• July 3, 2023

Is Your Gold Safe When You Take a Gold Loan

Gold Loan

India is one of the largest importers of gold in the world, and this precious metal is known to have great sentimental value in the country. Buying gold on special occasions is not only considered auspicious but is also one of the safest and most popular investment options. Due to the consistently rising market rates of gold, people invest a major part of their earnings in gold. This way, one can ensure better returns over a period of time as compared to other investment options. Other than this, gold ornaments can also be used to get over any urgent financial crisis. The concept of availing aloan against gold ornaments is centuries-old, and a gold loan is still considered one of the best financing options. Earlier, people used to keep their gold jewellery as collateral with traditional moneylenders. Nowadays, financial institutions like banks or NBFCs have come into the picture, and the process has become a lot more streamlined.

The best thing about availing a loan against gold jewellery is that these funds can be used for several different purposes, such as educational expenses, business expansion, home renewal, travel, etc. With a simplified application process and quick disbursal, one can easily avail a gold loan and get over a temporary cash crunch. Lower interest rates and flexible repayment options are among the best advantages of taking out a gold loan. However, one of the biggest concerns that a borrower might have is regarding the safety of the pledged gold ornaments. While availing a gold loan, most people find themselves wondering if their gold ornaments are safe or not. Here is the answer to this common question:

While applying for a gold loan, one must always choose a reliable creditor. Renowned financial entities always ensure the highest level of security for all the pledged gold ornaments of their customers. If you choose to avail a gold loan with Muthoot Finance, you don’t have to worry about the safety of your ornaments that are being used as collateral. They use a 7-layer security system for all the pledged gold items by their customers. For ultimate protection, Muthoot Finance uses cutting-edge technology to establish these vaults far inside the edifice. They are sealed in tamper-proof packaging and then stored in a highly secured safety locker. Other than this, each Muthoot Finance branch is under constant CCTV surveillance for round-the-clock monitoring and to offer maximum safety.

Let’s explore each layer to understand the comprehensive security measures implemented by Muthoot Finance.

  1. AI CCTV Surveillance: Muthoot Finance employs state-of-the-art AI CCTV surveillance as the first layer of its security system. These advanced cameras are strategically placed throughout the premises to monitor and record activities in real time. The integration enables the system to analyze video footage, detect anomalies, and alert security personnel about potential threats or suspicious behavior promptly. This layer acts as a strong deterrent and provides crucial evidence for investigations if required.
  2. Gatekeeper for Strong Room & All Doors: The second layer focuses on securing the strong room and all entry points within the facility. Muthoot Finance employs trained gatekeepers who diligently regulate access to these critical areas. These gatekeepers verify the identity and purpose of individuals seeking entry, ensuring only authorized personnel gain access. Robust authentication mechanisms further enhance the security of these areas, preventing unauthorized entry.
  3. Reinforced Grills Surrounding the Banking Area: Muthoot Finance reinforces the security of its banking area with the installation of sturdy grills as the third layer of protection. These reinforced grills act as an additional physical barrier, deterring unauthorized access to sensitive areas. The grills are designed to withstand tampering attempts, enhancing the overall security of the premises.
  4. Steelage Cellular Cabinets for Safe Storage: As the fourth layer of security, Muthoot Finance employs steelage cellular cabinets for the safe storage of valuable assets. These cabinets are constructed using high-grade steel and feature advanced locking mechanisms. They provide secure storage for gold, important documents, and other valuable items, ensuring their protection from theft or unauthorized access.
  5. Lockers Equipped with IoT Devices: Muthoot Finance enhances the security of its locker facilities through the use of IoT devices, constituting the fifth layer of security. Each locker is equipped with IoT sensors and monitoring systems that provide real-time information about access, ensuring accountability and minimizing the risk of unauthorized usage. This layer of security ensures that customers’ valuable possessions remain safe and protected.
  6. Real-time Alert Monitoring System: Muthoot Finance implements a real-time alert monitoring system as the sixth layer of its security system. This system continuously monitors various security parameters, such as CCTV cameras, access control systems, fire detection systems, and alarms. Any unusual activity or security breach triggers immediate alerts, allowing security personnel to respond swiftly and effectively, mitigating potential risks.
  7. Strong Room Door with Electronic Locking System: The final layer of Muthoot Finance’s security system encompasses a strong room door with an electronic locking system. This door is designed to withstand physical attacks and features advanced electronic locks that are tamper-resistant and provide enhanced security. The electronic locking system ensures that only authorized personnel can access the strong room, further safeguarding valuable assets stored within.

By incorporating these seven layers of security, Muthoot Finance demonstrates its commitment to ensuring the highest level of protection for its premises, assets, and customers. This comprehensive security system not only deters potential threats but also provides a secure environment for employees and customers alike. Muthoot Finance’s investment in cutting-edge security measures underscores its dedication to maintaining the trust and confidence of its stakeholders.

Here are a few other benefits offered by Muthoot Finance:

Minimal Documentation & Easy Eligibility

If you fulfill the gold loan eligibility criteria at Muthoot Finance, then by default your gold is secured in the locker without any further documentation or charges.

Free Insurance

When you choose to keep your gold ornaments in a traditional bank locker, the bank does not take any responsibility for any kind of loss in case of theft, floods, fire, earthquakes, or any other incidents. On the other hand, you can have peace of mind with a gold loan safety locker. As all the pledged items are weighed, documented, marked, and sealed when the loan gets sanctioned, they remain insured for the entire tenure of your gold loan. If any such thing happens, you will not have to bear any losses.

Muthoot Finance offers a number of loan schemes at the most competitive interest rates. With their loan-at-home facility, you can also avail a gold loanwithout having to step out of your house. You can apply online and get your loan sanctioned in no time. Register for a home visit today.

Milligram Rewards for Referrals and Transactions

This is a “Gold Milligram Reward” customer reward program in which transactions with the Muthoot Group are rewarded with reward points. One Gold Milligram reward point equals one 24 ct Milligram Gold. Any of their existing customers who refer a NEW customer to Muthoot Finance / Group (the consumer must be new to Muthoot Finance) will receive 20 Milligram reward points per referral. The redemption is subject to the following Terms & Conditions. Follow the link below for better clarity on Muthoot Milligram Reward.

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