We are all excited to briefly tell you about how a gold loan can be of help for an individual to buy a car. Refer to the below few steps and you are good to go! For availing any loan in general, one should also look for lenders or any type of lending intuitions, since these are the sources which can lend you with your preferred loans. Now, the lending institutions can broadly be divided into two types, one of which are banks which we all know, and the other is the NBFCs, which is nothing but Non-Banking financial companies. Both of them are equally good and authentic. Now, as a borrower you get to choose between these two and make a visit. The visits can also be made online by connecting to them through their website, so it’s your choice.
Once the visit is made, avail for a gold loan. We will always suggest you look for the wide number of options so that you can get the best loan amount at lower interest rates which might be an added profit for you. Once the loan is approved, and the money is sanctioned to your bank account, now the investment part of it begins. This is one of the most important steps, as the money that has been lent to you is now being put for some use to fulfill your needs. Therefore, certain safety measures and proper research has to be done without just blindly investing, because that might end up being a loss for you.
As well all know, there is a wide range of cars which drastically vary in price range, therefore one should also look to it that the amount he owns must be sufficient for the car he or she wishes to buy. That’s the reason, check all types of deals on a wide range of cars at the marketplace or through the online platform. There is also an option to have pre-owned cars from the lenders for the bank and these can be possible by checking out the bank's website, for instance, you can browse through Canara bank gold loan section and search for their pre-owned cars. But I’m such cases, be aware that some lenders may demand the down payment in advance for the deal to be made and they may demand 20-30% on the final price.
Another thing to be noted is, the gold loan interest rates and the percentage of financing that will be offered to you on these pre-owned cars might vary from lender to lender. Therefore, it is always advised to have at least some of the margin money ready in hand, if you wish to proceed, because these kinds of deals are highly in demand. Therefore, have an open discussion with the lender to discuss and confirm the final deals, rate of interest to be paid, the tenure duration being offered, and the repayment schemes. When all these are settled only then proceed to close the final offer. In case if a borrower or the customer opts for the foreclosure on loan, in that case, it is your duty to ask for the charges that the lender would cost you for the prepayments.
Now, comes the documentation part where the borrower who finalises their deal will be expected to submit a few documents for the procedure to move ahead. The documents should include identity proof (Aadhar card, passport, Driving license), passport size photocopies, signed application forms, Bank statements, Residential proof, etc. These are few documents which are asked for and from bank to bank they might change. Once all this procedure is completed and approved by the lender, the borrower is handed over the car and is good to go!
