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You are also planning to take gold overdraft loan, know the advantages and disadvantages

Gold Overdraft Loan Facility: Many times in life people suddenly need money. In such a situation, taking a loan remains a better option for them, but taking a loan is a difficult process. Whenever you go to the bank to take a loan, the bank first takes information from you about your credit score. Along with this, it is also seen whether the person taking the loan files his ITR (ITR Filing) or not. In such a situation, due to all these reasons, taking a loan becomes very difficult at times. On the other hand, if you want to take any kind of collateral or guaranteed loan from the bank, then there is less difficulty in taking it because if the borrower does not return the money on time, then the bank will auction the mortgaged item and recover its money.

Nowadays Gold Loan has emerged as a very famous collateral loan option. You can take gold loan in two ways. One is gold loan and the other is gold loan overdraft facility. You can use both these options according to your needs. Let us know which people should choose which option-

What is Gold Overdraft Loan Facility?
Let us tell you that Gold Overdraft Loan Facility has become a good option to get quick money in today’s time. In this overdraft loan, you get B amount equal to gold. In this also you have to deposit your gold with the bank or company. In this, you get an amount equal to the value of gold in the form of overdraft.

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You can use this overdraft like a credit card. You can use the money by withdrawing it according to your need. For this, you can withdraw money according to your need from the checkbook provided with the account. You do not have to pay EMI in overdraft loan. Interest is charged only on that money, how much money you have withdrawn. The loan on overdraft is much higher than the normal gold loan.

Advantages and disadvantages of gold overdraft loan facility-
Let us tell you that once you get the approval of Gold Overdraft Loan from the bank, you can use it like a credit card. You will have to pay the interest of the amount you use. With this you can pay your shopping, credit card bill, money transfer etc. bills. The approval of this gold overdraft loan is easily available from the bank and paper work is also less and the overdraft amount is also easily available. Let us tell you that gold is a market commodity, in such a situation, the price of gold keeps on going up and down due to ups and downs in the market. Along with this, if you do not repay the gold overdraft loan money on time, then your gold can go out of hand.

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