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Availing A Gold Loan From A Digital Lender? Consider These Factors First

2 Min Read
Author - Neha Wadhwa
Availing A Gold Loan From A Digital Lender? Consider These Factors First

Digital payments, once a convenience, have become a necessity these days. The restrictions in the Covid pandemic further push the necessity. However, not just that, digitalisation has also impacted the way people borrow money. People can now avail themselves of funds with a click of a button, sitting at home. As digital borrowing gains momentum, here are certain things that you must remember while opting for a digital loan.

  • Checking the Lender’s Credibility: It is significant to do thorough research about the platform and credibility of the lender before you apply for a gold loan . To do so, you can verify the digital presence based on various factors. These factors include authentic website/ platform, application Form, customer reviews etc. Further, you must also check if the platform is a verified lender registered with the Reserve Bank of India or a partner associated with a verified bank.
  • Payment Mechanism of Digital Gold Loans: You must make digital payments for your gold loan only on the verified accounts as one can track it easily. Avoid any payments under a loan executive’s name. Also, online lending platforms offer flexible multiple repayment options for digital gold loans. You can repay your gold loan EMI using various methods, including bullet repayment, regular EMI option, overdraft facility etc.
  • The mechanism for Customer Relationship Management: Ensure that the lending institution or platform provides you with a robust and real-time customer service mechanism. You will receive reminders on interest payments via emails and SMS if you avail gold loan through a legit digital lender. A good digital platform will ensure communication from the first time you reach out to a platform until you have repaid your loan.
  • Interest Rates: One of the most significant advantages of digital gold loans is that you can easily compare the various gold loan offers for top banks and NBFCs in one place without impacting your credit score. You must thus check the gold loan rates and other charges before availing of a loan. Also, when availed digitally, various operational costs associated with the gold loan are less, thus lowering the borrowing costs.
  • Understanding the Scheme: The digital platform will communicate all the terms and conditions and the details of the gold loan through a loan executive. It is your responsibility to go through each clause/condition placed in the agreement to be signed. You must check and understand the multiple gold loan schemes before signing the loan agreement.

Bottom Line: The online models in the gold loan space are primarily governed by non-banking financial companies (NBFC), and thus they continue to be frontrunners in the gold market. To avail best gold loan offers and personalised assistance for your gold loan online neutral marketplaces like MyLoanCare can be a better choice as they provide gold loans digitally at the best rates.

About Author

Neha Wadhwa
Neha is a mass communication postgraduate and works here as a Senior Content Writer with a total work experience of 4 years. She is a financial specialist and covers Personal Loan, Home Loan, Loan against Property, Gold Loan and investments such as FD and Savings. Before writing on Financial topics, she also wrote on different genres, primarily humour based lifestyle stories on trending real-life topics.

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