Everyday cannot be the same and each day comes up with so many challenges that test people. Sometimes we are happy and sometimes we are sad, the reasons behind this can be so many. But the most important thing in all this is to be financially independent. Everyone does all the possible efforts to be independent finically but sometimes at some point in life we may face a shortage of funds. The reasons for this can be so many but it really becomes important for you to get out of those crises. The best thing you can do is to take a gold loan.
You can even apply for the various loan loans online. Now make a gold loan payment online very easily. Still, many people are wondering which loan they should choose. There are personal loans, home loans, and gold loans. But if you have a choice to choose from a personal or gold loan then it is advisable to choose a gold loan. Both types of loans offer different features and benefits for the loan taker but the benefits of gold loan are many. In a gold loan, you have to pledge you gold but in a personal loan, there is no collateral required. There are many reasons that motivate you to choose gold loans over the personal loan and some of them are discussed as follows:
- You can get a high principal amount: In a personal loan, the amount that you can borrow will depend on your monthly income and the monthly will not be the same for all the months. In gold loan, the amount to be borrowed will depend on your collateral gold. There are more chances that you can get a higher principal amount in gold loans as compared to personal loans.
- Quick process: If we talk about whose process is quicker and shorter than the answer is gold loans. The personal loans d not pledge any security and that is why the process of taking loans becomes longer in this. But in the gold loan, you have to hand over the gold to them and then they will check its value and then process your loan. The disbursement of the loan is quicker in a gold loan if we compare it with the personal loans.
- No or very less processing fee charges: The fees charged in the personal loans are higher as compared to a gold loan. You have to pay high processing fees. But in the case of gold loans, the processing fees are very less or sometimes there is no processing fee. It can matter according to the lender terms and conditions.
- Interest rates: The interest rates charged on the gold loans are lower as compared to the interest rate charged on a personal loan. This is also one of the reasons why people prefer gold loans over a personal loan.
- Prepayment charges: The conditions for the prepayment charges can differ with the lender but mostly there are no prepayment charges in gold loans.
So, now the best part of preferring gold loans is that you can get a gold loan online.