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Gold loans are the easiest and fastest way to get money against loans. So, basically gold loan is a type of a secured loan that the bank or the lender offers against gold (gold jewellery, utensils etc.). Now, the loan that these banks and lenders offer is a certain percentage of the total value of gold and one can repay it in the form of monthly instalments, after repaying the amount the borrower can get their gold back. In addition to this, there are no restrictions on the end-use of gold loans so that means that one can use gold loan for any purpose, be it wedding, education, vacation etc. Apart from all this, many private and nationalised banks along with NBFCs offer gold loans at affordable rates of interest.

• The process to avail a gold loan is quite simple and does not involve any hassle. The borrower has to take their gold articles to a bank or lender with the necessary documents. The bank or lender then evaluates the value of the gold articles and verification of documents is done. If the documents are verified smoothly without any tension, the loan amount is sanctioned, which is a percentage of the total value of gold. The borrower has to pay monthly instalments along with the principal amount to get their gold articles back.
  
  
• As Gold Loan is a secured loan, its interest rate is low as compared to unsecured loan such as personal loan. The interest rate on gold loans can range between 9%-27%, it depends on the bank or lender and various other factors such as the total amount of loan, the loan tenure etc. One should always compare the rate of interest offered by various institutions and banks and opt for a lender or bank offering the most suitable conditions for the loan.
  
  
• Now, if we talk about the tenure of gold loans, they are short-term loans with a short period of tenure that usually ranges between 3-12 months. If you have good relations with the bank or lenders, some might renew or extend your tenure. In comparison to other loans, the tenure of a gold loan is quite short, and one should make sure to repay the full amount or non-repayment may even lead to losing your gold articles forever.
  
  
• A major factor that concerns the availing of the gold loan is the value of the gold that is pledged against the availing of the loan, as before the loan gets sanctioned, the banks or the lenders evaluate the value of the gold and on the basis of the current gold value pertaining in the market, the final gold value is given by the lenders or banks. A particular percentage of the total gold value is sanctioned as the loan amount, usually it is 75% of the total gold value according to the existing market value. But id does not mean that this percentage is rigid, it depends on different lenders and banks regarding the percentage they follow.
  
  
• One of the safest and easiest ways of availing gold loan is through Manappuram Gold Loan, where you can get quick loans without any hassle. They provide gold loans with interest rates as low as 9.90% and onwards, you can avail their gold loan just by sitting at home with a tenure that is convenient to you which includes minimum documentation. They can provide you with a gold loan as quick as in 10 minutes within applying for the same.