CV Ad­vice

Consumer Voice - - Bfsi -

Go for a gold loan if you are con­fi­dent of re­turn­ing the money on time. Oth­er­wise you will be pe­nal­ized and all the pledged gold will come un­der the con­trol of the bank or the fi­nance com­pany. The NBFCs/ banks could act on the man­date given by the bor­rower (at the time of tak­ing the gold loan) to ad­just the loan out­stand­ing in­clud­ing in­ter­est charged and un­paid against the gold by sell­ing off the same. While opt­ing for gold loan, check the in­ter­est rates in var­i­ous banks and pri­vate NBFCs. If you pre­fer pri­vate lenders, it is bet­ter to go with the one who has been in this busi­ness for sev­eral years. As long as you are not emo­tion­ally linked to gold or­na­ments, tak­ing a gold loan is the best op­tion. More­over, with the fall of the dol­lar and euro, and the fluc­tu­at­ing gold prices, it seems to be a safer op­tion to pledge the gold than let­ting it be in your locker if you need money.

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