Now that you have already decided to seek a gold loan, you must also consider finding the fastest process. Well, in that regard, gold loan is a relatively faster procedure as compared to the different types of money lending facilities available around India and the world. Whether it’s the application procedure or approval, everything is instant. And more importantly, the repaying terms are also generally on the easier side. Now you just need to find the right institution that offers a loan against gold and get started with your application process.
Is There a Quicker Way?
When it comes to a gold loan, many people tend to take things lightly. This is mainly caused because they believe nothing would stop them from gaining approval. And that is where they fall in the trap. Yes, it’s true that you won’t have to face any severe complications while applying for a loan against gold, but that doesn’t mean certain circumstances won’t arise that will force in the delaying of your loan approval process. Here are our tips to help you get the approval done fast. Now, you can find the quickest way to apply for a gold loan in India.
Compare Everything Down the Road
There are certain complications like document verification, KYC procedures, among few, that you must undergo in order to get instant approval on your loan request. In such situations, it’s easy to lose your decision-making instinct and say ‘yes’ to everything that comes in your way. That is the biggest mistake that money borrowers make. They don’t research enough, as a result of which, they end up signing the wrong deal that continues hurting their finances over the long term. Therefore the first tip that we would like to offer you is that go check all the procedures and compare many companies before deciding on the deal that suits you perfectly.
Before dealing with any particular loan company, the first and foremost rule is to check out their past records. Your aim here would be to figure out if they have any backlogs, and if they do have any try to investigate the main reason behind it. The presence of backlogs would suggest that the company isn’t dedicated to providing instant service. In that case, they take too much time to go through each of the applications, and as a result, the cases start getting accumulated. Now, in such a scenario, if you too apply behind so many backlog files, chances are high that your loan approval process would take much longer than anticipated.
However, there’s another story related to backlogs as well. Maybe certain customers have not matched the criteria set by the institution as a loan approval norm. In that case, you need not worry much if you have all the criteria sorted.
Keep Your Documents Handy
You probably would understand that when it comes to lending money, all the lenders would prefer to bring more vigilance into the path. They always want to ensure that their money remains safe and that no false applications are approved. There are many forgery cases in the past, as a result of which, these organizations have brought forward certain rules that they consider before approving a loan to anyone. Therefore, you will require certain documents to prove yourself eligible to be lent money with. Generally, any government authorized identity proof and proper gold documents that prove your ownership of the metal will be enough to get your application approved instantly. Now, there is another rule that you must be aware of, and that is you must be above the age of 21 years to be considered eligible for gold loan. If you match all these criteria and have credible documents to prove them, you need not worry anymore about getting your loan proposal approved.
In most cases, the only delay caused by the system is because people either take too much time in producing the required documents before the loan authorities or the management of specific companies aren’t fast enough. We assure you that at Muthoot Fincorp, we have the fastest application and approval process in the industry. You can blindly trust us with your gold and expect a quick turnaround time when it comes to faster loan granting process.