How to Apply for a Gold Loan Offline and Online?

Business Services

A gold loan is a secured loan option that you can avail of against your gold items at the time of emergency. It takes an instant to disburse the required loan amount, and this feature makes the gold loan the most popular option in the current loan market. As per the announcement of RBI, you can now take a gold loan up to 90% of the total valuation of your ornaments from banks to deal with the financial crisis due to the COVID-19 pandemic. Another thing you should keep in your mind is that you will be charged processing fees like other loans at the time of applying. Charges differ for lenders, but the maximum rate is 2% of the total loan amount.

You will have two different modes of applying for a gold loan, one is offline, and another is online. 

Offline applying process:

In this process, you must research your nearby bank branches. You have to call the customer care number or the branch number and make an appointment to discuss your requirements. At the telephonic conversation, you should ensure to ask for the documents you need to carry for the loan disbursement. Then it would help if you visited the branch as per the scheduled time to have a conversation with one of the loan managers or loan officers. At the time of documentation, if you forget documents, then, in this case, you have to make multiple trips to your home to take the required credentials for processing your loan. The documents and the customers also have to carry the gold to the bank. So, the risk factor is high as the gold can be lost or stolen. Another issue is waiting to talk to the loan manager or bank employees as per their availability. Document verification can take several days to process, and loan disbursement can run up to one month.

Hassle-free online application process:

Digitization has made things more accessible than before. To gold loan online apply, every individual is availing the most significant advantage of the online application process of a gold loan. This process is the faster and right path to fulfill urgent financial crises. You don’t need to leave your home or visit any branch to fund your required loan amount. You can easily apply for it online. The online process is not time-consuming and is a speedy approval process. 

Do proper research

You must do proper research about the banks and financial institutions offering gold loans, considering the key factors like repayment process, annual interest rates, the maximum amount they can sanction, and the application process. Some banks charge prepayment penalties. In that case, you can make a choice. 

Hassle-free application

Your most important step would be selecting the right financial institution for your gold loan. After choosing the appropriate lender, you have to complete the application process following the guidelines provided by the bank on their official site. The application process should be easy and quick in a few minutes. 

Secure and safe gold evaluation procedure

After submitting valid credentials and a duly filled application form, your gold will be taken for valuation, and the loan sanction process will be started right after that. You can also use a gold loan calculator to estimate the loan amount online. Another benefit is fixing a telephonic appointment with the customer care attender at your convenience. 

Loan confirmation

In the case of doorstep loan approval, the lender and the borrower will be responsible for the deal, and they both have to sign a confirmation form for legal binding.

KYC Process

Along with the confirmation form, the bank representative will guide you to fill out another form for the KYC process with all terms and regulations. This form demands your basic details and your identity and address proof. This time you can select your repayment process that suits your pocket. Online you can also acquire overdraft against gold quite easily.

Easy sanction

After you complete all the formalities, the bank will sanction your loan, and the loan amount will be transacted directly to your account. It takes a few hours to sanction the loan and release payment.

Flexible repayment process

When you have your loan amount in your bank account, you are free to use that money as you need. You can enjoy your money keeping one thing in mind you have to repay your amount on time. Otherwise, the lender has the right to sell your gold in an auction to recover the entire disbursed amount. 

The gold loan online applies option is safe, secured, and quick. You need to put your login credentials at the time of login to your payment desk and follow the given instructions to make your payment. You can pay your money in cash, EMI, cheque, or DD. The RBI guidelines are also reducing the current gold loan interest rate. You can easily do that from your comfort zone and avail of this overdraft against seamless gold loan service online.

 

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