Disadvantages of taking gold loan
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In banks, the gold can remain only for a certain period of time and has to be redeemed thereafter.
If the money is not repaid within given period of time, your gold or jewel may come for an auction.
The worst part is that though the interest is hiked only after the 3rd month, some banks will grab higher interest calculating from the day one itself.
Hope it helps......
If the money is not repaid within given period of time, your gold or jewel may come for an auction.
The worst part is that though the interest is hiked only after the 3rd month, some banks will grab higher interest calculating from the day one itself.
Hope it helps......
Answered by
0
1-Impurity-Gold may be impure or may be not. This can be further checked by hallmark sign
2-High making charges -You have to pay very high making charges.
3-No regular income-Gold investment does not provide any current income.
4-No Tax Advantage- We do not get any tax advantage when we invest in gold.
2-High making charges -You have to pay very high making charges.
3-No regular income-Gold investment does not provide any current income.
4-No Tax Advantage- We do not get any tax advantage when we invest in gold.
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