A Gold Loan is a financial product where individuals can secure a loan by pledging their gold ornaments, coins, or bars as collateral. This type of loan is backed by the intrinsic value of the gold. Lenders evaluate the purity and weight of the gold to determine the loan amount. Gold loans are often considered a quick and convenient financing option, providing individuals with liquidity without the need for a lengthy approval process. Interest rates and terms vary between lenders, and the gold is usually stored securely until the borrower repays the loan amount along with accrued interest. Gold loans are a popular choice for individuals looking for short-term financial assistance while leveraging the value of their gold assets.
