স্বল্প-মেয়াদী মূলধনের প্রয়োজনের জন্য কীভাবে একটি গোল্ড লোন আপনার সেরা বাজি হতে পারে

We have access to various forms of loans to meet our short-term cash requirement. This can be a plain vanilla personal loan, credit card debt or other forms of borrowing that require one to pledge some item of value with the lender as a security.

One such type of borrowing is a gold loan. In this, one needs to temporarily mortgage a gold ornament with the lender, who uses it as a security to lend money against it.

The best thing about a gold loan is that more often than not one is just monetising an idle piece of ornament that could be lying for months or even years without use in the cupboard or in the bank locker.

The gold loan offers several benefits that makes it a winner if one compares it to other types of loans, especially unsecured products such as personal loans and credit card debt. In some cases, a gold loan may even be better than a small business loan, if one needs some cash for running or expanding a small-sized business venture.

Here are some factors why a gold loan is the best way to meet short-term cash needs.

Lower Interest Rate And Other Charges

One of the main reasons gold loans are the best form of availing a short-term loan is that these carry a low interest rate compared to unsecured loans such as personal loans or credit card-linked debt. This is because it is a low-risk loan product for a lender.

Moreover, most lenders do not charge anything for processing the gold loan application. Usually, borrowers are not asked to pay anything more such as valuation charges, foreclosure charges and pre-payমেন্ট চার্জ

Flexible Ticket Size

One can avail small to large-size loans depending on the weight and purity of gold ornament. While lenders may not be keen for small-size loans against, say shares, a gold loan can be availed for a sum as low as Rs 3,000. This means if one has a small gold ring and needs some cash for an emergency, one can still take a gold loan at competitive rate.

Ease Of Availing, RepayING

Gold loans require minimal documentation, and even people with no previous credit history can avail a gold loan as against a personal loan that is dependent on the credit score.

It is also fairly easy to repay as borrowers can pay back the dues on a monthly, bi-monthly, quarterly, semi-annually or annually. Borrowers also have an option to repay only the interest component while the principal amount can be paid back at the end of the loan period.

Moreover, unlike the past, gold loans can be availed easily sitting at home. The process can be completed online within an hour with door-step valuation and pickup service of lenders.

উপসংহার

Gold loans come with several advantages such as a lower interest rate, negligible additional charges, flexibility in repayments and small ticket size. Moreover, even if one doesn’t have a good credit history, one can still take a gold loan. This makes it a perfect choice for short-term needs.