India is the largest gold consumer in the World. Irrespective of what is happening in the economy, gold purchase continues among Indian households. Gold demand in India over the last 30 years has increased by 804%! The major reason for this rise in demand is, gold is not just a precious metal or accessory. It is an important part of the culture and customs of Indians.
In an economy where gold rates are rising, there lies an opportunity for ample investments. Another important advantage of gold is the ability to avail gold loan. With rising prices, a gold loan can fetch higher amounts during financial emergencies.
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The amount sanctioned as loan amount is generally a percentage of the total gold value. Repayment can be via monthly installments. Once repaid, gold is returned to the borrower. An attractive feature of gold loan is, unlike most of the secured loans, gold loan does not have any restrictions on usage. The tenure and gold loan rate varies across institutions.
See Also: Gold Loan Interest Rates
Today, there are companies that help get a gold loan fast. The hassles involved in traditional loan processing activities are eliminated. Although banks offer online gold loan application services, these companies are way faster. Let’s take a quick look at their features:
By cutting down on offline stores, these companies are able to lessen costs like operational costs to a large extent. As a result of this, interest rates get reduced. This makes gold loans cheaper. Often, borrowers are faced with the problem of not having enough funding to meet loan processing needs.
Gold loans from these digital platforms offer low interest rates, personalized support, zero processing fees, doorstep services, pickup and return of valuables. It is surprising to know the ease with which these loans can be availed. It is just a matter of a few clicks.
With online platforms there is always the threat of cyber theft and fraud. Customers might think twice before availing a loan on the digital platform. These platforms are extremely safe and secure. They ensure customer’s personal information is encrypted and protected against fraud. Security audits and custom security strategies are implemented to safeguard the data.
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