Various Gold Loan Schemes to Help Tide Over Your Financial Emergency
Gold loan schemes | Image Resource: theindianwire.com
Financial crunch may occur anytime and it may lead you to go for a loan. Nevertheless, it is essential to know which type of loan you should go for during tough times. A gold loan is undoubtedly the best option for it is available easily by pledging your gold ornaments. Numerous financial institutions offer a loan against gold at lower interest rates. The gold jewelry pledged is kept as security for the loan provided.
To help you meet any financial emergency like marriage, hospital or education expenses, institutions offer different gold loan schemes offered against certain conditions. Here are a few of them to help you:
- For the loan amount of less than 2 lakhs: Under this scheme, you can avail loan based on the purity of gold. The interest rate differs, with a discounted rate offered on regular payments. The rate of interest is high for the gold loan of low tenure of 6 months and low for high tenure of 12 months and more. You do not have to pay the principal amount until the end.
- For the loan amount between 2 and 5 lakhs: The loan tenure is for minimum 6 months and the interest rate varies for you can avail a discounted rate on prompt payments.
- For the loan amount between 5 and 10 lakhs: The interest rate varies based on the scheme and the purity of the gold. The tenure differs and there is an option to pay the principal in the end.
You can however check for the appropriate gold loan scheme based on your requirement