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A gold loan is a secured loan where individuals borrow money by pledging their gold jewelry or ornaments as collateral. The loan amount is determined based on the value of the gold, and if the borrower fails to repay, the lender can sell the gold to recover the outstanding amount. Gold loans are known for quick processing and shorter tenures compared to other types of loans.
Eligibility for a gold loan typically requires the borrower to be of a certain age, own gold assets, and meet income and documentation criteria. Credit history is usually less stringent, making gold loans accessible to a broader range of individuals. Check with specific lenders for detailed eligibility requirements.
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Ten-tickles!
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