Gold loans are increasingly preferred over personal loans for urgent liquidity needs due to their quick approval times and lower interest rates. They allow borrowers to use gold as collateral, often providing loans up to 90% of the gold's value with minimal documentation. In contrast, personal loans are more cumbersome, requiring extensive paperwork and higher interest rates due to their unsecured nature.

1. Gold Loans triumph over Personal Loans www.muthootfincorp.com

2. When in urgent need for liquidity many options are considered- borrowing from friends or relatives, approaching a bank or financial institution like an NBFC, some even consider local money lenders.

3. Personal loans were the hot favourite of yesteryears, however, these days; most popular loans are gold loans. Gold loans are fast becoming the order of the day.

4. Gold loans are loans against your gold; which is used as collateral. Nominal rates of interest and easy documentation make gold loans an attractive option.

5. Almost 90% of the value of your gold can be availed of as a loan. Gold in the form of jewellery or in any other form is acceptable as a collateral security.

6. NBFC’s like Muthoot Fincorp are the largest providers for gold loans in India. The loan is provided by after evaluating the quality of the gold.

7. In comparison to the gold loan, personal loans offered by banks are cumbersome in that they are heavy in documentation.

8. Require bank accounts, processing time is longer (whereas gold loans from companies like Muthoot Fincorp take only 3 minutes with easy documentation).

9. Since personal loans are unsecured loans, interest rates are high and heavy verification or credit standing is required, mostly the pay slip or monthly guaranteed income of the borrower.

10. There will also be a high processing fee. Gold loans are the best option for borrowers needing quick liquidity and intending a pay back within a year.

11. Contact Us www.muthootfincorp.com www.muthoot.com