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Gold Loan Tips: Many times such occasions come in life when we suddenly need money. In such a situation, many times the savings also fall short. In such a situation, they often need to take loans from outside. On such a need, you can easily get a gold loan by keeping gold at home. Gold investment in India is considered very beneficial.
There was a time when when there was a sudden need for money, people used to sell gold to meet their money needs, but now banks give gold loans easily in exchange of gold. We all know that gold is pledged as a guarantee in a bank gold loan. There is less hassle in getting this type of loan. Today we tell you why it is beneficial to take gold in case of Emergency Fund-
Loan is approved quickly
Most of the banks give collateral loan easily to their customers. In such a situation, it is very easy to take a gold loan. You can get a loan up to 75% of the value of your gold without any hassle. The special thing about this loan is that you do not need income proof to get it. You can easily get this loan by giving only gold.
the interest rate is lower
Gold loan is considered a secured loan, due to which banks charge a lower interest rate on this loan. Banks charge an interest rate of 15 to 30 percent on most risky loans such as personal loans, business loans, corporate loans, etc. On the other hand, the bank usually charges an interest rate of 7 to 10 percent on the gold loan.
Get higher loan value
Customers usually get a higher loan value on gold loans. Many times when people suddenly need money, then the biggest problem they face is that they are not able to get as much loan as they need. In such a situation, gold loan is such a loan in which investors can easily get up to 75 percent of the value of the deposited gold, which is very high in comparison to other loans. Along with this, you get easy repayment options on this loan. In this way, you can choose the repayment option of these loans according to your need.
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