A gold loan, also known as a loan against gold, is a secured loan obtained by the borrower from the lender in exchange for the pledge of certain gold items (within the range of 18 to 24 carats) as security. Based on the gold's current market worth and quality, the loan amount is normally up to 80% of the gold's value. Since your gold is used as collateral for gold loans, you should exercise caution while taking out loans and only borrow money that you can readily return. Your credit score, report, and future loan applications may all be canceled if you default on a loan. For the duration of the loan, the bank uses your gold as security for a gold loan. Once you have fully repaid the loan, the bank will return your jewelry. Banks charge interest.
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