than the other loans. There are many things that a gold loan can provide to a person which other personal loans might do so. Some of these benefits are given in the following points

  • The first thing about these gold loans is that the interest rate present in a gold loan is quite low as compared to the other loans. The normal interest rate for any other personal loan varies from 12.75% to 19% but in the case of a gold loan, it can be present at a lower percent which can be equal to 12% per annum.
  • Another benefit of taking a gold loan is that in the case of a gold loan, all a person have to do is to take all his or her gold which he or she wants to pledge and that person might come with the amount of a loan in the time of an hour. In the case of other personal loans, it might take from 48 to 72 hours which is quite a big-time difference.
  • The new processing fee in the case of other loans can be at 2.5%. This thing is not present in a gold loan. The processing fee in the case of gold loans might get zero in some cases or maximum cases it is very low.
  • Whenever a person wants to take a loan from a bank, then for other loans, the bank would try to check your credit history. If the credit history of a person is not good, then the bank would not give a loan to that person or the bank would decline his request for taking a loan. In the case of a gold loan, the credit history does not matter as gold comes into play in that case. 

So it can be concluded that nowadays if a person wants to take a good loan that is at a lower interest rate and can be taken immediately, then a gold loan Nashik is the best option for that person. A gold loan is a type of gold loan which is considered a safe option than another loan.

 

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