In comparison to gold, GOLD LOAN is issued. These loans are issued at an affordable rate by most private banks, national banks, and other financial institutions. Some individuals take this loan to fulfill short-term requirements such as the marriage of daughters, schooling for children, and other financial needs. Some people think it would be easier to take the loan against the gold instead of holding gold in the building.
- Neither evidence of income/salary nor credit card history is required.
- It needs only simple ID proof.
- Anyone, whether working or unemployed, can take advantage of these loans.
- At very nominal interest rates of 7 percent to 8 percent, farmers can use this loan. In opposition to Gold, they may take the Agriculture Loan and all their farming documents are necessary to be deposited.
- And no EMIs.
- Only take these loans if you are promised to repay the money in time, otherwise, you will be fined, and your gold will become the bank’s property.
- Often select a bank or financial institution that has long been in this career.
- Voter ID or Driving License
- Electricity Bill / Telephone Bill/ Ration Card
- 2 passport size photographs