How to take an online gold loan: A quick guide

Mar 11, 2020

How to take an online gold loan: A quick guide

Gold is a handy asset to have when you need money. You can pledge gold ornaments with select banks or other financial institutions to receive credit. With the option for an online gold loan, quick payment is guaranteed, from anywhere at any time.  For urgent loan requirements, applying for credit online is fast, convenient and hassle-free. 

Why Apply Online?

Digitization has eased many things for individuals. One of the biggest advantages of an online gold loan is that everything is processed faster, making it ideal for an urgent loan requirement. You don’t have to leave the comfort of your home to fulfil your funding requirements. It is also time-efficient as it guarantees speedy sanction.

Here is a comparison between offline and online gold loans:

Feature

Offline Gold Loan

Online Gold Loan

Accessibility 

  • must locate a physical branch, preferably nearby 
  • applicant must schedule a time to visit during fixed hours
  • browse requirements online
  • apply for the loan online
  • limitation of location is removed 

Documentation

  • short list of documents
  • if the applicant forgets a document, multiple trips back and forth may have to be taken
  • short list of documents
  • upload clear scanned copy of proofs on the company’s portal
  • sometimes, just a photo from your mobile of the same will be enough

Safety

  • applicant must carry gold to the bank 
  • responsibility against theft and loss lies with the consumer
  • Rupeek offers unique gold loan solutions, including safe transportation of the gold with an internationally reputed security firm, Brinks

Time

  • wait time at a bank for a loan manager depends on the availability of bank employees
  • document verification can take several days
  • loan sanctions can run up to two weeks
  • wait time cut to nothing - the online process lets you bypass queues
  • no travel time
  • speedy verification process 
  • gold loan online payments are sanctioned within minutes

How to Apply for an Online Gold Loan

The process for an online gold loan application is as simple as it can get. Here is how to go about it:

  1. Research

Do a quick research online about the various banks and financial institutions offering gold loans. Consider the application process, the loan amount they sanction, the interest rates, repayment options and other important factors in the loan process. Rupeek is one among a host of other institutions that offer online gold loans. Our loans are in partnership with Federal Bank, ICICI Bank, and Karur Vysya Bank, offered at low-interest rates with instant loan disbursal guaranteed.

  1. Application

Once you’ve chosen the appropriate lending institution, complete the online application process. Rupeek provides its customers with an easy and simple loan application form that can be completed within minutes. 

  1. Valuation

After the application is duly filled in, the gold will have to be valued for the sanction to go through. You can use a gold loan calculator online for an estimation as well. At Rupeek, gold valuation is done from the comfort of your home, which you can schedule as per your convenience. Rupeek offers pre-approved gold loans and the gold is only valued to get the exact loan amount.

  1. Confirmation 

Following the doorstep loan evaluation, both parties will have to sign a confirmation form that is legally binding. 

  1. KYC Process

Along with the confirmation form, the representative will also assist you with the KYC process. This usually requires routine details and a physical copy of your identity and address proofs. At this point, you can also choose your preferred repayment process. 

  1. Sanction

Once all formalities have been completed, the lender will sanction the loan and have the money credited directly to your bank account. Usually, it only takes a few hours for the gold loan online payment to be released. With Rupeek, the loan is disbursed instantly.

Repayment Process

After the funds have been credited to your account, you are free to use the money as you please. All you need to keep in mind is that you make the repayments on time. Otherwise, the lender has the right to auction your gold to recover the loan amount. 

If you opt for Rupeek’s online gold loans, you will be assured fast and personalized service, pick-up and delivery of assets at your doorstep, low-interest rates and zero processing fee. Our efficient gold loan quick payment and repayment options make the entire process a cake-walk for consumers.