Personal Loan

Gold Loan or Personal Loan: Which One Should You Choose?

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Gold Loan vs. Personal Loan: Which One Should You Choose?

Gold loan and personal loan are two convenient financing options when you need money at short notice. Read both their advantages and disadvantages in detail before you make your decision.

Gold loan

  1. The loan approval and disbursal process is swift and easy.
  2. Credit history is not needed since it is a secured loan.
  3. There are flexible repayment options.
  4. Lenders usually offer 75% of the gold value as loan and the 25% high margin is kept with them.
  5. In case you fail to repay the loan, the lender can liquidate your asset to recover the money.

Personal Loan

  1. This is a loan without a security deposit, so you do not have to pledge any collateral to apply for a personal loan.
  2. With a Flexi personal loan, you can borrow when you want from a sanctioned loan amount and pre-pay when you can.
  3. You need to fulfill simple personal loan eligibility criteria.
  4. Minimum documentation is required, and once the document verification is done, the amount is disbursed to your account within 24 hours.
  5. Make sure you have a good credit history with a score above 750.
Additional Reads:
How to Check CIBIL Score for Personal Loan?
What are the Documents Required for Personal Loan?
How to Pre-pay a Personal Loan?
What is the Letter of Continuity?