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GOLD LOANS ARE CHEAP 

Experts say borrowing against gold is always a good option. Other loan terms, such as credit cards or personal loans entail a high-interest rate that easily traps borrowers under further stress later. The best advantage of availing of a gold loan is that it is less expensive and easily available with more options online and offline. Though looking into current prizes the gold is up to its highest value which is 45000+/- per 10 gm. In such ways, a hike in the prices of gold can lead to arranging a huge amount of idle gold lying with families leading to arranging a huge amount on behalf of ornaments. The processing fees are low and often lenders may not take the income or credit score of the borrower into account while approving the loan, these loans are processed quickly without extensive paperwork. Lenders do not insist on income proof. Only basic KYC documents are required. A gold loan is less time-consuming than a personal loan.

Vijaya Bank’s gold loan per gram rate is low as per the latest gold price in the market. always try to buy gold which is of high quality. Explaining it by an example it can be concluded that Vijaya bank lends money on quality (22 carats) gold. So always try to buy jewelry of high quality. Thus, the money obtained on a gold loan can be used for marriage, business expansions, education, and other similar purposes.

THINGS TO WATCH OUT:

When you go for a loan, especially for a gold loan, always try to go with an option that is authenticated and has a good reputation in the market. Sometimes people get trapped into things, getting loans from an informal source. you could run the risk of getting your gold being swapped or misplaced with the fake gold. Make sure the source you choose is a bank or an NBFC and not an unregulated source. 

CONCLUSION:

Getting into the loan process, go through different options available in the market that can lead you to more benefits schemes while searching for options. The best part is that gold loans are easy to get and there is less paperwork required to get a loan sanctioned. 

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