Online Gold Loans on the Rise with the Help of Technology: Convenience at Your Fingertips

Gold Loan

In today’s time, when almost every industry is making a move towards digitization and adapting to the latest trends, the financial sector is no exception. From opening accounts to managing transactions and checking account balances, almost everything can be done online. Given the increasing popularity of gold loans and in an attempt to be a part of this digital wave, lending institutions have introduced the concept of online gold loans. This is a suitable option for customers who have been looking for a less time-consuming and more convenient way to access credit. Whether you want to compare all the available schemes, submit your gold loan application, or do something else, everything can be done from the comfort of your home. This helps you avoid the hassle of making multiple visits to the lender’s office, saving a significant amount of time and effort.

The Evolution of Gold Loans

In India, gold has always been a popular investment. An average Indian household keeps a significant amount of their savings in the form of gold, be it jewellery, coins, or anything else. The simple reason behind this is the constantly increasing market price of the metal. This ensures exceptionally high returns on your investment, leading to a strong sense of financial security. Your gold ornaments can serve as a reliable collateral source for obtaining funds in times of need.

The concept of borrowing money against gold ornaments has always been here. Earlier, people used to go to their relatives or traditional moneylenders to borrow money by pledging their assets. Generally, the entire process used to take place without any legal paperwork, leading to some fraudulent cases at times. But over the years, the overall concept of gold loans has gone through a complete transformation, only to become more streamlined. Now traditional pawnbrokers and moneylenders have been replaced by authorized lending institutions such as banks, NBFCs, etc.

The best thing is that financial entities are constantly working towards making gold loans as hassle-free as possible for customers. Introducing online gold loans is one important step in this direction. Leading NBFCs, including Muthoot Finance, allow you to not only apply for a gold loan online but also get the entire processing done at your convenience.

Advantages of Online Gold Loans

Earlier, banks and NBFCs used to be the only two major players in the Indian gold financing market. In recent years, a number of fintech companies have caused a radical shift in this already booming industry. By leveraging their technological expertise, these new-age entities have successfully changed the entire market dynamic. As a result, NBFCs started coming up with new things, such as online gold loans, to stay abreast. Now all the leading lending institutions, including Muthoot Finance are offering online gold loans. Here are a few advantages of choosing this as an option:

Also Read: The Advantages of Choosing a Gold Loan over Other Types of Credit

Ease of Application

This is the major reason why an online gold loan is a great way to get over a temporary financial crisis. In order to avail a gold loan with Muthoot Finance, you can apply online by simply filling out an application form on their Gold Loan at Home website or through their Gold Loan at Home App. In a short period of time, one of their executives will contact you regarding the request. Once verified, their executive will schedule a home visit at your convenience so that you can get the valuation done for your gold assets in the comfort of your home and the loan amount based on the gold will be credited to your bank account in no time.

Also Read: Few Things You Should Know Before Applying For A Gold Loan

Simplified Processing

In the case of an online gold loan, everything is done digitally, eliminating the need for hefty paperwork. From submitting an application to uploading all the relevant documents, everything is done online. Or else you can submit all the documents when the executive visits your home. This means there is no need for physical visits to the lending institution’s branch. Everything is done at your fingertips without stepping out of your home.

Quick Disbursal

With online gold loans, the loan processing time is also reduced to a great extent. Once your documents are verified, you can get the loan sanctioned in no time. Other than this, you can also check the status of your loan application online whenever you want through their app or websites.

Safety

Online gold loans are considered absolutely safe as a credit option because there is complete transparency in loan terms and conditions. Other than this, you can also rest assured about the safety of the gold ornaments you are going to pledge. At Muthoot Finance, only their employees or executive visits your home, and those ornaments are kept in a highly secured vault with 7 layers of security, and in case of theft, you will not have to bear any losses. Your ornaments are insured for free at Muthoot Finance Vault.

Also Read: Gold Loan at Home – Pledge Your Gold with 100% Safety

Easy Repayment

Now, there is no need to visit the branch physically for your loan interest payments. You can not only choose a repayment schedule at your convenience but also make an online payment against your gold loan. There are several options, like iMuthoot App, Google Pay, Paytm, WhatsApp Pay, etc., to pay your gold loan with Muthoot Finance.

Also Read: Gold Loan Repayment: 4 Easy Ways to Repay

The Future of Online Gold Loans

In the last few years, especially after the COVID-19 pandemic, the concept of online gold loans has gained huge traction. This is a popular trend in the lending industry that is here to stay. With the help of new technological advancements, financial entities are trying to make this credit option more convenient while enhancing its overall safety. As a part of this, several features like biometric authentication and digital identity verification have been introduced. They help minimize the chances of any security loopholes in the process of digital gold loans.

Given all these advantages, online gold loans have definitely become the most preferred option among borrowers. If you are also looking for a fast and convenient credit option, you can explore the different online gold loan schemes offered by Muthoot Finance. Here, you can avail a gold loan at the most competitive interest rates without having to step out of your house. Register for a home visit today.