Gold Loan vs Personal Loan in Guwahati – Which One Should You Choose?
In Guwahati, financial needs can arise suddenly—whether it’s for education, business, or emergencies.
Two common borrowing options are Gold Loans and Personal Loans.
But which one is best for you?
What is a Gold Loan?
A gold loan is a secured loan where you pledge your gold ornaments or coins in exchange for instant funds. In Guwahati, popular lenders include Muthoot Finance, Manappuram, and SBI.
Pros:- Instant disbursal
- Lower interest rates (10–14%)
- No credit score needed
- Gold is required as collateral
- Risk of losing gold on default
What is a Personal Loan?
A personal loan is an unsecured loan—you don't need to pledge anything. Banks offer it based on your income and creditworthiness.
Pros:- No collateral required
- Flexible usage: travel, weddings, medical, etc.
- Higher interest rates (12–20%)
- Requires a good credit score
Comparison: Gold Loan vs Personal Loan
| Feature | Gold Loan | Personal Loan |
|---|---|---|
| Collateral | Gold required | No collateral |
| Interest Rate | 10% – 14% | 12% – 20% |
| Approval Time | Instant/Same Day | 1–3 Days |
| Eligibility | Based on gold value | Credit score & income |
Which Loan is Right for You?
- Choose Gold Loan: Quick cash, no credit score, gold available
- Choose Personal Loan: Larger amount, no assets to pledge, steady income
Top Loan Providers in Guwahati (2025)
- Gold Loans: Muthoot Finance (Ganeshguri), Manappuram, SBI
- Personal Loans: HDFC, Axis, ICICI, SBI
Note
Both loans serve different purposes. For urgent, short-term needs, a gold loan may be best. For long-term financial goals without pledging assets, a personal loan is better.
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Need help finding the best loan options in Guwahati?
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