Apply NowCustomer may require quick financial assistance for numerous reasons such as wedding, educational expense, travelling or any medical exigency. Traditionally personal loan or Credit card loans offered by various lenders were sought to be the best solution in such situation. However of late, gold loans have turned out to be a smart substitute for personal loan or credit card loan. The dynamics and scope of personal loan or gold loan are more or less the same, However since Gold loan is a secured loan, the rate of interest is comparatively lower and processed much quicker.
IndusInd Bank offers Gold loan which is sanctioned by accepting the gold ornaments of the customer as pledge. Unlike personal loan which is sanctioned on the basis of source of income and repayment capacity of an applicant, Gold loan is entirely sanctioned on the basis of the value of the gold pledged.
Moreover, personal loans require considerable effort in documentation formalities and they have to be repaid in form of an inflexible EMI schedule whereas Gold loans, on the other hand, are cheaper and can be availed of in minutes.