Follow Us On :

Is it advisable to take a gold loan?

You must know the merits and demerits of taking a gold loan. Below are the advantages of taking a gold loan:

  • Available to people with low CIBIL scores
  • Quick processing
  • Low-interest rate
  • Provide gold safety alongside loan
  • No foreclosure charges 

However, there are a few disadvantages of taking a gold loan:

  • Bank usually offers you loans only up to 80% of your gold value.
  • In case you fail to repay the loan, the bank can liquidate your gold.