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In India, gold is considered a lot more than just a precious metal. Symbolizing goddess Laxmi, gold holds great sentimental value for people and is a part of almost every auspicious occasion, such as weddings, festivals, etc. Due to its rarity and great aesthetic qualities, gold is also associated with wealth and prosperity. There was a time when only a few people could afford to wear jewellery made from gold or use other ornaments made from this metal. Even today, the number of gold assets owned by an individual signifies his/her financial and social standing.
Since the market prices of this metal are increasing at a rapid rate, buying gold ornaments is among the best investment options. The ROI rate is higher than other popular investment methods, so one can make decent profits by investing in gold. This is the reason why almost every Indian household keeps a large part of their savings in the form of gold. Another good thing is that gold can also serve as a hedge against financial uncertainty. One can either sell their gold assets or obtain a gold loan to get over a temporary cash crunch. However, given the inevitable attachment to gold ornaments, most people often face the dilemma of choosing between the two available options.
Are you also someone trying to figure out which is better – a gold loan or selling gold? If yes, here is a detailed explanation of both of these options on the basis of several factors. This will help you understand which one is better for you and why.
Selling your gold ornaments and obtaining a gold loan are two possible ways to utilize your assets during a financial emergency. When you apply for a gold loan, you are simply pledging your ornaments against a specific amount of money for a pre-defined period. Or, in simple words, these ornaments work as collateral for this loan. Once the loan is paid, you can easily claim your pledged assets. Selling gold, on the other hand, is the process of transferring ownership of your assets in return for a specific amount of money. In this process, you will never have any claim over the sold ornaments once the transaction is done.
Here are some of the key benefits of taking a gold loan as well as selling your gold assets:
Also Read: Gold Loan Repayment: 4 Easy Ways to Repay
The final decision majorly depends on an individual’s specific requirements and personal preferences. If you need money for a very short period of time, then opting for a gold loan is always a better choice. There are a number of financial institutions (banks and NBFCs) that offers quick gold loans at low interest rates. But if you need those funds for a longer duration and are not able to make the repayment within a certain period, selling your assets would be more feasible.
If you also want to apply for a gold loan, you can choose from several schemes offered by Muthoot Finance. With our Gold loan-at-home facility, you can apply for the same online and get your loan sanctioned within no time. We also offer the best gold loan rate per gram, which means you can obtain the highest possible loan amount by pledging your gold assets with us. All you need to do is make a Google search for ‘Muthoot gold loan rate today’ and you will get an idea of things like the possible loan amount, applicable interest rate, etc. Click here to know more details and book a home visit or call 1800 202 12 12.