Gold loan is sanctioned by accepting the gold ornaments of the customer as pledge. Personal loan is sanctioned on the basis of source of income and repayment capacity of an applicant.
Service Details
When a customer pledges gold (including jewelry, ornaments and bank-issued coins) as collateral for taking a loan, it is known as a gold loan.
The bank uses the gold as security against potential payment default by the customer. The loan amount sanctioned is a certain percentage of the value of the gold that has been pledged..
Gold loans are short-term loans and the repayment period can range from one month to a few years. If you are in need of money for immediate expenses and expect to be able to pay it back in the short term, then this type of loan might be a good option.
