We have completed four weeks of lockdown and there is still one left to go before the government announces its future course of action. The economy has been hit during this period and people have been forced to dig into their emergency funds. If your financial meets are not met by savings, then opting for loan is the next best option. While you can always take a personal loan, gold loan gives you the comfort of having to pay a lower interest rate. Gold has been the most sought after metal in India, with almost every household having some of it and therefore a chance to utilise it should not be ignored.
Gold loans require minimal paperwork and lenders don’t check the borrowers’ credit scores or ask for income proof to evaluate cash flows. However, you need to be careful while applying for it.
What things to keep in mind?
The loan amount you are likely to get will depend upon the valuation of the gold which involves verification of its purity. The best amount will be sanctioned for…