InvestorQ : What can I do to ensure I get a loan and am able to repay it easily?
Indrajeet Kashyap made post

What can I do to ensure I get a loan and am able to repay it easily?

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Gaurav Patel answered.
3 years ago
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While it is pretty easy to get a gold loan as you are already placing the collateral (physical gold such as gold bars, gold coins or gold jewelry) in the hands of the borrower, there are a few things you must bear in mind to ensure that repay your gold loan as easily.

Here’s how you can make the most of your gold loan both in terms of getting one as well as repaying it:

1.Compare wisely

When valuing your options, don’t just compare the loan amount or the cost of EMIs.

You have to look for other charges and terms and conditions as well. Do ensure you compare the total cost of the loans, inclusive of the processing charges and the charge of valuing the gold, and then make an informed decision.

2.Budget for your EMIs

It is of utmost importance that you budget for your gold loan EMIs very carefully.

Come what may, do not default on your gold loan as you could end up losing your gold jewelry or assets.

3.Bigger is not always better

Always apply for the gold loan amount that you need and not anything higher than that, for you could end up losing your gold asset or jewelry if you are unable to repay your loan.

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