Are you going to take a loan by pledging gold? Do not make these mistakes, if you keep these things in mind, you will get benefits..

Taking a gold loan is more economical than a personal loan.
There is no guarantee of life. No one can predict when and what problems may arise. Sometimes we need extra money in difficult times. For this, the first thought that comes to our mind is a personal loan. Since personal loans are unsecured, their interest rates are much higher than other loans. In such a situation, a large part of your income or salary goes into paying the EMI of the personal loan. Therefore, taking a gold loan is more economical than a personal loan.

Gold is kept safe by sealing it in front of you.
Now it is very easy to get a loan on gold. This loan is easily available from all banks and authorized NBFCs. In a gold loan, you do not have to sell the gold but have to mortgage it in the bank. In exchange for this, you get a loan. Jewellery is kept safe by sealing it in front of you so that no one can tamper with it. With some information, you can mortgage your gold jewelry and take a safe category loan at a very low interest rate.

Where to get a gold loan?

Every bank and authorized NBFC gives a gold loan. Aadhar, PAN, or voter ID is required to take a gold loan. Along with this, you also need the purchase receipt of the jewelry you want to pledge to take a loan.

How much loan is available?

Usually, the loan is given up to 75% of the value of the gold being pledged. The interest rate varies according to bank/NPFC. If an installment is not paid in any month, the panel rate is charged on interest.

What things should be kept in mind while taking a gold loan?

Whenever you go to pledge gold, compare the interest rates of different banks and financial institutions. In some places, interest on loan is charged monthly, while in some places it is quarterly, half-yearly, and yearly. In such a situation, the interest rate can also be different, so pledge your gold only after understanding it well. Before pledging your precious gold or taking a gold loan, check thoroughly whether you are choosing a government bank or a financial institution recognized by the RBI. Keep away from illegal or suspicious loan providers and agents.

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