Interest Rates of Personal Loan and Gold Loan: Despite all the preparations, a time may come in life when you need money as soon as possible. Girls, to handle any kind of emergency, you may need money at any time, which has to be met by taking a loan. We all want to avoid such unpleasant situations, but such times are called emergency which threaten suddenly.
In such a situation, you will have options like personal loan or gold loan for arranging money or loan, but there will be a dilemma as to which loan is better to take. Let us help you in solving this dilemma and taking a decision. (Must read this – Girls, don’t hesitate, start investing, money will not be lost, these 3 options will give high returns)
Personal loan taken from any financial institution is an unsecured loan, hence it charges higher interest rates. Also, what will be the rate depends on factors like your credit score, income. At the same time, if you are looking for a gold loan during the financial emergency, then let us tell you that in this you will have to take this loan by mortgaging your jewelery etc. This is a secured loan. One risk that comes with a gold loan is that if you fail to repay the loan or default, the gold may sink.
gold loan interest rate
The processing of gold loan and disbursal of this loan is faster than personal loan. Also, digital gold loan makes the process quite simple. Factors like your credit score don’t matter. Talking about prepayment, all this is easily done in gold loan. ,For more such information related to women and personal finance, you can click here)
Personal Loan Interest Rates and Processing Fees
In some gold loan schemes, borrowers can pay only the interest initially and then recover the difference at the end of the loan tenure. There is also an option to pay the entire amount in one go.
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FIRST PUBLISHED: April 6, 2024, 10:08 IST