How to Get Gold Loan Fast?

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.

To get a gold loan sanctioned is quite easy. All you must have is the gold. Gold loan is not affected by low credit score, as it is a secured loan.

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How to Get Gold Loan Fast?

How Does a Gold Loan Work?

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

How To Get a Gold Loan Fast?

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:

• Gold loan is made available at the customer’s door steps.
• Loan processing along with disbursal completed within 30 minutes.
• No traditional brick and mortar stores. It is a completely digital platform.
• Interest rates are as low as 0.89%. Traditional gold loan rates range from 10-12% a year.

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.

See Also: A Detailed Guide on Gold Loan and Gold EMI Calculator

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.

Steps for Availing Digital Gold Loan Are:

1. Download the app, and make a call requesting a gold loan.
2. Company officials complete the KYC process at your home.
3. Loan amount is transferred instantly to the customer’s bank account.

Advantages of Digital Gold Loan:

1. Doorstep services
2. Highest loan to value guaranteed
3. Flexible repayment options
4. Affordable interest rates
5. Supported by reputed banks
6. Insurance cover offered

See Also: How Gold Loans Help You Improve Your Credit Score?

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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