Need emergency money? Loan against gold scores over personal loan

Here's how the gold loans by different banks stack up

• In a personal loan, the loan amount depends on the borrower's income. In a gold loan, it's 60-80 per cent of the value of gold
• Gold loan is the quickest and easiest to avail. A customer can get it within a day if the documents are in place
• A borrower can get a gold loan at a lower interest rate than a personal loan
• Most lenders don't charge a prepayment fee for a gold loan. For personal loans, usually, the borrower would need to shell out 2-4 per cent of the principal outstanding 
• Lenders have also started offering overdraft facility against gold
• Under this facility, the borrower can withdraw funds according to his needs, and the interest is charged only on the amount utilised from the credit line provided