Gold loans are fair affairs and barely have any hidden surprises, only if you are a little alert before taking one. We’re the ones who buy slippers and t-shirts after reading reviews and tips. So when it comes to gold loans some serious research is well-expected.
There’s no lazying around when it comes to money business. If you’re someone who’s taking a gold loan for the first time then, you’ve probably asked for advice from every person in your building, every relative.
After talking to every living person, you’re on the internet, clicking through every link you see. We have some important factors you shouldn’t overlook before getting a gold loan.
Do your Current Affairs Homework:
Before taking a gold loan, don’t forget to watch the news. The economic position of our country, gold rates, or any news about loans in general. Inflation, Depression, etc, can put a huge impact on the banks and their loan policies. If so, wait for some time, consult economists and business analyst before taking the loan.
Banks Checked ?
Research for schemes of various banks, compare the latest policies. See whether the bank you trust is in debt or not or whether it is doing well. Every bank has its margin and tenure for gold loans, don’t forget to compare that before you pledge your gold. Amongst all the great gold loan schemes in the market, the IDBI gold loan, Karur Vysya bank gold loan, Indian bank gold loan are some of the famous ones. Try considering them.
All that glitters is not gold:
Gold loan depends on the purity of gold, the purer the gold the better the price is. Gold bars, coins, shields, jewellery, or anything needs to be pure enough. 18 carat and above is considered pure (enough). Produce receipts of your purchased gold, just to avoid confusion. In some banks, gold coins or bars aren’t considered as collaterals, so check before you go.
Know the Interest Rates:
Various apps give you a rough interest rate. Know your gold loan per gram interest rate so that you know the correct price to your pledge. Do a quick price evaluation of your gold according to the day’s gold per gram rate before you pledge them. This will help you to know how much amount you’ll receive against your gold. These were a few factors that we thought you should know before pledging your gold for money. As you research further, you’ll find more information on our site.
After doing a lot of research you’re still in a conflicting head-space, you can always call us for a nice consultation. We, at Dialabank, are always available to help you as a friend.
Must Read-Factors to consider before getting a gold loan
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