Rather than comparing the gold loans to other loans, let’s first see the individual benefits the gold loans bear and how useful it can turn out to be for the borrowers or the customers who choose to opt for them.Firstly gold loans are the most preferred loan because they do not hold any restrictions for their usage in any particular field and they can be used anywhere. So a loan without a usage restriction is something that everyone looks upon.
Also, in this busy world today, time is considered to be one of the most crucial factors that everyone tries to save as much as they can because once it passes it can be bought back. Now, for the same reason, people even though have a desire to avail themselves for the loans, always step back or drop out of the fact that they are very time taking processes, but the gold loan has broken all these thoughts by proving the processing time of the gold loan to be one of the quickest and fastest. Due to this, people also have a huge preference for gold loans over other types of loans.
Next considering the point of safety and security, people also have trust issues on anything they would want to blindly go for, and this loan including the very precious gold assets is something everyone must have a second thought about before handing them over to the lenders or the lending institutions. But let us tell you, gold loans always take their borrower's and customers' concerns very seriously and make sure to follow them without any fail. And that is the reason why gold loans take a place in the category of the secured loans rather than being on the unsecured loan type. And that is the reason no borrower or the customer who is the holder of the gold loan has to worry about the safety of their ornaments as they are always monitored and kept and locked inside a vault safe to ensure 100% security at all times.
Now let us see what kind of benefits the borrowers or the customers can enjoy when they decide to opt for the option to apply for a gold loan. For instance, the Canara Bank gold loan provides various types of benefits ranging from the low-interest rate to flexible repayment schemes, so if a borrower wishes to opt and go with this bank for his or her gold loan, they can enjoy the rate of interest just starting from 7.56% onwards. And the huge loan amount this bank provides its borrowers and the customer is at a price of ₹ 5,000 and a price up to ₹ 20lakh, which is a lot.
This has various repayment schemes among which the Bullet repayment type of scheme is the most popular and preferred by most of them so that they do not have to worry about the payment process and it can be done beforehand for the betterment of the customers. Now looking at the period of loan tenure or its duration the Canara bank offers a time of a maximum of 12 months which is a year as a tenure period for the gold loans and it is quite good to be considered.
Now one thing to make a note of is, all these rates of interest or the loan amounts may change in other banks or by the lenders and you cannot expect them to be the same. So always make up your mind before you avail for the gold loan but do not just get carried away or follow someone just because they have been enjoying certain benefits from a particular bank.
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