How To Get The Fastest Gold Loan In Mumbai?

The gold loan is one of the fastest-growing modes of personal borrowing in the country given the amount being sanctioned and disbursed by banks and non-bank finance companies.

This is due to the rise in the price of yellow metal, which allows someone owning gold jewellery to borrow a higher amount. Another reason for the tailwind is aggressive marketing techniques adopted by the financiers. Moreover, the process of availing a gold loan has become simpler and faster over the last few years.

Gold loan as a product

More often than not, households have passive gold jewellery that is rarely worn and is stored only to use it during special occasions. One can use such unused gold jewellery to bridge the need for cash for the short term.

All gold loan companies and banks lend with the gold jewellery being a security or collateral. They store the gold jewellery in a vault, against which they lend money. The amount can be as low as Rs 1,500 and needs to be repaid typically within two years.

Getting gold loan quickly

In India’s financial capital Mumbai, gold holds a special significance because of the wealth created in the city. No wonder, there is a large market for gold loan. But can one can avail a gold loan in the city quickly?

One can borrow the conventional way by going to a branch of a bank or an NBFC with basic documents like the Aadhaar card along with the gold jewellery. But one can also get a gold loan in Mumbai in a jiffy these days via a wholly digital process.

Step-by-step guide

Step 1: By choosing the doorstep service, all one has to do is to call the customer sales number of a reputable gold loan provider or fill their basic form available online. A representative of the lender gets back to fix an appointment and depending on the location, could visit as quickly as 30 minutes.

Step 2: The borrower needs to keep at hand the basic know-your-client (KYC) documents, besides the gold jewellery ready to be pledged as a security. The lender’s representative would visit at the allotted time and quickly check the documents, inspect the gold ornament and give an estimate of the loan amount.

Step 3: The representative will then show the various schemes of availing and repaying the gold loan with the amount, tenor and interest rate depending on which scheme the borrower goes for.

Step 4: If the terms are agreeable, the loan amount is instantly deposited directly into the bank account of the borrower.

Conclusion

The process of getting a gold loan is simple and quick. It can be availed even without stepping out of one’s home. The representative of a lender comes to do a quick inspection and to pick up the gold jewellery as a security and then the loan is approved and disbursed instantly into the bank account of the borrower.