Features of Gold Loans and Interest Rates
In our country, gold has a lot of cultural significance. India is the largest consumer of gold anywhere in the world. Even in the financial sector, gold is viewed as quite an asset. If you decide to loan i.e. borrow money from a financial institution to deal with a financial situation, gold loans can be a fruitful solution. Gold loans are loans taken against gold. This is a secured type of borrowing. Items such as jewelry, gold biscuits, and ornaments can be used as collateral for a gold loan. Interest rates can differ from 7% to the way up to 10% and more sometimes. These loans can be borrowed from banks or NBFCs. Lets us look at some features of gold loans and interest rates: Where Interest rates on gold loans can be easily calculated from anywhere in the country. In earlier times everyone had a traditional approach to opting for loans. Going to only banks was the more popular approach previously. However, now other than banks, individuals also opt for NBFCs when it comes to pro