All that glitters might not be gold. But if you possess something that glitters and if it is gold consider your future secured. Because this glittering metal has been considered one of the most secured investments across the globe. In case you lack liquid cash at a crucial juncture of your life, just take your gold to a bank or any NBFC, pledge it, and bring back home the much-required cash. Such is the power of gold. Let us understand the difference between a both loans before comparing them.
What Is A Gold Loan?
A loan that is granted to an individual on gold jewelry that is submitted as security with the banks or NBFCs is referred to as a gold loan. The amount granted as a loan depends on the value and quantity of Gold that is submitted. This is the best option if you are looking for quick and short-term loans. This can be paid off and closed at any time.
What Is A Personal Loan?
When a bank grants you a loan without the requirement of collateral it is referred to as a personal loan. The loan is granted based on the income that an individual earns every month. Your loan eligibility depends on whether you are a salaried employee or a self-employed person who has a steady income. A fixed EMI for a fixed period of time is used for paying off a personal loan.
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This blog is maintained by the Finaura team. Finaura is a solution that will help you find the best gold loan solution from gold loan company nearest to you. If you have any queries please feel free to contact us. Call us on +91 484 2388285 or email us at [email protected]