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3 Things to Consider While Applying for a Gold Loan

Indians consider gold as an auspicious precious metal. But other than this, it is also perceived as financial aid for a rainy day. Now, more and more people are increasingly resorting to gold loans. t

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3 Things to Consider While Applying for a Gold Loan

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  1. 3 Things to Consider While Applying for a Gold Loan

  2. Indians consider gold as an auspicious precious metal. But other than this, it is also perceived as financial aid for a rainy day. Now, more and more people are increasingly resorting to gold loans. And while gold loans are easily available, it is still important to carry out thorough research before applying for one. The upcoming slides highlight some of the things that one should consider while making a gold loan application.

  3. Lender’s Credibility A gold loan is a secured loan. This implies that it is protected by collateral which is gold in this case. This collateral remains with the lender till the time the entire amount is paid off. In case a borrower defaults, the creditor will use the collateral to recover the amount of money borrowed. Thus, it is important to ensure that you trade with only reputed banks and NBFCs.

  4. Comparing Options To avail maximum benefits and get a lucrative deal, you must compare all the options available to you. You should carry out extensive research to get an idea of the market trends, interest rates, loan to value (LTV) ratio, and other benefits to make a prudent decision.

  5. Repayment Structure No matter what kind of loan you are applying for, the repayment structure plays a major role. One should always get a proper idea of the repayment structure. There are usually four types of repayment options namely, regular EMIs, partial repayment, only interest EMI, and bullet repayment. You can easily know your monthly instalment with the help of a gold loan EMI calculator that will help you pick the option that suits you the best.

  6. We hope that this information will help you come across a reputed and trustworthy lender for your gold loan application.

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