Have you been looking around for a personal loan for some immediate requirement? If yes, then I would suggest you to go for Gold loan instead of personal loan.
Personal loan is a loan given by banks and other private lenders to meet any kind of personal need like marriage, buying an electronic item or anything else.
Gold loan also has he same intention of meeting any of your expenses.
The difference between the two is that in case of personal loan, you do not have to give any kind of collateral whereas Gold loan is backed up by your Gold.
Since personal loans are given to you without any collateral, banks need to do a scrutiny of your income proof documents and hence charge you a processing fees. This processing fees generally varies from 0.5% to 1% of loan amount.
The benefit with gold loans is that you don’t need to submit any income proof as such. Most of private gold loan providers do not ask you for any income proof. Although banks operating in this field may need some documentary proof.
The real benefit is the processing fees though. Major gold loan providers like Muthoot finance do not charge any processing fees. You just need to deposit your Gold and you get the loan. The whole process does not even take more than 15 minutes. Deposit gold, sign some documents and walk away with cash. Please do keep in mind that banks may charge processing fees on Gold loans but if you can negotiate, it can be waived off easily in Gold loan cases.
The loan amount is dependent on your salary in case of personal loan and on the value of Gold in case of Gold loan. So, these are two different perspectives.
Lets say that you are earning INR 50,000 per month, then you would be eligible for about 10 lakhs of personal loan for a period of about 5-7 years.
Contrast this with the Gold loan option where the amount of loan that you can get depends on the value of Gold you possess. Traditionally, India has been the biggest consumer of Gold and you can find it embedded in your home easily.
You can normally expect the loan up-to 70% of current market value of your Gold. And this amount can go upto 90% if you are ready to pay higher rate of interest. This is based on individual company schemes.
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