Everything you need to know about gold loans for medical emergency?

Gold loans allow you to use your gold jewellery as collateral and borrow money against their value. Here are a few points that describe gold loans better,

1. Gold loans are processed quickly—often within a few hours or days—making them ideal for urgent medical needs.
2. The loan amount depends on the gold's value and can range from 60-75 % of the gold’s market price (it might differ according to the financial institution). It ensures substantial funding during critical times.
3. Lending institutions offer flexible repayment terms. You can choose Equated Monthly Instalments (EMIs) or repay the principal at the end of the term while paying interest regularly.
4. Gold loans have lower interest rates than personal loans or credit cards, making them more affordable.
5. Since the loan is secured by gold, your credit history isn’t a significant concern.
6. Only essential identification and address proof are required, ensuring a hassle-free experience.
7. Once the loan is repaid, your gold is returned promptly.