Need emergency money now? Gold loans are quick, easy and low-cost

Borrowers can also choose from different repayment options depending on cash flows

• Gold loans are handy when you need money urgently
• Typically, lenders give up to 75 per cent of the value of the gold as a loan after checking its purity, weight and market price
• A gold loan can, in many situations, be a better option than a personal loan due to its quick processing time and minimal documentation
• Many lenders don't even check credit bureau score or ask for proof of income
• Some non-banking financial companies (NBFCs) primarily focus on gold loans, and such lenders offer higher valuation (higher gold loan per gram)
• Opt for an NBFC if you are looking for a higher loan amount. Choose a bank, if you are a rate-sensitive, as banks offer more competitive interest rates on gold loans
• Gold loans also come with flexible repayment tenure. You can opt for the regular equated monthly instalment (EMI), or pay interest as EMIs and principal in full at the time of maturity
• Then there's bullet payment, where the borrower pays entire interest and principal at the end of  loan term. Some lenders also offer an overdraft facility on gold loan