There is always a chance that circumstances require unpredicted finances. The need could be any – medical payments, home renovation, buying a new home, child’s education or starting a small business. There is an option available in the market where you can keep your gold as security against a specific loan amount. The gold you use for this purpose could be some jewellery or gold coins.
The gold asset you choose to use as security should be deposited with the lender. The asset can be recovered once you have paid the entire amount. Gold loan interest rates are applicable on this loan. In case of a default in the repayment, the lender has the right to use the gold asset to recover the payment.
Many banks, independent lenders and gold shops offer these gold loans. The gold loan interest rates usually depend on the lender. The repayment options also vary based on the understanding between the borrower and the lender.
Features and Benefits:
The gold loan interest rates are usually lower than the other secured loans.
The tenure of the gold loan depends on the lender and may vary hugely.
The repayment option can be selected by the borrower.
Usually, there is no penalty on gold loans.
These payments are also disbursed fast.
Gold Loan Interest Rates:
LogintoLoans provides interactive services to bring to you an in-depth comparison of the gold loan options available in the market. The chart below gives you the gold loan interest rates for different options.
Gold loan is a good option for people who have some gold assets to keep as security with the banks or other lenders. These loans can be repaid quickly to recover the gold asset deposited. The gold loan interest rates vary from lender to lender giving the borrower good options to choose the lender.
This type of loan requires minimal documentation and is processed quite easily. It can be time consuming for an individual to evaluate all the options available in the market. LogintoLoans makes this evaluation process easier for you by providing a quick comparison between the features of the gold loans available. We also help you in landing the best gold loan interest rates.
We have helped many of our customer get quick and easy gold loans and lowest possible gold loan interest rates. Read the testimonials below to know more about their experience with us.