Process of applying for a gold loan online

A gold loan is a loan against gold given by the financial institutions to fulfill the need of the person in case of an emergency. The interest rate on the gold loan is lesser than personal loans. Any individual can seek the help of financial institutions and non-banking financial institutions to get the loan online. The best gold loan in Delhi is easily accessible to the person online with minimal documentation required with proper safety measures of banks.

A few simple steps involved in the application of a gold loan are-

1. Research- The first step that you need to focus on is research. You can online research various banks and NBFC’s that provide a gold loan. You can make a comparison based on the interest rate they are offering, documentation required, eligibility criteria, foreclosure charges, and other important factors in the loan process.
2. Apply for a gold loan- Once, you are done with your research, the next step is to apply for a gold loan in that vary bank. The banks nowadays follow the easy process for filling the application form that can be complete within a few minutes.
3. Valuation- The third step in the application of a gold loan is the valuation. The amount of gold fluctuates daily and you need to estimate the gold loan amount. It can be possible to complete the gold valuation from home as per convenience. Plus, various banks do offer pre-approved gold loans to the customers to get a fair amount of gold loan.
4. Confirmation- The next step is to confirm the deal and signed a confirmation form by both the parties involved i.e. the lender and the borrower. The whole process is done with both party’s consent and confirmation.
5. Know your customer (KYC) process- The second last step in the application of a gold loan online is to fill the KYC details. This requires basic information related to the address proof of the borrower, physical copy of your identity. When you are done with providing information, then you can also choose the preferred repayment option at this point as per your convenience.
6. Official approval of loan- When you are done with all the above formalities, the gold loan is sanctioned by the lender in the account of the borrower within a few hours.

Repayment of the loan- Now you are free to use your money till the time you please. But never forget the repayment of a loan on a concern due date. No matter which method you choose for repaying the money, if you do not repay the money on time, then there are chances of the auction of your gold by the banks.

Last words,

The gold loan provides better interest rates to the individuals and meets the emergency. The above-mentioned points are simple for the application for a gold loan. Thus, if you also want to know the gold loan rate in Delhi, then various platforms help to provide information about various banks that you choose of your choice.