When it comes to taking gold loans, there are various factors that you need to consider. Do you want a short-term or long-term loan? What's the interest rate? What's the repayment schedule like? And so on.
But one of the most important decisions to make is what type of lender to go with. Should you borrow from a bank or an NBFC i.e, gold loan nbfc (non-bank financial company)?
When it comes to taking out a gold loan, most people automatically think of banks. However, NBFCs (non-banking financial companies) are a better option for gold loans. Here's why:
1. NBFCs have lower interest rates: Interest rates on gold loan from NBFCs are typically 1-2% lower than those from banks. This can make a big difference in the overall cost of the loan.
2. NBFCs offer more flexible repayment terms: Most banks require gold loan borrowers to repay their loans within 1-2 years. However, NBFCs typically offer longer repayment terms of 3-5 years. This gives borrowers more time to repay the loan without incurring extra interest charges.
3. NBFCs have faster approval times: Banks can take weeks or even months to approve a gold loan application. However, NBFCs can typically approve a loan within 24 hours. This makes them a much better option for borrowers who need money fast.
4. NBFCs offer better customer service: Banks are often bogged down by bureaucracy, making it difficult to get help when you need it. On the other hand, NBFCs typically have
Smaller staff and more decentralized decision-making, means that they can provide better customer service.
Read Also: What is Gold Loan Finance
If you're considering taking out a gold loan, then a gold loan nbfc is probably your best bet. They offer lower interest rates, flexible repayment terms, and faster approval times. Plus, their customer service is typically better than that of banks. You can consider Bajaj gold loan service for your next loan process.
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