Gold has always been known as a symbol of wealth and prosperity, and it has been one of the most preferred investment options for ages. However, this precious metal is not only a means of investment but also a source of quick funds in times of financial crisis. While the traditional method for availing a gold loan involved a lengthy and cumbersome procedure, the advent of digital gold loans has made the process much simpler and faster. Let us take a closer look at what digital gold loans are and how they are changing the financial landscape.
Digital gold loan – An overview
A digital gold loan is a type of secured loan that allows the borrower to pledge their gold as collateral and borrow money against it online. It is one of the quickest and most hassle-free ways to get funds in times of emergency. As the name suggests, the entire process is digital, which means you can apply for a gold loan online, and the lender will disburse the amount through a digital mode of payment.
Features of digital gold loan
Digital gold loans come with several features that make them a lucrative option for borrowers. Some of the key features include:
- High loan amount: With digital gold loans, you can get a high loan amount compared to other types of loans. With us, you can get a loan starting from Rs. 5,000 to Rs. 2 crore.
- Low-interest rates: Digital gold loans come with low-interest rates as the gold pledged acts as collateral, reducing the risk for the lender. With us, you can avail a gold loan at interest rates starting at just 9.50%.
- Quick disbursal: The entire process of availing a digital gold loan is fast and hassle-free, with the loan amount being disbursed in less than 24 hours.
- Repayment flexibility: You have the flexibility to choose the repayment tenure and pay your interest on a monthly, bi-monthly, quarterly, half-yearly, or annual basis as per your convenience.
Documents required to avail a digital gold loan
To get a digital gold loan, you will need to submit a few documents that are required for KYC compliance. These documents include:
- Aadhaar card
- Voter ID card
- Passport
- Driving licence
- NREGA job card
- Letter issued by National Population Registration
Process of applying for a digital gold loan
The process of applying for a digital gold loan is very simple and can be completed in a few easy steps:
- Click on ‘APPLY’ to open our online application form
- Enter your 10-digit mobile number and click on ‘GET OTP’
- Submit the OTP to verify your identity
- Select your state and city to find the branch nearest to you
- Enter your full name and date of birth as per your PAN
- Set up your appointment at our branch
Once done, you will receive a call from our representative to confirm your appointment and guide you on the next steps.
Benefits of a digital gold loan
Digital gold loans offer numerous benefits over traditional loans and are becoming increasingly popular among borrowers in India. Some of the key benefits of digital gold loans include:
- Easy availability: Digital gold loans are easily available, and you can access them from the comfort of your home without having to visit a bank or financial institution.
- Quick disbursal: The loan amount is disbursed quickly, reducing the waiting period for funds.
- Lower interest rates: Digital gold loans have lower interest rates as compared to other unsecured loans, making them an affordable option for borrowers.
- Flexible repayment terms: Borrowers have the flexibility to choose the repayment tenure, depending on their financial situation.
- Safe and secure: Digital gold loans are safe and secure, with the gold pledged acting as collateral.
Digital gold loans are a technologically advanced way of getting quick funds in times of emergency. The process is simple, fast, and hassle-free, making them an attractive option for borrowers. With lower interest rates, high loan amounts, and flexible repayment terms, digital gold loans are changing the face of the lending industry and making it easier for people to access funds in times of need.
How to estimate your loan eligibility using a gold loan calculator?
Estimating your loan eligibility is easy with a gold loan calculator. This online tool helps you determine the loan amount you can get by entering details like gold weight and purity. The calculator uses the latest gold rates to provide an accurate estimate instantly. It eliminates guesswork and helps you plan your finances better. By using a gold loan calculator, you can compare different loan amounts, understand repayment options, and make informed borrowing decisions. This ensures you get the best value for your gold without any hassle, making the loan process smoother and more transparent.
