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In India, gold serves various purposes for different individuals. Apart from being regarded as an auspicious metal used in the creation of jewellery, it is also considered a favourable investment option and a financial fall back for unforeseen circumstances. During times of financial emergencies, many Indians choose to gold loans, leading to significant growth in the organised gold loan market. So there are many advantages of availing a gold loan when compared to other loans as well. However, a significant concern that most borrowers face when contemplating a gold loan is the safety of their gold with the loan provider.
Safeguarding the gold jewellery pledged at gold loan companies is the sole responsibility of the company itself. Non-banking financial companies (NBFCs) are required to have well-established security measures in place to prevent unfortunate events such as theft, fire damage, or loss of the pledged gold ornaments.
There are two major things to focus on. First, the things borrowers should consider before securing a gold loan and second, how safely the lender keeps your gold with them.
The lender of a gold loan offers multiple repayment options to borrowers. This includes the flexibility to make partial payments, bullet payments, or monthly interest payments, depending on their individual financial requirements. It is important to carefully consider the repayment options available, taking into account factors such as processing fees and other loan charges, to determine the most suitable plan for fulfilling the loan amount.
Prior to applying for a gold loan, it is important to have a clear understanding of the duration or tenure of the loan. Gold loans typically fall under the category of short-term loans, with tenures ranging from as short as seven days to a maximum of three years. It is crucial to consider the available repayment options and select a tenure that will effectively alleviate your financial burden.
The quality and weight of the gold are noteworthy factors in determining the loan amount you can receive. The purity, weight, and overall value of the gold are taken into consideration to assess your eligibility for the gold loan. To be eligible for the loan, the gold items you pledge should have a purity of 22 carats. It is important to note that only pure gold items are accepted as collateral for the loan, and not every gold item is eligible.
Gold loans have very straightforward eligibility criteria. Borrowers do not need to be concerned about their credit score, employment history, or income stability while applying for these loans. The basic Know Your Customer (KYC) documents and the collateral, which is the gold itself, are sufficient to qualify for these loans. As a result, the documentation requirements for gold loans are minimal.
Muthoot Finance uses cutting-edge AI CCTV surveillance technology at its premises. These advanced cameras are strategically positioned throughout the premises to ensure real-time monitoring and recording of activities. The integrated system is capable of analysing video footage and promptly detecting any unusual activities or potential threats, alerting security personnel as necessary. This robust security measure serves as a strong deterrent and also provides critical evidence for investigations, if needed.
Muthoot Finance takes the security of its locker facilities to the next level by using IoT (Internet of Things) devices. Each locker is equipped with IoT sensors and monitoring systems that continuously provide real-time information about access and usage. This technology ensures accountability and greatly reduces the risk of unauthorised or misused access to the lockers. This security aims to ensure the safety and protection of customers’ valuable possessions stored in the lockers.
Muthoot Finance employs a real-time alarm monitoring system. This system monitors several security parameters, such as CCTV cameras, access control systems, fire detection systems, and alarms, in real time. Any unexpected behaviour or security breach generates rapid notifications, allowing security staff to respond quickly and efficiently, reducing possible dangers.
Muthoot Finance prioritises the security of customers’ gold with the implementation of a robust security system, which includes a strong room door equipped with an electronic locking system. This specially designed door is built to withstand physical attacks and is reinforced with advanced electronic locks that offer exceptional resistance against tampering. By using this electronic locking system, access to the strong room is restricted only to authorised personnel, adding an extra layer of security to protect valuable assets stored within.
Also Read: Is Your Gold Safe When You Take a Gold Loan
Muthoot Finance takes security seriously by employing trained gatekeepers who are responsible for carefully monitoring and regulating access to critical areas. These gatekeepers diligently verify the identity and purpose of individuals seeking entry, ensuring that only authorised personnel are granted access to these areas.
Muthoot Finance, the most trusted and best gold loan NBFC in India, has been offering loans against gold at a significantly lower interest rate than the other gold loan companies. The flexible payment options, utmost security, customer support, and competitive interest rates on the gold loans have been the key characteristics that contribute to our growth and the unwavering trust shown in us by our customers.