Gold is always a good option for investment. Surely, gold jewellery is an asset for every Indian. However, how do you make use the best use of this asset during your emergency? Turn gold into money by selling. When you are in need of cash, you can sell your gold and get the desired amount as cash. But, where will you sell your gold? You have 2 options for putting your gold on sale.

Difference Between Gold Loan & Loan Against 

Gold jewellery shops

Several gold jewellery stores are ready to buy your gold articles. They are second hand gold jewellery buyers in Keelkattalai, so they will pay you an amount after checking the jewellery qualities. They also buy gold bars from you and give you cash in return. So, you can look for local stores where you sell your gold and bring in cash.

Cash for gold shops

Several cash for gold shops have reliable used gold buyers who will give you instant cash.However, as you need to sell gold to these stores, you will get the price based on the current rate of the gold. You can also search for the best store with the keyword- Who are the used silver buyers near me?

It is better to research the market to learn the market price of gold. Wait for the right time when you will get the optimal price for your gold jewellery.Those who have old broken necklaces, earrings, and other dented pieces of gold jewellery can choose this option. They can find the best gold buyers to make a deal.

Gold loan

The final option available for you is to apply for a loan against gold and silver. You might have heard about Manapuram Finance, Muthoot Finance, and JJ GOLD in Chennai. There are several other popular gold loan providers in your city. Based on the gold carat, the weight of your jewellery, and other aspects, the company will decide on the loan amount. It is also easy to apply for a gold loan in Chennai.

The gold loan providers will benefit you in different ways-

Minimal interest rate

A gold loan is a secured loan, and thus, the interest rate is comparatively low. On the contrary, home loans, personal loans, and other secured loans are available at higher interest rates.

Take advantage of anytime liquidity

It does not take more than 30 minutes to avail of the gold and silver loan in Chennai. You do not need to go through a complicated documentation process to get approval for the loan.

Faster processing

Backed by physical gold ornaments, the lending process involves minimal eligibility criteria. That is why lenders can process your loan faster.

Option for paying only the interest

It is a unique feature of gold loan schemes. During your loan tenure, you can pay simply the interest. At the end of the tenure, you can close the loan by paying the principal amount.

Things You Should Know Before Getting A Gold Loan

No processing charge and foreclosure fees

You do not need to be concerned about the additional charge for foreclosure and processing. It has made the gold loan the preferable choice for several buyers.

No income proof is needed

Financial agencies providing the loan will never ask you to submit your income proof. It is because your gold jewellery will be the collateral for the loan. Thus, both self-employed and salaried persons can apply for the gold loan without a hassle.

No need for credit scores

To get the loan against the used gold jewellery in Chennai, you do not need to have a high credit score. So, almost any borrower can apply for this loan.

Gold remains safe

The best financial agencies implement triple-layered security systems to keep your ornaments free from risks. They store the jewellery in a special vault until you have repaid the loan.

No rules over the use of the loan

In the case of a home loan and car loan, you need to use the fund for a particular purpose. However, the loan you have obtained from your gold ornaments can be used for other needs. For instance, you may use it for a medical emergency, higher education, home repairs, and other purposes. So, these are the biggest reasons for applying for a loan to get cash for gold in Keelkattalai.

Selling gold versus gold loan

Should you sell gold or have a loan against it? It is a common question of several Indians.During your emergency, when you have no other options, you are compelled to convert the asset into money. A sentimental value is always attached to gold. That is why you may like to get back your jewelry when your financial condition is restored. Gold loans give you this opportunity, and you can claim your ornaments after paying back the loan. On the contrary, used gold buyers in the jewelry stores purchase your ornaments, and they will become the owner of those pieces.