While providing the loan to a borrower, the lenders always have to deal with the risk of non-payment. It can be low or high, but the potential threat of not receiving the timely payment of loan is persistent. This is why there are several factors that a lending institution considers before providing the loans. It is essential for the lenders to get the assurance of repaying capabilities of the borrower. Thus, a loan application has to be made in a perfect way to convince the lenders about the repayment.
With gold loans, the lenders are secured by the gold that has been pledged to avail the loan. This makes the processing duration and charges very less as compared to the unsecured loans. However, even with the secured loans, the lenders wish to get the timely repayment to avoid the hassle of auction of gold for the recovery. Thus, while applying the application there are a few things that the borrowers need to keep in mind.
Existing Loan - If you already have an ongoing loan, chances are that your loan application might be rejected. To avoid this, you should clear the existing loan. It is never a good option to burden yourself with too much debt. However, if repaying the current loan is out of your financial reach, you should come up with an income proof of a regular income. This income should be enough to pay the installments of the existing loan, as well as the loan that you are applying for.
Purity of Gold - All the borrowers must ensure the purity of the gold before going for gold loans. Purity largely defines gold loan per gram rates and there is a lower limit to the level of purity of the gold articles. The gold you are pledging should be at least 18K pure. Anything less than this will result in the rejection of a loan application.
Incorrect Details - It is the basic requirement for kinds of agreements and contracts. You should always check the details twice or thrice before submitting the application. Each and every word and letter of your application must match with the details mentioned in the KYC documents. And inconsistency in the details will lead to rejection.
You should always go for trusted gold loan schemes. HDFC gold loan are one of the best options in the market. You can compare the gold loan per gram rates and interest rates from the market and you’ll definitely get some of the most beneficial HDFC gold loans schemes with these parameters.
Commentaires