3 Important Things to Know Before Applying for a Gold Loan
For years, people have preferred a goal loan to get instant funds for setting up a business, children’s wedding, etc. It is because a gold loan is easy and readily available. With minimal documentation and less interest rate than a personal loan, it can be availed instantly. Many who benefit from it regularly know how easy and useful it is. However, for someone who’s applying for a gold loan for the first time, it may seem risky. It’s not, though. To explain this further, here are 3 important things to know before applying for a gold loan: 1. Assess the Credibility of the Lender Gold loans are based on trust. The person applying for it gives their gold against a loan under the trust that it will be returned to him once the loan is repaid. Many people fall into the trap by unverified people giving gold loans and never getting their gold back from them. Always do a background check on the lender for their history of gold loans. Registered non-banking financial companies (NBFCs) are often...