A Gold Loan is a type of loan in which a borrower pledges gold jewelry, coins, or bullion as collateral to secure a loan. The loan amount is usually based on the value of the gold being pledged, and the lender typically holds the gold as collateral until the loan is repaid. Gold loans are often used as a short-term source of funding for various purposes, including emergencies, business expansion, or personal expenses. They are considered to be a relatively low-risk option for lenders because the gold serves as collateral, and the loan amount is usually a small percentage of the value of the gold.
It’s important to carefully consider the terms and conditions of a gold loan and to compare offers from different lenders before making a decision.
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