Life is full of uncertainty and we all can land up in a situation wherein we need some urgent financial help. It may be a planned event such as Marriage or purchase of any household durable or any unplanned event such a medical emergency.
Previously for such situation, personal loans were found out to best solution, however in recent times Gold Loans have become a flourishing option against personal loan. In Indian families gold is considered to be a part of family wealth and hence has sentimental values attached with it. In past people have refrain from either selling or pledging the gold or gold ornaments for any financial requirements. However in recent times due to swift processing time and uncomplicated documentation, Gold loan offers startling benefits to its customer. One of the basic differences between personal loan and gold loan is that in case of personal loan, customer does not have to give any kind of collateral whereas gold loan is backed up by their gold.
State Bank of Patiala has come up with gold loan in three variants so as customer may opt for the product as per their requirement and needs. The Gold loan product offered by SBP as given below.