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Gold loan or sell your gold? What should you do when there’s cash required?

Man thinking if he should take a gold loan or sell his gold

Selling gold or taking a gold loan that’s a very confusing question that comes to one’s mind when there’s money requirement and one doesn’t know what needs to be done.  Many thoughts start juggling through our heads should I sell gold? Will I get the right price for my gold or should I take a gold loan and many such questions surround us.

Mr. Kumar from Delhi requires some money and is worried about how he will be able to meet his money requirement.  He has gold jewellery with him, and he’s thinking of how he can make the best use of it for his money requirement. One of his friends suggested him to sell his gold jewellery and another friend suggested to avail a gold loan of those jewellery. Now Mr. Kumar is in deep dilemma of what can be the best option for him and is making his researches by talking to people and through browsing online so that he can make the right decision.

There is more to Gold:

Gold is not just a shiny accessory, but there’s more to it. It carries emotions, feelings, legacy and much more than just being a commodity. Therefore many Indians are hesitant about giving away their gold even when there is need of money. 

When we talk about using our gold, it is always advisable to take a gold loan. The simplest reason is that when you sell your gold jewellery you are only paid for your jewellery you lose out on the making charges which forms a significant part while purchasing jewellery. As the jeweller does not consider the gold making charges even when they buy back from their customers.  Here the emotional and mental sentiments counts where one starts to think that after selling how much time he or she will be able to buy the gold jewellery back. And it becomes more important when the gold price is increasing.

Why you should choose Gold Loan?

Here in case of gold loan, the loan provider will only look at the quality and quantity of your gold jewellery when taking your gold and sanction the loan amount as per your requirement or the gold scheme that you choose. Assuring your gold is in safe hands and you can take back your gold once you have cleared the payment. Thus saving your time, energy and money on taking unnecessary stress of selling your gold jewellery and not being able to buy soon. By availing the loan, you are paying very less interest and your ornaments are in safe custody (like being in locker) and you can have  very simple and easy paying options.

To conclude, if one needs to meet some expenses the best option is to get a gold loan rather than selling their gold. Getting a gold loan is a simple and easy process with minimum documentation & in less time.

With Fedfina, you can get a gold loan in 30 minutes. Fedfina offers a variety of gold loan schemes to choose from based on your loan requirements. Fedfina’s Gold Loan Scheme Chooser caters to all types of requirements like short term, long term, daily interest, lowest interest and many such options.

Category : Gold Loan   |  Date : June 27, 2020, 4:50 pm   |  Author : Nikita Pardeshi

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