What are the best ways to compare low-interest gold loans?

To compare low-interest gold loans effectively, consider the following key parameters:

• Interest Rate: Compare the nominal annual interest rates offered on loan amount. Choose a loan with the lowest rate.
• Processing Fee: Check fee charged for loan application and account opening. A lower processing fee is preferable.
• Repayment Terms: Compare repayment tenure options and opt for a financial institution offering flexible repayment terms.
• Penal Interest: Check for late payment or prepayment penalties. Choose a loan provider charging a lower penal rate to avoid extra costs.
• Loan per Gram: Compare the loan amount sanctioned per gram of gold pledged across lenders. A higher loan amount per gram is preferable.
• Auction Terms: Review the auction procedure in case of non-repayment.  Choose a lending institution that provides a longer notice period before auctioning your pledged gold.
• Security: Assess safety measures to store pledged gold. Reputed Non-banking Financial Companies (NBFCs) and banks typically offer higher security standards.
• Turnaround Time: Compare disbursal time across lenders. Choose a loan provider offering quicker loan amount disbursal.
• Customer Reviews: Check online reviews and feedback about the service quality of different lending institutions. Pick a financial institution with positive ratings and good customer service.