A gold loan is the best option that one can get to meet up his financial crisis. Emergencies do come and they also do not come in prior notices, in such cases the gold loan can be a better option. If a person has gold, whether it be gold jewelry or gold coins, she/he can avail of a gold loan. And most importantly the gold to be pledged as collateral to the lender, should be pure, ranging from 18 carats to 24 carats.
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While availing for a gold loan a person has to be aware of many factors and s/he must read all the terms and conditions carefully. In countries like India, people usually opt for a gold loan over many other types of loans for its several beneficial features such as there are low-interest rates (Gold Loan Interest Rates) and many other aspects. But, before availing of a gold loan a person should always keep these 3 things in mind:
Gold’s value► Before going for a gold loan, you must ensure the current value of your gold in the present market. Since you should know that you will get a loan amount of about 60 percent to 75 percent of your gold’s present market value depending upon the purity of the gold.
Amount of loan► Now you know that the amount of loan depends on the present market value of the gold. The way how the lender is doing the evaluation of the amount of your gold shall differentiate from the highest amount that you can get. Few lenders will calculate the value of the gold in the previous fortnight and take the average price to determine the rate per gram of the gold (Gold Loan Per Gram); while some consider the daily rate for valuing your gold. You must ensure which the lender gives a higher value for your gold.
Interest rates► It is made sure that on any given day the interest rate of a gold loan is a little lesser than a personal loan. But by getting good knowledge and doing research can even bring you a low interest rate on a gold loan. There are two options available from where you can get a gold loan, it can be either a bank or an NBFC.
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