Which is better, gold loan or personal loan?

We feel both have their pros and cons. But had you explained your situation and then we could choose one accordingly. Let us tell you why we think both have their own benefits:


Gold loan:

1      You can get this loan by keeping your gold as collateral.

2.      This means that you don’t have to run anywhere and ask for help as you can use your own asset (jewelry) and save yourself.

3.      Gold loan is faster than personal loans when it comes to loan disbursal.

4.      Your gold is safe and secure 100% which is way better than when it is at your home as theft can take place at your home.

5.      The interest rates on gold loans are low which makes this one of the most secured loans available for you.

6.      Gold loans seem like the best option during emergencies where cash is required quite urgently.
 


Personal loan:

1.      You can get this loan by applying for it via a Bank/NBFC.

2.      If you have an account with a Bank/NBFC then getting a personal loan from them can give you additional benefits.

3.      Here your credit history and credit score must be high and hence it is important that you maintain it.

4.      Personal loans take more time to process as compared to gold loans.

5.      This kind of loan is unsecured in nature and hence it has higher rate of interest.

6.      Personal loan seems like the best option when you have an upcoming situation where a lot of money is required.

So whatever you decide, please checks your situation first. In case you need help in deciding which loan is the best for you, contact us and we shall be glad to help you out.


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