When it comes to choosing between selling old gold and taking a gold loan, the answer to which is better may depend on your personal financial situation. There are pros and cons to both options.
Selling old gold is typically more advantageous to those who need to generate a lump sum of money for an unexpected expense or to make an investment. The amount you receive from selling your gold is determined by the today’s rate in Chennai, multiplied by the weight of your gold items. This can be beneficial if you need cash fast or want to invest in something else with good returns.
On the other hand, taking a gold loan has advantages as well, especially if you need only a small amount of money for short-term purposes. Gold loans can be taken in smaller amounts and offer easy to repay terms. Furthermore, you get to keep your gold items with the lender during the loan period, which is an added advantage to those who do not want to part with their gold jewelry or coins.
In conclusion, it really depends on what you need money for and how much you need to determine whether selling old gold or taking a gold loan is better for you. Considering all factors specified above should help make things clearer before making a decision.