We are humans, and humans are supposed to compete. We always look for tips to help us through. There are tips for almost everything. How to wake up early, to, how to sleep early? How to make your face glow, to, how to become fit? We bring to you some tips to manage your finances and help you in these tough times. The Covid-19 impact has blown economies to the ground a lot of economies are struggling. Households do not have a cash flow anymore hence the struggle for basic income is high.
Below are some great tips that you will read and might give you some financial relief.
1.Choose a good scheme
Choosing a scheme that is suitable for you is very important. There are different situations when one could feel the need of taking a gold loan or any loan for that matter. It is very important to choose a scheme that fits your situation. At times you need money for quick use, and you know that later you're going to receive a hefty amount. In this case, you can choose to pay your loan off through bullet payments. At times, your payments are going to take time in this case you use EMI options.
2.Know your gold value
If you don't know your gold value then you are going to be looted by anyone who lacks a kind heart. Gold above 18 carats can fetch you a good loan amount, and gold that is of 22 carats is the best for loans. You should know the gold loan per gram rate of that particular day for you to get a nice loan amount. Remember, if the gold rates are high, then the gold loan interests shall be lesser. This is an important factor when it comes to gold loans.
3.Don't go all in!
Never pledge all your gold in one shot, keep some at home too. Pledging all your gold can fetch you a lot of money but, if you're unable to pay off the gold loan interest rate then you're going to lose all your gold in just one go. Besides, a lot of gold can increase the number of gold loan interests. If you have some gold at your house, then that gold can be pledged later, and the loan money can be used to pay off the previous gold loans.
These were a few tips that we thought could be helpful for you when it came to gold loans. Other than this, it is very important to manage your expenses wisely, this will help you to pay your loans easily and deliver you from your financial stress.
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