How to Compare and Apply for Gold Loan on Loanbaba Online?
A gold loan can be applied for offline or online. If you wish to apply for a jewel loan on a website, then Loanbaba.com is a perfect pick. This website gives information of top gold loan providers in India. It allows you to get all details of the gold loan schemes so that you can compare the options and take an informed decision. On Loanbaba, you can also calculate your loan EMI and eligibility through loan EMI and eligibility calculator, for free.
The website provides several unsecured and secured loans by helping borrowers connect with banks and NBFCs. You need to simply apply online and your loan application will be checked by a team of experts, who will revert to understand the loan requirement. The team will also inform you about the loan application status. Once the loan is approved by the financial institution, the funds will be transferred to your bank account, within minutes.
Here is a Checklist to Apply for Loan on Gold
Below-given is a checklist to follow before applying for online gold loan on Loanbaba.
- Every financial institution has an eligibility criteria set for gold loan borrower. Some accept applicants of over 18 years of age, while others mandate the applicant to be at least 21 years of age. It is advisable to check the eligibility criteria before dropping a loan application with a financial organization.
- Documents needed, though minimal, must be fulfilled. You must be able to provide proof of local residence, identity and recent passport-sized photographs, along with the filled and signed loan application form. Gold valuation will be done in the bank/NBFC branch.
- Being a short-term loan, you can consider the loan for financial emergencies, after being sure that you would be able to repay. In case you miss the payments, your credit score will be hampered. Even after reminders if you fail to repay the loan in complete, then the gold asset will be auctioned off.
Which Are the Top Providers for Gold Loan India?
Non-banking financial companies (NBFCs) and banks from public and private sectors, offer loan against gold. You can compare the gold loans schemes and their details on Loanbaba. Some of the providers to check out are Manappuram Finance, HDFC bank, Kotak Mahindra bank, ICICI bank, State Bank of India, Muthoot Finance, Allahabad Bank, Axis Bank, Vijaya Bank, Central Bank of India, etc.
Below given are some of the best features of gold loans from banks and NBFCs whose information is available on the website.
- HDFC Bank: The ‘Sampoorna Bharosa’ gold loan scheme by HDFC bank offers affordable rate of interest and guarantees instant disbursal of funds. You can borrow Rs. 50,000 to Rs. 50 lakhs under this scheme.
- Muthoot Finance: Being one of the ideal NBFCs offering loans against gold, Muthoot provides loan amount as low as Rs. 1,500. The financial institution has special schemes for women and agriculturists.
- Axis Bank:This bank provides speedy loan disbursal and flexible loan amount, starting at Rs. 25,001 to Rs. 2,000,000. You can even earn Edge loyalty points on the transaction.
- ICICI Bank:Minimal documentation and simple application process makes ICICI a great gold loan provider. Maximum fund offered is up to Rs. 1,500,000. The quantum of loan is calculated as per gram of gold.
- Manappuram Finance Limited: Another NBFC that is popular for gold loan is, Manappuram Finance. You can download the mobile application and apply for the loan online and keep track of the loan status and balance amount, from the smartphone.
Above-mentioned are some of the top gold loan banks and NBFCs in India, which you can compare and apply loan with, offline or online on Loanbaba or the official website of the financial institution.