Now also understand what is the difference between a gold loan with the total EMIs option and the gold loan with an overdraft facility. All the different customers have very different types of needs so to fulfill them banks are also offering some good types of gold loan options. One this gold loan with total EMIs option as well as some other is a gold loan with an overdraft some facility.
This kind of gold loan with total EMI option is a well-known method that most of the banks and NBFCs are also offering for the past many years. You can very easily apply for the gold loan and after getting all this gold loan amount you start paying your monthly EMIs. you can also repay your total principal loan amount along with a very good rate of interest amount. In this option, you also get the fixed loan amount with fixed gold loan tenure from the bank. In both banks as well as NBFCs, you can apply for this kind of option. Usually, most of the banks provide this gold loan amount at a very good percentage of the gold value. Many of the banks offer the maximum gold loan amount.
This kind of gold loan interest rate with an overdraft very good facility might be an unknown topic for many. In this option, your all the gold loan amount provides you a very easy overdraft facility. You can use your all the gold loan amount like you use your crest card. You can also spend as much as you want anywhere like a credit card but till then allow some limit only.
This kind of process starts whenever you deposit your gold at some of the lender company and then they open your overdraft account. In ICICI Gold loan, they link your overdraft facility with your debit card. In many of the banks, some of the lenders link the overdraft facility with your all good saving account. Or in some banks, they also open your new overdraft facility account. Even in most of the lending institutions what they do is that they will very simply open your very new overdraft facility account with some similar features having a very current account.
Some other kinds of ways are also available to access this kind of gold loan amount like you can all access the gold loan amount by the cheques which are also issued separately for the overdraft account. In such cases of the overdraft facility, the rate of interest is higher in comparison to some of the usual gold loans. And in such cases of the total EMIs option, you need to pay the total EMI monthly. But in such cases of all overdraft facilities, you can repay all the gold loan amount in a lump sum as well as can close all very good facilities at any point in time.
Conclusion
Both kinds of very good options give you a very great number of benefits but in case of an overdraft facility you can use this kind of gold loan amount at any such point in time, you can also overdraft some of the amounts. But with the gold loan with the total EMI option, you will very simply be able to plan all the monthly budget. You will also save from the situation of overspending. You will save more by total paying a very less rate of interest. Both these kinds of options can be offered by most of the banks.
