Vehicles are important in our life. We use vehicles to get to work,visit other houses ,go for a holiday ,move around in everyday errands. We are using vehicles for commuting needs. Every person wants to buy a car . Because it provides the only opportunity for travelling long distances due to lack of public transport. It also provides status. For older people, it is more difficult to walking, feel like public transport. So their own vehicles are necessary to them. The average person can only buy a car with a loan. Even if you take a car with a loan you still have to pay a certain amount every month.
Today we can see how to buy a car without a loan. We can buy a car with a gold OD. Most people do not know about this benefit. Gold loan is a very important loan. It fulfills your needs. Gold loan is a secured loan taken by the borrower from a lender by pledging their gold article. It is a perfect solution to raise capital. Gold loan OD is working similar to credit card spending. When you deposit your Gold as Collateral, open an overdraft account in which the loan amount for the value of Golden pledged.
A gold loan quick and sure shot solution. Its interest rates are lower than the interest rate of personal loans. Gold loans have various schemes to suit your financial requirements. It offers an overdraft facility and EMI option. You can spend as much as you need anytime anywhere up to the allowed credit limit. We can open an overdraft account. We can accept the loan amount using a cheque which is issued separately for overdraft accounts.When we take the loan amount we can pay interest rate at that time only.
Usually the duration of a car loan is 5 to 7 lakhs.Its interest rate is 9 to 11.5%.In gold OD,interest rate is 7.5 %.we can take 50 lakh loan from this. We can pay a small EMI.We can also pay an extra amount and it will reduce the capital amount. We can save 1lakh interest rates through this gold loan from other loans.It has more flexibility to close the loan. If you have excess gold ,you can take gold loan OD.