Have an urgent need for cash but have a low credit score? Try for a gold loan. If you have a sufficient amount of gold lying in lockers, you can use it to get a gold loan. Contrary to unsecured loans, the gold loan has lenient eligibility criteria and lower interest rates. Anyone can apply for it even with low credit score. Besides offering attractive features such as quick loan disbursal and minimal documentation, the loan also offers online gold loan application facility. With this facility, you no longer need to make several visits to the bank branch to get the funds.
What is the procedure to apply for a gold loan online?
The steps to apply for a gold loan online differs from one lender to another. Contrary to the statement, applying for a gold loan online does require you to visit the bank or NBFC’s branch at least once. Before you apply for the loan, first you must understand how gold loan works. To be eligible for a gold loan online, you need to safe lock your gold articles with the bank or NBFC at your nearest branch. Then you can register for online gold loan facility and link your savings bank account so that you can get the available loan amount directly in your bank account. You can use the available loan amount completely or in parts. Now, whenever you will have an urgent need for money, you can get the loan amount credited in your bank account anytime and from anywhere through the bank’s or NBFC’s mobile application or official website. You should also keep an eye on the current gold rate to make sure you get the best loan amount against your gold as per the lice price of the gold in the market.
Alternatively, you can apply for a gold loan online at Paisabazaar.com. It is an unbiased loan and credit card marketplace, which can help you find the best gold loan scheme for you. Here you can check your gold loan eligibility, interest rates from different top banks and lenders, and based on that and your requirements get the best gold loan schemes on a single platform. Instead of visiting several lenders or navigating their websites, you can simply log on to Paisaabzaar.com and get quick loan approval without hassle.
What are the advantages of applying for a gold loan online?
Smartphones have become an integral part of our lives. Whether we are traveling or sitting in our homes, it caters to our every need. With increasing dependency on smartphones, banking too has embraced digitalization to offer enhanced services to customers at the tip of their fingers. Besides transferring funds from one bank account to another, now you can take a loan in just a few minutes.
The benefits of online gold loan service are:
- Easy documentation
- Instant loan approval
- Quick loan disbursal
- Accessibility to loan anytime, anywhere
- Online loan repayment
In addition to the above points, some banks and NBFCs even allow their customers to renew eligible gold loan online, withdraw additional eligible loan amount available against each loan directly to the registered bank account and make loan payments online using their Debit Card or Net Banking through a secured payment gateway.