With a new year kicking in and new opportunities knocking on our doors, it’s important to learn about the financial tools to survive the rush of the 21st century. Gold has been glittering in the eyes of mankind for a long time now. The first foundations of the biggest economies are built on the reserves of gold. Today, gold has become a very powerful tool for the common man in difficult financial times because of gold loans. Gold loan is a very important mode of loan that today we are going to describe in this very blog. We will start off with the very basics of a gold loan and move gradually to explaining how someone can apply for a gold loan in quite easy steps with Rupeek to get the best gold loan in India. So let us dive straight into the blog to discover more about gold loans.

What is a gold loan?

A gold loan is a secured form of loan that is backed by your physical gold assets. To explain what a secured loan is, we would like to put it as a form of loan which is backed by some equivalent worth collateral. The moneylenders or the banks give credit in turn for pledging your gold for a certain time period. If you manage to pay back the loan amount along with the interest sum, your jewelry would be returned to you. Otherwise, after a few penalties for a time extension, the bank will sell the jewelry in auctions to recover the amount given to you as a loan. Other than big established banks that offer very low LTVs and in turn charge hefty rates of interest, NBFCs are popular for giving the gold loans at much cheaper rates of interest and offering higher LTV. Rupeek is one of the fastest-growing vendors which has managed to secure a spot in the market because of the customer service it provides and the little interest of 0.49% per month it charges to its customers.

How to apply for a gold loan with Rupeek?

With Rupeek you can apply for a gold loan in 4 simple and easy steps from the comfort of your home. Let us see the stepwise process of applying for a Rupeek gold loan.

1. Calculate and plan your EMIs beforehand

You can use the online gold loan calculator of Rupeek to calculate and plan your EMI, principal loan amount, tenure of loan, rate of interest, and other parameters depending on the current price of gold in the market (which is automatically updated in real-time), and the purity of your asset.

2. Apply on Rupeek for a gold loan

You can hop on to Rupeek’s website or mobile app to apply for a gold loan online. You can also give a call to the call center of Rupeek and raise a query with the customer executive assigned

3. Complete the KYC and asset verification straight from your home

As soon as the query is raised, one of the customer executives will try to reach you at your doorstep for some basic and essential KYC. The gold asset would be collected and verified at the same time from your home if you wish to.

4. The loan amount disbursed into your account instantly

As soon as the KYC and asset collection is done, the loan amount is instantly credited to your bank account. The entire process of applying for gold hardly takes 3-4 hours with Rupeek.

The process of taking a gold loan is quite straightforward and simple. The gold loans are processed very quickly and do not require any restriction due to the current FICO score. This makes gold loans one of the widely popular choices over personal loans.