What is An e Gold Loan And How Does It Work? - Loan Trivia


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Monday 9 May 2022

What is An e Gold Loan And How Does It Work?

Gold Loan

 Even when non-banking financing organizations reopened their facilities, businesses and individuals chose to take out an e-gold loan. NBFCs are attempting to attract most of their clients onto the online gold loan platform with the rising popularity of mobile and expanding internet access in rural and semi-urban India.

What is an e-gold loan?

A gold loan is a secured loan in which gold assets are used as collateral. Rather than taking the gold to the lender's branch, borrowers may now get gold loans in the privacy and convenience of their own homes. This innovative service is now available because of online loan applications and a digital-first underwriting-to-disbursal procedure.

How do e-gold loans work?

Although the loan application procedure varies per lender, the following stages are commonly followed when taking out a digital gold loan:

Make a new loan application: Most lenders will include a 'apply for gold loan' option on their websites. Provide your phone number and any other requested information. A representative from the firm will call you and walk you through the loan application procedure.

Evaluation at your doorstep: The lender will send a loan manager or business representative to your location to assess your gold jewellery on the spot. After you've been evaluated, you'll be given a credit sum. In most cases, the full procedure may be completed within 30 minutes.

Receive the funds from the loan: The authorized credit will be sent to your bank account if you agree with the amount and conditions.

Gold is transported to a safe storage location: The agent then packs your gold jewellery in safe packets and transports it to a secure vault once the money is sent to your account.

Read Also: Top 5 Gold Loan Companies in India

Borrowers may now receive an e-gold loan from the comfort of their own home, thanks to a growing number of Indian lenders digitizing their loan application processes. When you submit your application online, most lenders will contact you back and arrange to have a loan manager deliver your gold collateral straight to your home.

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