Gold loan
A gold loan is a secured loan that allows you to borrow money by pledging your gold as collateral. The loan amount is usually a percentage of the gold's market value.
How it works
You visit a bank or financial institution branch with your gold
The gold is valued
You complete an application form
The lender approves the loan
You receive the loan amount
You repay the loan in installments over a set period
You receive your gold back once the loan is repaid
Benefits
Quick funds: Gold loans can be a good option if you need money quickly
Minimal documentation: Gold loans may require less documentation than other types of loans
No credit history required: Gold loans are often approved based on the quality and quantity of the gold, not your credit score
Cheaper than unsecured loans: Gold loans are secured loans, so they are generally cheaper than unsecured loans
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