Advantages of gold loan and personal loan in the market

There are people who just focus on the market with limited advantages to enjoy but if you look at the market with good research and preparation you will find out much more than you expected. In the finance market, people believe personal loans and gold loans are really expensive but if you don’t know the advantages then how you will find out.

Benefits of personal loan

• 1. Disbursal in quick time

The personal loan itself features quick time money. Where your money needs will get fulfilled in a quick time. When there is urgency or a planned expense where you think you can’t arrange a high amount of funds then you can choose for a personal loan. Where you will need to pay Allahabad Bank Personal Loan Processing Fee as an indication that you are ready for the loan.

• 2. Limited documentation

Since it is a quick process you don’t need to provide a lot of documents, instead you need to provide 3-4 documents which will work as your identity and proof of yours that you are liable for the liable only.

• 3. No collateral

The best feature of this personal loan which gets much attention is that you don’t need to give anything for the mortgage. There will be nothing on the stake for your loan, all you need is show your income proof.

• 4. Competitive interest rate for EMI

Allahabad Bank Personal Loan Interest Rate is one of the affordable interests which is reviewed by many borrowers. They are keen to apply for another loan or other loan from the same lender because of low interest also you don’t need to give much as well.

• 5. Short term repayments

Here you will get a time of 12 months to 60 months of tenure. Where the lender believes that time should be given to the borrower to pay the loan and also he should get rid of the loan as early as possible.

• 6. High amount availability.

There will be nothing like you will be getting a low amount instead if you have enough income you can have up to Rs.25 Lakh amount easily. With help of a high availing amount now people are not lacking with money.

Benefits of Gold loan

1. There are no hidden charges involved in the gold loan and you will have to pay at least of 1% processing fee only other than that EMIs for your gold loan which was put on mortgage.
2. Here Gold Loan Interest Rate will be low because all things belong to you and you are using your luxury asset to get an amount so no need to worry that you will have to pay a high amount of loan.
3. Since the tenure period is of maximum 36 months then also you want to pay off EMIs as quickly as possible then the feature of repaying in different four types can help you. The four repayment methods are Bullet repayment, Partial repayment, regular EMI payment, and EMI pay & principal amount later.
4. Since the collateral is yours then you don’t need to worry that you may have to pay an extra amount if you choose to clear off all the debts on your gold. There will be no charges on the foreclosure at any time you choose. If any lender asks then take actions against it.
5. With that margin of 10%-25% on your gold loan amount you will get no security charges to feature as well. Since that service is for all and banks are already charging EMI then there will be no need to pay for security charges as well.
6. Many banks and NBFCs are offering loans through the gold loan. Where some NBFCs are welcoming the borrower to enjoy their service of gold loan, where not much to pay in the form charges.