Compare Personal Loan vs Gold Loan - MyLoanCare

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Gold Loan vs. Personal Loan - Which one should
you choose?
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• Personal Loan-

A personal loan is an unsecured loan that allows
end usage of loan amount. The loan can be used
for a variety of purposes such as to  consolidate
debt, home renovations, plan a dream wedding, and
so on.  Personal loan gives you flexibility in
using these funds as per your need.
Know About Personal Laon and Gold Loan

• Gold Loan-

Gold loan is a secured loan in which you  pledge
your gold ornaments as collateral with a Bank or
NBFC. The lender, in turn, gives a loan amount as
per the market value of the gold pledged. It is a
fast and easy way of fulfilling ones financial
needs compared to the other loans.
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Personal Loan
Gold Loan

• You must be a resident citizen of India.
• Your age must be between 18 to 60 years.
• You must have at least one year of work
  experience
• You should have a CIBIL score of above 650
• The loan can be availed by both salaried and
  self-employed individuals with a good source of
  income.

1. You must be a citizen of India
2. Your age must be between 18 years to 75 years.
3. The quality of Gold being pledged for the loan
   should be between 18 to 22 karats.
4. In case of bank-minted coins, they must be 24
   karat gold.
5. Loans can be availed irrespective of occupation
   and income bars.

Eligibility Criteria
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Personal Loan
Gold Loan
Personal Loan interest rates start at 10.25 and
may go as high as 19. Interest rates on personal
loans are high, since the loan is unsecured.
Gold Loan interest rates range between 7.30 to
13.50. Gold loan interest rates are lower since
the loan is secured.
Interest Rate
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Personal Loan
Gold Loan
Processing fees charged on Gold Loans is upto 1
of the loan amount.
Processing Fees
Processing fees charged on Personal Loans is upto
3 of the loan amount.
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Personal Loan
Gold Loan
Minimum Income
Minimum income required to avail of a Personal
Loan is ? 10000 per month. 
No minimum income is required to avail of a Gold
Loan.
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Personal Loan
Gold Loan
You must have at least one year of work
experience in order to avail a Personal Loan.
No minimum work experience required to avail a
Gold Loan.
Work Experience
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Personal Loan
Gold Loan
Loan Amount
The Loan amount for Personal Loan ranges from ?
10,000 to ? 30,00,000
The Loan amount for Gold Loan ranges from ?
10,000 to ? 1,00,00,000.
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Personal Loan
Gold Loan
Loan Tenure
Loan tenure for Gold Loan ranges from 6 months to
24 months
Loan tenure for Personal Loan is upto 7 years.
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Talk to Us
Mailing Address B-38, Delhi - Jaipur Expy,
Institutional Area, Sector 32, Gurugram, Haryana
122003 Email Address care_at_myloancare.in Phone
number 91-8448389600