According to Paisa Bazaar, gold's annual demand in India increased by nearly 800 percent in the three decades leading up to 2016. India is one of the countries with the largest gold consumption, owing to the surge in demand. As this trend continues, gold's value is expanding beyond traditional investment, commercial, and industrial processes to include financing.
Gold loans are quickly becoming one of the most simple ways to obtain emergency funds. The secured nature of the advance allows for quick disbursement using gold as security. The availability of an online gold loan simplifies the procedure even more, with financing delivered right to your doorstep.
Gold loans are available from the convenience of your own home, which meets your needs during financial difficulties. The entire process of getting a gold loan from home is simple and straightforward.
However, before going any further with the process of getting a gold loan, it's important to understand how a gold loan works.
What is the Process of Getting a Gold Loan?
Gold loans are secured loans that people can get by pledging their gold ornaments, jewellery, or other gold-based items. The amount of money you can borrow using your gold as collateral is determined by two factors:
The LTV offered by a lender
The maximum loan a lender will extend as a percentage of the asset value provided as security is referred to as the LTV offered by a lender. As a result, if the lender gives a greater LTV, more money can be secured against the pledged gold. A loan of up to Rs.1.2 lakh can be obtained by pledging gold worth Rs. 2 lakh with a lender offering an LTV of 60%. An LTV of 75%, on the other hand, means you can get up to Rs. 1.5 lakh in cash for the same amount of gold.
Lenders offer high LTV online gold loans, allowing you to get high-value borrowing with the least amount of fuss.
The purity of the gold jewellery
In addition, the purity of the gold pledged is an important factor in deciding the amount of financing you will be qualified for.
As a result, the maximum quantity of gold loan a lender can offer is determined by the following formula:
Net weight multiplied by the gold per gramme rate multiplied by the purity
A lender authorises an applicant's gold based on the LTV and the amount requested. With an urgent loan from Ruptok, you may easily meet your finance needs, as they provide one of the highest per gram LTV rates on their gold loans.
How to Get a Gold Loan from the Comfort of Your Own Home?
Ruptok has introduced a first-of-its-kind gold loan that may be delivered to your home once you apply online. All you have to do is hand over your gold to the duly appointed loan manager who will be visiting your home while this doorstep loan is provided to you. Your gold is safely housed at a nearby bank branch's vault once it has been taken into custody.
The following are the processes for getting a gold loan without leaving your house -
Step 1: Submit an application via an app/website or via phone.
For this reason, you can use Ruptok's dedicated loan app or go to the Ruptok website. This Android app is one of the best when it comes to ease of use. It also has a 4.3+ rating, indicating that it is a preferred application mode. When asking for a gold loan, you can also call for more information.
Step 2: Finish the gold valuation process at home.
Ruptok sends a loan manager to your home after you apply for an online gold loan to complete the gold valuation process. Following a thorough analysis of the asset's purity, its value is determined using the market's current per gram gold rate.
During this time, the loan manager ensures that the KYC procedure is completed by collecting basic papers such as evidence of identity and address.
Step 3 – Instantly get funds disbursement in your account.
The loan manager takes possession of the gold after the valuation is completed and the loan amount is determined. He or she then submits a fund release request to the NBFC. The accepted loan amount is then promptly transferred to your bank account. The entire process takes less than 30 minutes, from the time your gold is valued at your doorstep to the time your loan is disbursed.
Obtaining a gold loan is thus a simple and painless process. The loan manager will only depart your property with the promised gold after the loan amount has been credited to your account and confirmation has been received.
The gold is subsequently placed in a safe bank vault at the partner branch closest to you. Furthermore, the facility's 24-hour surveillance ensures that your gold asset is kept safe. After you've paid off your loan in full, you'll be able to reclaim your gold.
Ruptok, one of the top online gold loan companies, has over 1 lakh consumers and offers a first-in-market experience. It provides rapid, on-the-spot finance in 11 major Indian cities Delhi NCR, Mumbai MMR, Hyderabad, Banglore , Pune, Surat, Vadodara, Jaipur, Nashik, Vapi & Vizag. They also make payments cheap by offering one among the lowest interest rates.
Now that you know how to get a gold loan from the comfort of your own home, consider some of the benefits that make it a viable financing alternative.
To raise money, you can use the equity in your gold jewellery. Consider your finance needs and apply for an online gold loan from Ruptok to get speedy approval and fast disbursement, all without leaving your home.
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