The Pandemic of the COVID-19 has affected one and all. People are also affected financially as many countries, including India, have been under lockdown for months.
It is where you may have been loitering with the idea of availing the personal loan. On the other hand, some people may also be looking to apply for the gold loan to meet their needs.
If you are confused between gold loan vs personal loans, then this post will help you out.
There is always a fight between gold loan vs personal loans when it comes to choosing one to meet the monetary needs.
Gold loan vs personal loans
Gold loan advantages and disadvantages at a glance
The approval for the gold loan in the process of the funds’ disbursal is swift and less cumbersome.
You don’t need to have a robust credit score as it is a secured loan.
The repayment options of the gold loan are flexible.
A total of the 75% of the total value of the gold is approved as the loan. Lenders keep the remaining 25% as the high margin with them.
If you don’t repay the gold loan on time, then the lender can liquidate the asset to recover the money.
Personal loan advantages and disadvantages at a glance
It is an unsecured loan, and there is no involvement of the collateral to avail the approval.
The personal loan eligibility criteria and the documents are simple to meet and submit.
The loan approval comes instantly, and the funds are disbursed into your bank account within 24 hours.
The repayment option for the personal loan is flexible, and it can be paid within 60 months.
If your cibil score is 750 or more, then you can get the loan approval fast.
If you fail to repay the EMIs on time, then your cibil score will get affected and your next loan may not be approved.
You are now aware of gold loan vs personal loans, and can now make the well-informed decision.
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