In this article I will be writing about the another type of loans which can be availed using the gold. Many people not aware of this and applying for the personal loans with high interest rates. In this article I will be explaining few important points related to getting the loans using your Gold. If you have any doubts please post it in the comments section. Please subscribe to our articles here.
Avoid Personal Loans
There may be situation when you need money urgently. Most of the people will apply for the personal loans because nowadays getting personal loans are very easy and all the banks providing the personal loans with few documents. The drawback with personal loans are:
- The interest rates are very high
- You have to pay the EMI for years to complete the loan.
- Minimum duration will be 6 months for the personals loans.
- If you want to preclose the personal, you will end up paying the penalty.
For the above reason, following section gives you another alternative to get the money for your urgent needs.
Loan for Gold
If you have Jewellery, Gold bars or gold ETFs then it is easy for you to get the loan from any banks. Every bank and finance institutions giving the loans by accepting the gold. You may ask question why we should keep our gold to get the loans instead of personal loans. The advantags with loans against gold is:
- The interest rates charged for this kind of loan is reasonable compare to the personal loans.
- You will not pay the EMI. Which means you only need to service the interest.
- You can repay the entire loan when it is possible. There is no charges for pre closing the loans.
I hope this article was useful and more informative. so the next time you think of taking a personal loan, think again. There may be a cheaper option available if you have some gold stashed away. Thank you for reading this article. Please post your feedback in the comments section. Thank you for reading this article!!
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