Reasons why you shouldn’t believe the myths about gold loans

When it comes to considering gold loans many people hesitate a lot. Not only do the myths around this topic make people worried but so much misinformation also works like a virus in people’s minds. There’s no doubt that fraudulent activities are going on and making people’s trouble double. However, we also should not deny the fact that everything has its good or bad. We just need the right information and right knowledge to become more and more aware of any subject. Like, right now we are going to dive into this topic to break down all the myths to come to the best conclusion. 

If you see today’s rate of the gold loan per gram is 4,261RS and the demand has been increasing rapidly. In India, most households have a gold reserve for an emergency. What if you have a very big problem related to health or business or even this pandemic and you need cash at the exact moment in your hands. Then this precious gold is the best solution for all your suffering. Gold ornaments or gold utensils or gold coins are what you need with all the easy procedures to get immediate cash. But first, let’s dive into the myths around this specific topic.

Myths of gold loans that you should not believe.

However, these all will sound very weird to you when you will realize how little you know but still get convinced by these myths.

  • Time-consuming procedure

Many are still convinced that if you have thought of applying for a gold loan the procedure will make you suffer a lot. The prolonged procedure will bring you more trouble than you already have right now. But these are just misconceptions that you assume or have heard from people. The procedure is very easy and doesn’t need much paperwork. You just need a few documents of yours for your identity proof like an aadhar card, pan card, voter ID, etc. Two copies of your photo and genuine proof of your address if you do not have it in your aadhaar or pan card. In that case, you need to provide them with your electric bill or water bill. That’s it, no income documents and no CIBIL score documents are required like other loan procedures. Then they will check the purity of your gold and net weight. After that, you will get the approval. Gold loan is the best to get on the spot and in some cases, things get done only in an hour.

  • Only Jewelers are the ones to offer gold loans

This is also a big myth when it comes to gold loans. If you think that only Jewelers offer loans against gold then there is a big NO for your misinformation. Many banks and non-banking financial companies offer gold loans. Some non-banking financial companies offer only gold loans. Everything gets done by government rules and regulations with all security. So why don’t you give it a try to go to your local bank or an NBFC? I want to let you all know that the bank or NBFCs are more trusted and reliable than the Jewelers in your neighborhood.

  • Your gold may get passed back and forth or get stolen

Now, this is very scary to think about even if for a minute but the question remains the same. Is it true? Can this ever happen? What if they misplace your gold or never give you back? Well, wait a minute and let me remind you of one thing that I have already mentioned above. All things get done by government rules and regulations so you just do not need to worry about it. Your gold is safe with them but one thing should be noted here: the banks or NBFCs should be licensed.

  • Gold loans are all about high-interest rates

This is also not true at all and it is all just in your mind. Gold loans are very affordable. Different banks and NBFCs offer different rates but they do not have high rates. Gold loans are about to help you to complete your fulfillment in an emergency. So, they want to help you, and making high-interest rates just does not make sense at all.

In conclusion, we broke down all the myths about gold loans and we also discussed how gold loans are beneficial to us, right? Now I am going to recommend you the Rupeek Gold Loan company with four steps to apply and great schemes. They offer you doorstep facilities and online facilities too. The company provides affordable interest rates and a gold loan calculator to check the rates and EMI. You should visit the website once to make the best choice. I hope this helps you, best of luck.


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