For people who breathe in the air quality of 199, nothing can be a huge task. Yet, gold loans or any other loans for that matter become a task. Loans are easy and hassle-free if you know the correct procedure and some tips that may come handy. Gold loans especially are as easy as cutting butter, you just need to know which knife to use. There are some terms in banking that one needs to know, after that, it is as simple as staying in bed on a cold winter morning. Though different banks have their own procedures and rules, there are some standardized rules curated by the RBI which are supposed to be followed by every bank.
Here are 5 easy tips that might benefit you, and would ward away your gold loan ghost. These tips are very informative and fun at the same time. Let’s start, shall we?
- Be Attentive
Gold is that boyfriend/girlfriend who needs constant attention. The gold value appreciates and depreciates every day. The fluctuating nature is what makes gold loans so exciting and affordable and demands you to be attentive. The best time to apply for a loan is when the prices are high, hence, you need to watch the news every day and note the rates.
- Listen to your gold
Gold doesn’t know human languages but it does talk and one needs to listen to it. 24-carat gold is supposed to be of the highest quality and the purest too, but 24-carat gold isn’t used for jewelry. Hence, 18 and above carat gold can fetch you a loan too. At times, gold ornaments wear off due to daily usage. You can wash them off before pledging them up. Don’t forget to take your gold to a blacksmith to know its value, so you’d be far from being looted.
- ‘When in Rome, do as the Romans do’
Jargons are very important when it comes to any specialized affairs. The banking sector has some jargon too, which is important when you want to take a loan or do any other transactions. Every field has its jargon and you should know it. In gold loans, there is gold loan per gram rate, gold loan interests, gold EMIs and so on.
- Know the payment options
Technology has been nothing but a friend that you need in every problem, not because it gives you the solution but because it connects you to one! (pun game strong). Gold loans can be paid off with a lot of options. There are EMIs, bullet payments, online payments, and whatnot. You just have to choose your mode of payment and you’re good to go! Salaried people receive a fixed amount monthly, hence EMI options are best for them. Whereas bullet payments can be used for the ones who have businesses, where is there is no specific time for profits. There are flexible payment methods for everyone when it comes to gold loans.
- Keep ‘em safe!
The idea of keeping your gold with someone else is concerning in its sense. Before pledging your gold to any bank, see to it that you do a good background check on your options. Muthoot gold loans, Indian bank gold loan, UOC bank gold loans are some banks for which you can have our word.
Conclusion: In the end, one question always prevails, who is taking the loan? Loan concepts heavily depend on the person who takes it as well. The schemes can be very attractive, but if the person who utilizes them isn’t punctual or responsible then no matter how best the scheme is, it turns out to be a bad decision.
These were some tips that we thought you’d love, if you do love them, tell us in the comments below.
