The Ultimate Guide to Seamless Gold Loan Online Payments
What is a Gold Loan?
A gold loan is a loan against one’s owned gold. Individuals need to pledge their gold ornaments to a non-banking financial institution, based on which the NBFC would extend funds to the owner. In most cases, borrowers would acquire only a certain percentage of the gold’s worth, known as the loan-to-value (LTV).
- Previously, the Reserve Bank of India capped LTV to 75% for gold loans.
- However, presently, individuals can opt for principles of up to 90% of the gold value. This exception is valid on gold loans taken on or before March 31, 2021, as per an RBI notification.
For instance, if your pledged gold is worth Rs. 1 lakh as per current market rate, you can seek finance up to Rs.90000. Borrowers must understand that LTV for gold loans can be lower than 90% but never higher.
Why Go Digital with Your Gold Loan Payments?
Traditionally, repaying a gold loan meant frequent trips to the bank. But now, online payment platforms have revolutionized this process. Here’s why you should consider making your gold loan payments online:
Unmatched Convenience Make payments anytime, anywhere, without stepping out of your home. Enjoy instant transactions, saving you valuable time and effort.
Enhanced Security Benefit from advanced encryption and security protocols for safe transactions. Eliminate the risks associated with carrying large sums of money.
Complete Transparency Access real-time updates on your payment history and loan details. Receive immediate confirmations and digital receipts for every transaction.
Greater Efficiency Automate recurring payments to avoid missing due dates. Use various payment methods like net banking, UPI, debit/credit cards, and mobile wallets for maximum flexibility.
Step-by-Step Guide to Making Rupeek Gold Loan Online Payments:
To make interest payment
- Go to the "Manage Loan" section:
- Click on the "Pay Interest" option
- Choose the specific loan for which you're making the interest payment.
- Select "Pay Interest."
- Proceed by selecting your preferred payment method.
- Choose the payment type and finalize the interest payment.
To make part-payment
- Go to the "Manage Loan" section:
- Click on "Part Payment."
- Select the relevant loan for which you're making a part payment.
- Input the desired amount for the part payment.
- Click on "Continue to Pay."
- Proceed by choosing your preferred payment method.
- Select the payment type and complete the payment process.
Pro Tips for Hassle-Free Online Payments:
For a smooth online payment experience, keep these tips in mind:
- Use a Secure Internet Connection Ensure you’re on a secure and private internet connection to prevent unauthorized access.
- Have Your Details Ready Keep your loan account number, login credentials, and payment details handy.
- Verify Before Confirming Double-check all details before confirming the payment to avoid mistakes.
- Set Up Payment Reminders Use reminders or set up auto-debit features to ensure timely payments.
- Reach Out for Help When Needed Contact your lender’s customer support if you encounter any issues during the payment process.
Frequently asked questions
How to get an online loan in India?
First, you need to decide which loan you want to apply for and then compare the lenders available. Check the highest loan ceiling amount, interest rate, eligibility, tenure, additional charges, etc. Then complete the lender-specific loan application procedure.
How can I get a Rupeek gold loan online?
Visit Rupeek website and enter your mobile number to apply for a gold loan. Rupeek representative will contact you soon. The loan manager will visit your preferred branch in 30 minutes. You will receive the funds in another 30 minutes after completion of due formalities.
Does Rupeek accept all kinds of gold for their online loan?
No, we only accept gold pieces of jewellery. The quality of those ornaments should be above 18 carats.
What is the minimum amount I can get as an online loan from Rupeek?
You can get a minimum of Rs.15,000 from Rupeek as an online loan.
What are the documents required for a Rupeek online gold loan?
To be eligible for a Rupeek gold loan, you have to present KYC documents along with address proof, like utility bills/rent agreements.