Gold loan advantagesGold loan advantages

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The best thing about a gold loan and other The best thing about a gold loan and other secured loans is that irrespective of your secured loans is that irrespective of your credit history you can avail a loan by credit history you can avail a loan by providing a security belonging to a third providing a security belonging to a third party which may include your parents, party which may include your parents, spouse, siblings and even friends. spouse, siblings and even friends.

Another advantage of a gold loan is that it Another advantage of a gold loan is that it is the easiest and the quickest option is the easiest and the quickest option available. available.

Without much paper work involved one Without much paper work involved one can easily get a loan in a few minutes. can easily get a loan in a few minutes.

The only document required for a gold The only document required for a gold loan is personal identification proof. No loan is personal identification proof. No other document is necessary.other document is necessary.

Thus, in case of a medical emergency Thus, in case of a medical emergency where instant cash is required, one can where instant cash is required, one can enjoy the benefit of a hassle free enjoy the benefit of a hassle free expeditious disbursement of loan. expeditious disbursement of loan.

More and more people are now opting for More and more people are now opting for such loans whose tenure is not more than such loans whose tenure is not more than 1-2 years to finance their children’s 1-2 years to finance their children’s education, buying a car or even to pay education, buying a car or even to pay down payment for a home purchase. down payment for a home purchase.

The repayment of the loan can be The repayment of the loan can be structured between the interest amount structured between the interest amount and the principal amount. and the principal amount.

Through this means the principal can be Through this means the principal can be paid at the end of the loan period in a lump paid at the end of the loan period in a lump sum and the interest amount can be sum and the interest amount can be repaid in form of an EMI in regular repaid in form of an EMI in regular intervals. intervals.

For example,For example, if you took a gold loan for if you took a gold loan for Rs 2 lakhs for 2 years at 12%, then Rs 2 lakhs for 2 years at 12%, then monthly you would be required to pay Rs monthly you would be required to pay Rs 2,000 for 2 years. 2,000 for 2 years.

But apart from paying this 2,000 every But apart from paying this 2,000 every month you will have to pay back the lump month you will have to pay back the lump sum principal value of Rs 2 lakhs at the sum principal value of Rs 2 lakhs at the end of 2 years. end of 2 years.

Whereas the EMI for a personal loan of Rs Whereas the EMI for a personal loan of Rs 2 lakhs for 2 years at 12% interest rate 2 lakhs for 2 years at 12% interest rate would be Rs 9,400 and there won’t be any would be Rs 9,400 and there won’t be any option for paying a lump sum money at the option for paying a lump sum money at the end of your tenure. end of your tenure.

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