Should you choose a Personal Loan or a Gold Loan

Gold loan pros and cons

• Since this is a secured loan, lenders usually offer up to 75% of the value of the gold you offer as collateral.
• The loan approval and disbursal process are swift and easy.
• Your credit history or score is not critical since it is a secured loan.
• You have flexible repayment options
• If you fail to repay the loan, the lender can liquidate your asset to recover the money.
  

Personal loan pros and cons

• This is an unsecured loan, so you do not have to pledge any collateral to apply for a personal loan
• Just fulfil simple personal loan eligibility criteria to get funds. Make sure you have a good credit score of 750 and above to get the loan with ease
• Submit minimal documentation, and once the verification is done, the amount is disbursed to your account within 24 hours* of approval
• You can select your repayment duration ranging up 1 to 5 years based on affordability
• With a Flexi personal loan, you can borrow when you want from a sanctioned loan amount and prepay when you can. This also helps you lower your EMIs by up to 45%* when you choose to pay only the interest as monthly instalments

*Conditions apply