A gold loan is a credit facility that is an offer by many banks and NBFCs. A gold loan is debt saver as well. The lender lends the money or loan amount to the borrower if the borrower will pledge their gold as collateral. To apply for a gold loan can be very convenient to a borrower as it requires fewer documents, process quickly, offer a lower gold loan interest rate in comparison to any other type of secured and unsecured loan.
Following are the steps to apply for a gold loan:
Go for research: This should be the first step before applying for any type of loan. As there are many, many lenders are available in the market that offers different policies regarding gold loans. So you should be aware of all the offers made by the different lender companies available in the market.
Do comparison: After done with the research part it is very necessary to compare different offers by different banks. As different banks offer different gold loan interest rates, different terms, and policies, etc. regarding gold loans. So it is your job to compare different offers and avail the best offers for you. Many tools are also available online to compare different offers from different banks.
Check EMIs with online tools: Repaying EMIs is a must, must step after getting a loan. Payment of EMIs every month directly affect your monthly budget. So it is important for you to check with online tools that how much EMI amount you will have to repay every month if you will take a loan of a particular amount. It will help you to plan for a loan accordingly and also will help you to plan your monthly budget.
Apply for a gold loan: After doing all the online research and comparison. Now comes the step to apply for a gold loan. You can apply for a gold loan by online and offline mode as well. There are many banks and NBFCs like SBI Gold loan, etc. are available nearby your home where you can apply for a gold loan. To apply for a gold loan you need minimum documents mainly related to your id proof. And more importantly, you need gold to pledge as collateral. You don’t need to worry about your credit score before applying for a gold loan.
Approval and disbursal of loan: After applying for a gold loan, the lender checks your documents and gold quality before approving your application. If everything will go well with your application then the lender approves your loan immediately and disburse it within few hours. And after approving of your loan you will need to repay your loan amount in the form of EMIs monthly along with the interest amount.
Comments