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How to Choose the Right Goal Loan

The interest rate on a gold loan varies with different service providers and with the different types of gold loan schemes they offer.t

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How to Choose the Right Goal Loan

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  1. How to Choose the Right Goal Loan

  2. Gold loans are a very popular financial product in India for meeting immediate financial needs. It is a form of secured loan that is known for being the quickest and easiest way to get funds to meet business or personal requirements. With many types of gold loan schemes available today, there are certain factors that you should consider, so you can choose the right one for you.

  3. Lender The first step in taking a gold loan is putting in some research to find the best service provider who offers gold loan schemes that suit your requirements. • Read about the company • Check their market reputation • Explore the schemes they have on offer • Read customer reviews

  4. Tenure A gold loan is a short-duration loan that has a set tenure. These schemes also come with an option of pre-closure, subject to certain terms and conditions. The tenure of a gold loan can range from 3-12 months (terms vary with different providers). Some gold loan schemes require you to pay back in one go, which others can be paid in EMIs. Depending on what amount you are comfortable paying as EMI, or on the time you will take to have enough money to pay back the loan amount (and interest), you should choose a comfortable tenure.

  5. Interest Rate The interest rate on a gold loan varies with different service providers and with the different types of gold loan schemes they offer. As a gold loan is a secured loan, you will be able to find a decent interest rate, but make sure you look around to find the best deal before making the final decision.

  6. Repayment Mostly, a gold loan is paid back as a lump sum amount that includes the loan amount and the applicable interest. However, some lenders also offer gold loans that can be paid back through EMIs. You will need to select a gold loan based on what form of repayment method is comfortable for you. That being said, most lenders and service providers offer the following repayment options.

  7. Cash/Cheque • Debit/Credit Cards • Net Banking • Demand Drafts Of course, this also varies with different service providers, so make sure you confirm the same before deciding.

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