With time technology has turned every bit of an individual’s life and made everything easier and available online, so it is applicable to Gold Loans. There were times when Gold Loan was known as the traditional mode of transaction.
Where the borrower had to visit the branch of the financial institution for submitting the documents, disbursement, interest payment, loan closure, and take the pledged valuables in custody.
Today with the advancement in technology, things are at ease now; the new digital market has provided financial institutions with a lot of benefits; there are a lot of facilities available online for you all who are interested in getting a Gold Loan.
Customers can now apply for a gold loan online and can even compare gold loan rates while sitting at their homes with the help of a smartphone or a desktop.
In today’s era, almost everyone has a smartphone, and people want everything to be done online as it’s less time-consuming.
So here are some online services which can be availed to get a Gold Loan:
Online Disbursement
With the help of technology, the disbursal amount gets directly credited to the customer’s bank account via online transactions. The post-application and the Gold pledge are also done online only.
Online Transaction access through Web Link
It is very important to write the correct mobile number during the online registration process because it is further used with the lending company for future correspondence for availing online access to the customer’s account.
By this, the customer can easily have access to their loan repayment history, and principal outstanding and can check available offers on his account by the online payment links.
Mobile Application
It is the most convenient way that an individual chooses as in this they can download the company’s loan application on mobile phones including active account relationships easily by the payment gateway.
It also helps to keep a record of payments for future reference.
Online Gold Loan
In this, the borrower has to visit the branch at once for the loan application for opening the credit line capping according to their gold valuation and schemes LTV along with the financing institutions by pledging the gold and storing it in the institution’s vaults.
With the help of the mobile application, the disbursal can be made online mode by registered mobile verification. Then it would not be needed for the customer to visit the branch again.
He can simply avail of the other things in online mode only, this will consume less time, save money on transport and they will get instant fund credits.
At the time of maturity of the loan, the customer has to either select the renewal option or the closure one with payment as an OD account.
So, an Individual should apply for a gold loan online to avail of various kinds of benefits.
Doorstep Gold Loan
This model has been adopted by many banks and financial institutions because it’s quite rare, and they are doing well along with this model.
This scheme provides the customers with confidentiality of their credentials because the transaction process is done via online mode and at the customer’s place.
Through the online mode at the same time, the disbursal is also made before taking the gold from the customer for storing it at banks’ vaults.
Conclusion
We have discussed all the features and benefits which the digital mode is providing to us. People are now not required to visit the branch frequently for their loan purposes; they can easily access their loan information online on their mobile phones.
People who are seeking to invest or are willing to take a loan should apply for a gold loan online as they will get enormous benefits through it. Technologies will keep on developing, and it will end up bringing more benefits which will be in favor of customers.
At present also there are many offers available at different financial institutions you can go and compare gold loan rates at their portals. When you visit any company’s website there, you will find a lot more information that you will find useful, and the steps to apply for a gold loan online would also be mentioned.
Today everything is in progress and development, so you should also go towards the advancements and prefer digital mode over the traditional offline mode. Hoping this information was of use to you all.
