A gold loan is a secured loan availed by borrowers willing to fulfil their short or long-term financial needs. Nowadays, with the availability of doorstep gold loans, one does not need to visit a bank or NBFC to borrow money in exchange for gold articles. While doorstep gold loan is a new concept, it is getting popular among borrowers in India due to the ease and benefits it provides to customers. In this concept, getting a gold loan, availing funds, and repaying the amount are all performed from the comfort of your home.
Here is everything to know about doorstep gold loans.
Features
Many leading banks and financial institutions provide doorstep gold loan services. An agent evaluates your gold articles right at the doorstep with minimal documentation. The borrower does not have to visit a bank or financial company to borrow funds in exchange for their gold ornaments. Some of the vital features of doorstep gold loan include:
Avoid long queues at the bank
Free of-cost service
Reduced risks of carrying a huge amount of cash to the bank
No hidden charges
Instant availability of loan amount
Free insurance for gold
Digital payment facilities
Advantages of Doorstep Gold Loans
A doorstep gold loan is sanctioned after finishing all the formalities at home in just a few steps. Some of the key advantages of doorstep gold loan include:
Quick Money Disbursal
Once you apply for this type of gold loan, the executives will be at your doorstep within 30 minutes. After gold evaluation and KYC, instant money is transferred to a bank account in a few minutes.
Safety of Gold
In a doorstep gold loan scheme, executives stick to safety protocols and precautions. They ensure the gold loan evaluation happens smoothly and carry the gold items safely to the branch.
Easy Loan Repayment
In this type of gold loan facility, customers get the ease to repay the loan amount according to their convenience. They can repay the amount online via different digital payment services. However, the repayment tenure depends on the plan or scheme that a customer selects.
Doorstep gold loans are managed by bank agents in a specific area. Make sure to select a reliable bank or NBFC to get your loan.