Best Gold Loan Management System: Features You Should Check
The Gold Loan Management System helps the lender to holistically monitor, evaluate and analyze its gold loans. To know more information read the blog.
Gold loans are ideal for those who own this yellow metal. It helps leverage their gold articles and raise adequate capital for tackling personal expenses. However, since gold loans have shifted toward digital platforms, it becomes essential to analyse lenders based on the offered gold loan management system.
What is a Gold Loan Management System?
Lenders have moved towards digital platforms based on the increased usage of the internet and individuals using digital services to avail of credit products such as loans. As the digital application process is straightforward and results in quick approval and disbursal of loans, more borrowers are choosing to avail of loans digitally than visiting the branches with all the necessary documents.
However, taking a loan online requires effective management of all the loan terms, such as the offered loan amount, the EMIs, the loan tenure, and the outstanding loan amount. The same is the case with gold loans, where the borrowers must have a management system to keep track of their current loan terms.
A gold loan management system is a digital platform provided by lenders such as banks and NBFCs to their borrowers to help them keep track of their current gold loans. When you take a gold loan, the lender provides access to their gold loan management system that customises the system features according to your loan to create a transparent and effective repayment process. With a gold loan management system, you can effectively repay your EMIs within the system and manage your financial obligations.
Features of A Gold Loan Management SystemPreviously, borrowers used to list down all the gold loan details on paper personally to ensure they did not default on the interest payments. However, with the advent of digital technologies, lenders designed an innovative gold loan management system to provide borrowers with these features:
• Loan-To-Value Ratio:This ratio is the loan amount lenders offer a borrower after ascertaining the current value of the gold articles. Since the LTV ratio depends entirely on the current gold prices, the gold loan management system ensures that the borrowers know the current LTV based on the gold valuation.
• Gold Prices:Some lenders may increase the offered gold loan amount or change the current interest rate if the gold price fluctuates heavily. The gold loan management system allows borrowers to ensure they keep track of the current gold prices.
• Gold Loan Repayment:The gold loan management system provides a detailed platform for borrowers to monitor their repayment liabilities to mitigate the chances of default. With nearing the EMI repayment date, the gold loan management system notifies the borrowers to repay the EMI on time.
An Ideal Gold Loan Management SystemWhen taking a gold loan, success highly depends on the gold loan management software offered by the lender. Hence, you must analyse the lender’s gold loan management software before applying for its gold loan product. Here are the features you should look for in an ideal gold loan system software to ensure the success of the gold loan.
• Accuracy:The gold loan management software or the gold loan system must support advanced technologies to offer the utmost precision. The gold loan management system should be able to update in real time as the gold prices fluctuate within seconds. Furthermore, it should always provide accurate gold loan information to the borrowers related to the loan terms.
• Minimal Turnaround Time:When availing of a gold loan from a lender, you should analyse the gold loan management software to ensure that it has minimal turnaround time from application to disbursal. It will help provide quick access to funds to meet any urgent financial requirement.
• Fraud Protection:Since borrowers must provide numerous documents to the lenders and pledge physical gold, the gold loan management system must contain features to protect borrowers against security breaches and financial fraud.
Avail of an Ideal Gold Loan With IIFL FinanceWith IIFL Gold loan, you get the industry-best benefits through our specially designed gold loan system through the gold loan management system designed to offer instant funds based on the value of your gold within 30 minutes of application. IIFL Finance Gold Loans come with the lowest fee and charges, making it the most affordable loan scheme available. With a transparent fee structure, there are no hidden costs you have to incur after applying for the loan with IIFL Finance.
Q.1: What are the interest rates on IIFL Finance Gold Loans?
Ans: The interest rates on IIFL Finance gold loans are between 6.48% - 27% p.a.
Q.2: What is the loan tenure for the IIFL Finance gold loan?
Ans: The loan tenure for an IIFL Finance gold loan is up to 24 months
Q.3: Does IIFL Finance has a gold loan management system?
Ans: Yes, IIFL Finance has designed an ideal gold loan management system to provide the utmost accuracy and transparency to its borrowers.