Gold loans are undoubtedly the best choice. They are beneficial in many ways when compared to that of personal loans, and this is because the gold loans are secured enough loans, one can get their hands on. But there has always been a question or more of a general doubt revolving around the fact that whether one should opt for a long term gold loan or not. Well, we are here to give you certain reasons and facts you can pick by yourself and make a choice eventually to opt for a long term gold loan. All of us know that the gold loan interest rate can vary from one lending institution to another and even may be different among the Non-Banking Financial Companies. For example, SBI gold loan is officially offering the gold loan interest rate at 7.50% onwards, and regarding the loan tenure, it covers a period of around 3months to 36months of duration. And the loan amount can range from ₹ 20,000 to up to ₹ 20 Lakh. The most opted out gold loan scheme at SBI gold loan is the ‘Bullet Repayment Scheme’. So, these are a few basic details that every borrower has to look at before applying for a loan, and these may not be the same in other banks.
Now, in a recent hit of the pandemic many of the small finance banks are trying to expand their long term gold loan schemes, and Indel Money, which happens to be a Non-banking company in Kerala, has launched and promoted its long term gold loan with a tenure period of 2years, which is huge. Reports say they have also stated that the main motto apart from making the business is that, the customers can gain more transparency and wouldn’t be facing any loss of hidden charges and they also don’t end to worry about the interest slabs.
So, with the long term gold loans when implemented, it is for obvious reasons that customers are profiled in a way from paying up interest rates at very short tenure periods and this way they can save up more. They can also have a big chance to retain their ownerships, and can eventually enjoy the profits of the loans being sanctioned for a longer period at very minimal interest rates being costed.
But, we would like to make a note that, to choose this long term option total depends on the individual, based on their savings, reasons for the loan, financial stability to check in with the repayments, and we all advice the customers not to just blindly take up the loans, unless and until it is really necessary for them and not just to jump up for high loans, which could drag them into troubles.
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