MYTHS ASSOCIATED WITH GOLD LOAN

They have several misunderstandings about gold loans and how they work. If you're in confusion of whether or not to take out a gold loan, keep reading to learn about some common misunderstandings. Individuals or applicants can use the Gold Loan EMI Calculator to estimate how much interest they'll pay on a gold loan secured by their gold or gold jewellery.

HERE ARE SOME  MYTHS ABOUT TAKING GOLD LOAN 

It Takes A Long Time To Get A Gold Loan:- When it comes to gold loan myths, this is the most common in all of them. It is a very lengthy process but the truth is   gold loan is the only type of loan that can be obtained on the spot. Gold loans are approved and disbursed within a day, if not an hour, by banks and non-bank financial institutions (NBFCs). A gold loan is the way to go if you're in urgent need of cash. Gold loan Per Gram gives you an estimate of how much money you may borrow against your gold jewellery.

If You Have Old Traditional Jewellery, You May Not Be Approved For A Gold Loan:- Many people believe that banks and non-bank financial institutions (NBFCs) only lend money to persons who have  new or recently purchased gold jewellery. As a result, despite having a large number of antique gold jewellery, people would not seek a gold loan. However, let us dispel this myth: banks will lend money on antique gold jewellery. The gold must be pure and at least 18 karat to qualify for a loan.

The Gold Loan Is Exclusive Get By Jewellers:- Many large banks and non-bank financial companies (NBFCs) now provide easy gold loans with low interest rates. Many banks and non-bank financial institutions (NBFCs) began to offer gold loans as more people began to invest in gold. There are only a few non-bank financial institutions. Gold loans are a specialty of non-bank financial institutions (NBFIs). It is always safe and secure to take out a gold loan from a reputed bank or non-bank financial institution. Those who assume that gold loans can only be obtained from jewellers and are concerned about their reliability may seek a gold loan through a bank or non-bank financial institution ( NBFC). The IIFL Gold Loan provides secure on-the-spot processing, as well as various repayment choices  with attractive rates of interest.

Your Gold May Be Discreetly Switched:- You must maintain your gold at a bank or a non-bank financial institution (NBFC) to secure a loan against it. If you repay your debt within a certain time frame, the bank or NBFC will return your gold jewellery. Many people assume that money lenders replace your ornaments with fake ornaments. As a result, many people decide against taking out a gold loan because they are worried about their valuable jewellery being stolen.This is not the case, however. To secure your gold loan kept as collateral, banks and non-bank financial institutions (NBFCs) have special security and locker procedures in place. It will only be removed once you have paid off your loan in full. As a result, you can confidently hand over your gold to a bank or non-bank financial institution (NBFC) for a loan.

Gold Loans Have Extremely High Interest Rates:- Banks and NBFCs charge varied interest rates depending on the type of loan. If the loan is unsecured, the interest rate is high, but if the loan is secured, the interest rate is low. A secured loan, such as a gold loan, is a type of secured loan. As a result, banks and non-bank financial companies (NBFCs) do not impose excessive rates of interest The interest rate on gold loans can range from 10.26% to 26 %.