Gold Loan and Benefits of Applying Online

by Akash Sharma Akash Sharma

Gold has been the favourite precious metal of Indians since ages. Indian weddings are incomplete without the extravagant show of gold in the form of ornaments and coins. Gold, apart from being a very attractive jewel, can also be a man’s best friend in times of need. When a person is in dire need of some instant finances or cash, he can turn to his gold reserves, which can help him secure a gold loan in an instant.

Getting loan against gold ornaments or coins from banks or Non-Banking Financial Companies (NBFCs) is what a gold loan means. It is totally hassle free as compared to the traditional bank loans in terms of the formalities required, offices needed to be visited and the time taken to process the final amount. A few benefits of gold loans over traditional loans are:

•Transparency as to hidden charges

•Low interest rates (check using Gold Loan EMI Calculator)

•Flexibility in repayment

•No part payment charges, no foreclosure changes

•Part release facility

•No charges for gold security

•Doorstep as well as online service to apply for and process the loan

The procedure to apply for a gold loan is generally very simple. You go to a lender, whether a bank or NBFC and pledge your gold. The lender will make your gold undergo a purity test and determine its weight. This check decides the final amount of loan that you can secure and about 80% of the calculated value of the pledged gold can be sanctioned as loan.

Nowadays, applying for gold loans online is a trend. Various banks and NBFCs allow you to apply for a gold loan through their mobile applications. However, this does not mean that the customer does not have to physically visit the office of the lender. At least once, you have to visit your lender to deposit your gold and get it checked, along with its documents. As compared to offline application, the online application has the following benefits:

•Sets you free from frequent visits to the office

•Minimises the paper work required

•Saves you almost half the time taken in travelling and office visits

•Processes the final amount quickly

•Provides the facility of online EMI calculator

While the market is full of banks and NBFCs who provide gold loans, the next time you need a gold loan, consider Unimoni.in. Their online gold loan procedure is very user friendly and quick. Keep loving your gold.