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 a short notice. Read both their advantages and disadvantages in detail before you make your decision.
Gold Loan
The loan approval and disbursal process is swift and easy.
Credit history is not needed, since it is a secured loan.
There are flexible repayment options.
Lenders usually offer 75% of the gold value as loan and the 25% high margin is kept with them.
In case you fail to repay the loan, the lender can liquidate your asset to recover the money.
Personal Loan
This is a loan without a security deposit, so you do not have to pledge any collateral to apply for a personal loan.
With a Flexi Personal Loan, you can borrow when you want from a sanctioned loan amount and pre-pay when you can.