Mistakes to Avoid When Applying for a Gold Loan
In Indian households, the gold ornaments are gradually transitioning from being a savings tool to becoming a credit tool. The gold loan has become a popular mode of attaining easy and quick cash. Such loan options can help you find instant financial support without any hassle. Today, many banks and financial institutions offer loans to people in need with competitive interest rates, terms, and conditions. You can monetize your gold items without selling them in the market. However, often people make some common mistakes while applying for gold loans. These include: Not Assessing Interest Rate One of the biggest mistakes people make while buying gold loans is not evaluating the interest rates. Remember, nowadays, banks and NBFCs try to lure their customers by attracting marketing campaigns. Often, they show only the attractive interest rates while hiding all the extra charges. So, most people think that the displayed rate is the final one, and they apply for the loan. The additiona...