If you cannot repay the loan, the lender has the right to sell the gold you provided as collateral to recover the outstanding amount. It is essential to make timely repayments to avoid losing your gold.
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- A gold loan is a type of secured loan where you can borrow money by pledging your gold ornaments or coins as collateral with a lender. The lender provides you with a loan amount based on the value of your gold.
- The value of your gold is determined based on its weight and purity. Lenders use a standardized method to assess the purity and weight of the gold items you pledge.
- You can use a gold loan for various purposes, including funding personal and business expenses, medical emergencies, education, and more. It is a versatile form of financing.
No, your credit history is generally not a significant factor when applying for a gold loan. The loan is secured by your gold, so lenders are less concerned about your credit score.