With each passing day, gold loan is becoming more and more popular. Many people are opting for gold loans rather than availing a personal loan for their needs. Most institutions offer competitive interest rates, which makes gold loans a profitable prospect for people in need of immediate funds.
With the emergence of the online banking system, loan application has become easier than ever before. People can now take advantage of loan apps, through which they can apply for a gold loan in just a few minutes. Here is a look at some of the benefits of applying for the gold loan through an app.
1. EMI calculator
Applying for the loan offline means choosing a lender blindly without a proper accounting of the EMI payable per month. This may lead to inconvenient situations in the future. However, when you apply for the gold loan through an app, you are instantly allowed to check the interest payable along with the monthly payments, which you would have to make during the loan repayment tenure.
A tool known as the gold loan calculator is used in such a case. All you have to do is to enter the principal amount, the interest charged and the tenure of the loan.
2. Saves hassle
In the standard gold loan application process, you would need to visit the offices of the lender and apply for the loan there. Not only would this cost you additionally, but it would also mean spending a lot of time on the loan application. However, if the gold loan application is made online, you can complete the entire procedure from the comfort of your homes.
3. Free insurance cover
Some companies also offer a free insurance cover for your gold if the application for the loan is made online. However, do not expect every company to throw in the free insurance coverage. Such an insurance can be very handy in case of theft or loss of the gold products in question and can help you recover from such a loss.
4. Online repayment
The online gold loan application may also mean easy, online repayment options. This will further save your time, as you do not have to write out a check each month and drop it in the beneficiary’s account. You can sit at home or office and just clear the EMI through the internet banking system.
If you are looking for a gold loan, the application should be made online through such an app. This will make the entire lending process much simpler for you.
With the emergence of the online banking system, loan application has become easier than ever before. People can now take advantage of loan apps, through which they can apply for a gold loan in just a few minutes. Here is a look at some of the benefits of applying for the gold loan through an app.
1. EMI calculator
Applying for the loan offline means choosing a lender blindly without a proper accounting of the EMI payable per month. This may lead to inconvenient situations in the future. However, when you apply for the gold loan through an app, you are instantly allowed to check the interest payable along with the monthly payments, which you would have to make during the loan repayment tenure.
A tool known as the gold loan calculator is used in such a case. All you have to do is to enter the principal amount, the interest charged and the tenure of the loan.
2. Saves hassle
In the standard gold loan application process, you would need to visit the offices of the lender and apply for the loan there. Not only would this cost you additionally, but it would also mean spending a lot of time on the loan application. However, if the gold loan application is made online, you can complete the entire procedure from the comfort of your homes.
3. Free insurance cover
Some companies also offer a free insurance cover for your gold if the application for the loan is made online. However, do not expect every company to throw in the free insurance coverage. Such an insurance can be very handy in case of theft or loss of the gold products in question and can help you recover from such a loss.
4. Online repayment
The online gold loan application may also mean easy, online repayment options. This will further save your time, as you do not have to write out a check each month and drop it in the beneficiary’s account. You can sit at home or office and just clear the EMI through the internet banking system.
If you are looking for a gold loan, the application should be made online through such an app. This will make the entire lending process much simpler for you.
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