Who Offers The Best Digital Gold Loan In India?
Individuals look for the best gold loan companies for easy processing & quick disbursals. If you are planning to take gold loans, know the complete details on digital gold loan here!
Gold loans have been offered in India by local moneylenders for centuries. Even organised lenders such as banks and non-bank finance companies have been offering gold loans for decades. But the Covid-19 pandemic has changed the way a borrower can avail a gold loan.
Gold loans have gone digital where the process of taking a gold loan has been digitised by some lenders.
Some companies were quick to respond to the changing needs of the customer where there was a demand for a loan product but it required a new means of reaching out to the borrower.
Earlier, many borrowers used to opt for personal loans as it was being offered via a swift process but now with digital gold loans, it is the best way to borrow for short-term needs.
How Does Digital Gold Loan Work?In simple terms, in a digital gold loan the process of availing, managing and repaying the gold loan is managed digitally and that too at the convenience of one’s home.
For borrowers, taking a digital gold loan is a very easy and convenient process that can be completed online within a few minutes. Here are the basic steps:
- One needs to apply online
- The lender processes the application by picking up and safely storing gold jewellery as a security
- Disbursement of the sanctioned loan amount is done digitally into the borrower’s bank account
- The borrower can monitor, manage and repay the loan digitally
- The loan account closure can be initiated online and the borrower gets back the gold jewellery
Who Offers Digital Gold Loan?
Most Indian banks only offer the conventional gold loan product. Many non-bank lenders also expect a customer to come to them rather than making it a smooth and time-saving process by going to the borrower.
However, a few non-banking financing companies have come out with a custom product of digital gold loan by digitising the entire process from application to disbursal to repayment.
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Is Gold Loan Truly ‘Digital’?Some lenders claim to provide a digital gold loan just because they allow the initial application to be made online. But the whole experience is driven in the old-fashioned way, where a customer still has to visit the branch and go through a long-drawn paperwork and process to actually get the money into the account.
However, in the case of IIFL Finance, the process is 100% digital. One can apply online and a representative of the company would come down to value and pick the gold jewellery. Against this, the borrower instantly gets a credit to his or her bank account. The loan can then be tracked, repaid and managed digitally, too.
Differentiators For IIFL Finance Digital Gold LoanIIFL Finance digital gold loans allow borrowers to get a disbursal right at their doorstep. They don’t need to go to the lender’s branch and can hand over their gold to a company executive, who will come visit them, have it valued, and get the loan disbursed in just about 30 minutes.
The process at IIFL Finance is fairly simple where one just needs to fill in a small online application form and keep identity and address proof documents at hand. An IIFL Finance representative then calls and comes to the address to complete the process of instantly valuing the gold jewellery and taking it to store safely.
The loan amount is credited instantly into the borrower’s bank account. The process is hassle-free and 100% online.
The IIFL Finance representative also ensures that your gold jewellery is kept in secure vaults that are under constant surveillance. IIFL Finance also provides free insurance cover on the gold.
That’s not all. With IIFL Finance, a person availing a gold loan can easily track the loan amount, check and pay dues online, top up the loan, renew it online and benefit from other facilities.
This makes IIFL Finance the best digital gold loan provider in the market currently.
The biggest currency in the life of a busy consumer today is time. Some lenders have responded to the needs of the consumer by offering digital gold loans. But standalone gold loan companies and most banks expect consumers to still visit their branch.
IIFL Finance has taken the service right to the customer’s doorstep with a truly digital loan product. This makes it a hassle-free and fully digital process for the borrower.
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Disclaimer: The information contained in this post is for general information purposes only. IIFL Finance Limited (including its associates and affiliates) ("the Company") assumes no liability or responsibility for any errors or omissions in the contents of this post and under no circumstances shall the Company be liable for any damage, loss, injury or disappointment etc. suffered by any reader. All information in this post is provided "as is", with no guarantee of completeness, accuracy, timeliness or of the results etc. obtained from the use of this information, and without warranty of any kind, express or implied, including, but not limited to warranties of performance, merchantability and fitness for a particular purpose. Given the changing nature of laws, rules and regulations, there may be delays, omissions or inaccuracies in the information contained in this post. The information on this post is provided with the understanding that the Company is not herein engaged in rendering legal, accounting, tax, or other professional advice and services. As such, it should not be used as a substitute for consultation with professional accounting, tax, legal or other competent advisers. This post may contain views and opinions which are those of the authors and do not necessarily reflect the official policy or position of any other agency or organization. This post may also contain links to external websites that are not provided or maintained by or in any way affiliated with the Company and the Company does not guarantee the accuracy, relevance, timeliness, or completeness of any information on these external websites. Any/ all (Gold/ Personal/ Business) loan product specifications and information that maybe stated in this post are subject to change from time to time, readers are advised to reach out to the Company for current specifications of the said (Gold/ Personal/ Business) loan.