How to Transfer a Gold Loan from Your Current Bank?

At any point in life, a person may require a gold loan to tide over financial emergencies, health-related or otherwise. Although there are different loan options available, the process might be time-

consuming and lengthy. Since loans against gold items are considered a source of rapid liquidity, they are often pledged by individuals who have an urgent need for funds.

In that regard, there’s gold loan transfer as well. This is done when an individual who has been granted a secured gold loan from a different financial entity wants to transfer to Muthoot Finance due to a variety of reasons including better terms of interest and loans.

What is a gold loan transfer?

A gold loan transfer is a process wherein an individual can transfer the balance on his gold loan to a different financial entity. The process of a gold loan transfer is generally initiated when the borrower gets to know about improved loan terms and enticing interest rates available with a different finance provider.

It is important to remember that a gold loan at the time of transfer is influenced by a wide range of factors like the ratio of the loan and value and the rate of interest being provided. In case the borrowing individual is unsatisfied with the current gold loan terms or the interest rates, they can opt for a gold loan transfer to Muthoot Finance.

If you intend to transfer the existing gold loan balance from the existing lender to Muthoot Finance, simply provide your key contact details. Our experts will see to it that the process of gold loan transfer will take place smoothly while you are in the comfort of your home.

Documentation for gold loan transfer

It is important to note that there are a number of factors that affect the gold loan transfer process. For anyone who is looking to transfer their gold loan balance from the previous lending organisation through the Gold Loan at Home process, it is imperative to provide the following documents for processing the Muthoot Finance gold loan transfer service:

1. Basic KYC documents like address and ID proof
2. Identity verification
3. Government issued ID proof
4. Utility bills for the past 3 months

Provision of these documents will ensure that the transfer request for gold loan balance from your current bank to Muthoot Finance is completed quickly.

Process of Gold Loan Transfer

Now it is important to understand the method of applying for a transfer of the gold loan balance from the current bank to Muthoot Finance.

1. Before the process of gold loan transfer begins, it is important to check the ongoing interest rate for gold.
2. Once the interest rate is determined, it is necessary to ensure that you select the amount with the lowest rate of interest.
3. After the cost of processing fees and other costs have been established, it is time to choose the new lender (in this case, Muthoot Finance).
4. With the previous step completed, the borrower should understand the requirements of the new lender for the gold loan transfer process.
5. On closing the gold loan account with the previous bank, the borrower should get all the documentation from the previous bank.
6. When opening an account with the new lending organisation, remember to provide the existing gold loan pledge card.
7. Following the previous step, create an application for the new bank or lending organisation.
8. The next step in the gold loan transfer process is to attach all the documents from the previous bank and complete the KYC process.
9. With the previous steps completed, the borrower should fill out all the details required in the new gold loan contract.
10. Finally, for the transfer of the gold loan balance to be completed, get the cheque or demand draft from the old bank and deposit it with Muthoot Finance.

Depending on your eligibility for the gold loan transfer, the experts at Muthoot Finance can guide you at each step of the Muthoot Finance gold loan transfer process. It is important to note that the entire process of balance transfer of a gold loan can be completed within your home. Contact us for more details.