Gold Loan Guide: Interest Rates, Eligibility & Loan Calculation
What is a Gold Loan? A gold loan is a secured loan where individuals pledge their gold ornaments or jewelry to borrow money from a bank or financial institution. It is one of the quickest ways to get funds during financial emergencies, as it involves minimal documentation and fast processing. The loan amount depends on the gold’s purity, weight, and current market value. Why Should You Choose a Gold Loan? A gold loan is a preferred choice for many due to its various advantages, including: Quick Approval and Disbursal – The loan is processed and disbursed within hours, making it ideal for urgent financial needs. Minimal Documentation – Unlike personal loans, a gold loan requires only basic identity and address proof. No Credit Score Requirement – Since the loan is backed by gold, lenders do not consider credit scores, making it accessible even to those with low credit ratings. Lower Interest Rates – The gold loan...