Key Points Regarding The Gold Loan Future

To crack a gold loan is not a big deal, but to select a reasonable bank may so. The banks provide a gold loan on the different interest rates, and they have different gold loan eligibility criteria. An individual first measures the quality of the gold, market value, and gold’s purity as the bank offers the gold loan amount based on this gold loan eligibility criteria. The gold purity must be in 18 carats to 24 carats, and NBFCs do not prefer the quantity of the gold coins to more than 50gm.

A gold loan is a kind of secured loan that requires security in the form of gold ornaments or coins. The gold loan can apply online or offline; an individual can choose any medium. Vijaya Bank gold loan also provides loan amounts through an online application. Nowadays, Online mediums for gold loan applications have become popular in the last decade. 

Though online medium, there are several benefits as -

• Reduce transportation cost
• Competitive interest rate
• Less documentation
• Less time consuming
• Reasonable tenure

With the help of technology changed, the gold loan will improve their future as technology changes. A gold loan is the most common way in India to avail of the loan amount as the vibe of gold security in the bank as gold loans are offered by them. A gold loan is the most suitable alternative for those who want to avail the amount instantly and are in a hurry to fulfill their requirements. 

Moreover, technology plays an indispensable role in the form of gold loan. 

There are some tech-related innovations includes -

1. Immediate Payment Service relies on prompt payment transformation of the loan amount directly into the client’s account. 
2. Online Payment Systems offer the ability to carry the principal amount and interest with transparency and reasonable method. 
3. E-KYC is an electronic project-based on the bio-metric confirmation with Unique Identification Authority of India serves to host Aadhar data rather than hard copy KYC verification. 
4. E-Wallets are another gold loan method that can convey those clients who don’t have a bank account. 

Next-generation technology for gold loans -

Non-banking financial firms continually attempt to manage and improve the efficiency of operations. Centrally managed application is used for building the potential of transitions that are also accessed by all the branches for every transaction. IOT (Internet of Things) is an evolving technology that provides distinctive solutions to issues and conjointly made it affordable to imagine the total gold loan’s fundamental transformation of a gold loan.

Online Gold loans -

The disbursal method of the gold loan process is given below :

1. The client who deposits the gold to the loaner is automatically eligible for a gold loan, up to the suitable LTV (loan to value) limits.
2. A person will apply for a gold loan online while not visiting any branch of a bank. If an individual is eligible for the disbursal, then he/she will get the amount to their bank account or E-Wallet online.
3. The rule-based software system will facilitate the visualization of an individual’s gold loan eligibility criteria before disbursing the loan.

Vijaya Bank Gold Loan Key Features -

Following are the highlights of the Vijaya Bank gold loan rate are given below :

Lastly, you can go for a gold loan without any hesitation because it is a reasonable deal for those who need immediate cash. 

Read More:- Rules To Follow Before Availing Of Gold Loan