We are able to get gold loan in our unavoidable circumstances. Now I also I got gold loan for personal needs. :)
Nobody can help us . our gold help us for giving money
That is very true! Instead of keeping gold in lockers you might as well take a loan when there is need....I hear that the interest rates too are not very high , especially in companies like Sriram finance and Muthoot...
Yeah that's true. When we mortgage gold, the rate of interest is lower than if we simply take loan without mortgaging gold.
can't understand.
can you make it clear?
Actually in our place, if somebody wants to take a loan from somebody the rate of interest is 4-5% depending on the amount taken as loan. However, if the person who wants to take the loan mortgage or keep gold ornaments with the person who is giving the loan, then the rate of interest is 3%.
That is a very low rate of interest. In most finance companies and banks the interest rate charged is much higher , almost 10 or 11 per cent...
10- 11 per cent??? Wow! that is too much. Here, even the 5% interest is considered high
55 and less that you are referring to must be with private firms , but banks charge quite high ,so also gold financing firms.Last year ,one of my colleagues borrowed from SBI at a rate of 10.3% ...the interest does add up to quite a bit if not paid regularly since it gets compounded !
Pay no mind to those who talk behind your back, it simply means that you are two steps ahead !!!
