Sometimes you need funds quickly to pay for unplanned expenses or emergencies such as hospitalisation, debt repayment, etc. During such times you are likely to approach financial institutions and apply for a loan. However, this may not be convenient for everyone, especially if funds are needed urgently.
Thankfully, there is a viable alternative. One can easily apply for online Gold loan and avail of it quickly as such loans are disbursed within a day or two of the application. Also, documentation involved in gold loan procedure is very minimal hence can be availed by most borrowers.
Here are some benefits of taking Gold Loan online
- From application submission to loan disbursement everything will be carried online.
- Most of the dealers provide doorstep services hence time and efforts will be saved.
- A personal account will be created for every customer. Here all the information about gold loans such as outstanding interest and payment details can be seen.
- Online services can be used 24/7 hence there will not be any time barrier.
- Gold loans can be renewed by the lender without contacting the dealer.
- Top-ups can be easily availed online if in case the customer is eligible for the additional loan amount.
Simple Tips to get Online Gold Loan
1) Search for the Lender
When you search ‘online gold loan’ you will get a list of institutions who offer Gold loans on their portal. Almost every financial institution has started online services to help customers comfortably access their services.
Choose a lender who has a long history in gold financing and good customer reviews.
You can also search for key terms such as;
How to get online Gold Loan
Muthoot gold loan online
2) Check Eligibility
Before contacting any dealer don’t forget to check your eligibility. The eligibility criteria vary from lender to lender.
Usually, lenders ask for Identity proof and Address proof for KYC verification. Apart from these documents, no other documents are required to be eligible for the gold loan.
3) Compare Prices
Most of the dealers provide Gold Loan calculators on their online website. Using this you can compare the price between dealers and decide with the help of results.
The final loan amount is calculated based on the total weight of your gold. There is another term LTV (Loan to Value) Ratio which plays a major role in deciding the value for per gram gold.
Knowing these values will help you analyse the total loan amount and makes it easy to filter the offerings.
4) Things to Remember
Once you know the eligibility and approximate market value for your gold, picking a lender can be easy. However, there are other things to remember before going ahead to apply for a gold loan. Don’t get attracted to deals which may sound too good to be true. Ensure that the lender is authentic, transparent, offer a fair price for your gold as well as performs prompt valuation and gives instant payments.
Online Gold Application Procedure – Step by Step Process
- Visit the Muthoot Gold loan online website or any other dealer and click on Online Gold Loan Form.
- Fill the form with mandatory details and submit for further processing.
- The lender will process the form and assign a customer care representative to your application.
- He/She will contact you for document verification.
- Then Gold testing and valuation will be performed by the dealer.
- Based on the total weight and purity, the loan amount is estimated.
- Finally, the loan will be disbursed and transferred directly to the customer account. The gold will be secured in the safe deposit of the dealer.
- Your account is created at the dealer’s website where you can check the gold loan details.
The online Gold line facility is one of the feasible and instant ways to get funds. Instead of paying high-interest rates on other types of loans, a gold loan can be obtained whenever there is a financial crisis. Having an online account for a gold loan helps to analyze the options to repay the loan. Online gold loan service has been emerging as a popular option for both lenders and borrowers. By comparing rates online, you can have a conversation with the dealers about increasing the overall gold value.