Sat. Jun 25th, 2022
These Are The Steps To Avail Gold Loans From Home

Gold loans in India are a convenient way of procuring money in times of a financial crisis. A gold loan is an ideal alternative to cash, given the cash shortage and the challenges that come with it.

The COVID-19 pandemic has changed the way people apply for loans. Borrowers often prefer to apply for loans online or by using a mobile app. Some lenders have developed a gold loan at doorstep service in response to the rising need for gold loans and to speed things up amid the pandemic.

Obtaining a loan from a branch can be a tiresome and time-consuming process. However, now one can apply online in minutes and get their funds fast to get back to recharging their life.

In this blog, let us delve deeper to understand how to avail gold loan from home. 

Gold Loan Eligibility Requirements

Depending on the lender, different criteria will apply to gold loans and applicants can also check the gold loan documents list of each lender. 

To avail of a Muthoot FinCorp Gold Loan, a consumer needs to meet the following criteria:

  • Any Indian citizen who is salaried, self-employed, owns a business, trades, or farms can apply for a gold loan.
  • Any Indian citizen between 18 and 65 can apply for gold loans. 
  • Applicants need to provide gold of purity 18-24 karat to avail of a gold loan.
  • Muthoot FinCorp gold loans allow individuals to borrow up to 75% of the value of their gold. 
  • Before deciding the loan amount, lenders will evaluate the gold objects and with Muthoot FinCorp one can get up to Rs. 50 lakhs as a gold loan. 

How do I get an online gold loan?

Muthoot FinCorp makes getting a gold loan simple, and the gold loan interest rate is reasonable. After submitting the required documentation, the desired gold loan is processed within 30 minutes.

The procedure for obtaining a gold loan from home is as follows: 

  1. Users must first download the Muthoot Blue app or go to their website to provide their basic information and specifics about the gold they desire to promise. 
  2. Through their gold loan eligibility calculator, one can find out whether they are eligible to get a gold loan. This is computed based on the market prices of gold using their purity and weight. 
  3. Further, users can also take the help of the calculator to compute their monthly costs for different schemes and tenures. 
  4. Users can provide their information when they have selected a plan that fits their needs, and one of the lender’s representatives will contact them, and the loan will be processed within minutes, sitting at their home. 

Why opt for a gold loan? 

Getting a gold loan from Muthoot FinCorp provides a lot of advantages: 

  • Muthoot FinCorp makes getting a gold loan simple. After submitting the needed documentation, the required gold loan is processed in a matter of minutes. 
  • Obtaining a gold loan from Muthoot FinCorp is simple, as the process is completed quickly and with minimal paperwork, and the loan is approved at a low-interest rate.
  • Muthoot FinCorp only wants proof of name and address to be approved; no proof of income or credit score is required. 
  • Muthoot FinCorp offers gold loans starting for as little as 11.99% p.a.  
  • Any jewellery that borrowers submit as collateral is safely stored in their vaults.
  • Borrowers can get the most value for their gold depending on the gold loan scheme they choose.
  • Each gold loan scheme is customised to meet the demands of the client. Every Muthoot FinCorp gold loan applicant benefits from simple application and repayment options.
  • The Muthoot Blue App makes it simple to pay EMIs and top-ups digitally whenever they are needed.

Conclusion

Loans have been a part of the financial system over the years, and they have helped millions of people get out of difficult situations. 

There are numerous advantages when comparing a gold loan to a personal loan. The first is that the loan comes with a cheaper interest rate than other unsecured loans like personal loans. Another advantage is that anyone can use it.

What distinguishes gold loans is that they do not require a credit score. Even if one does not have proof of income, one can get a loan. However, it is important to note that if the borrower defaults on the loan, the jewellery may be forfeited, and the jewellery is frequently worth far more than the money borrowed.

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