Personal Loan Vs Gold Loan: What Is Better?
For gold loans, the interest rates for people with poor credit profiles are generally lower than the personal loan options.
In gold loans, the amount depends on the valuation of the gold deposited as collateral and the lender’s loan-to-value.
A lot depends on the applicant’s credit profile in case of the loan amount approval. + + + + + +
Gold loans are the quickest and are generally disbursed within hours of submitting the application.
Personal loan disbursal may usually take up to 5 to 7 days.
In gold loans, the general trend is of a processing fee of up to 2 per cent of the loan amount.
In personal loans, the amount can range between 1 per cent and 3 per cent of the loan amount.
Personal loan offers a longer duration when compared to gold loans.
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