The popularity of gold loans is on the rise and more people are opting for the same each day. Even though the name may refer to gold, the loan is primarily availed for any personal expense. Basically, it is used for the same purpose for which you would use a personal loan. However, the competitive interest rates on offer for gold loans make them a better option in some cases.
Everything can be performed online in today’s world and loan application is no different. The easiest way to apply for a gold loan is to do it through the internet. Here are some benefits to applying for the gold loan online.
1. EMI calculator
For any loan, you need to research in order to determine the best option available to you. An online tool known as the gold loan calculator can help you understand the EMI that you would have to pay for a particular loan, even before you take the loan. This can not only help you plan your other expenses accordingly but also prevent you from taking a greater amount of loan than required.
In order to use the gold loan calculator, you would need to enter the principal amount, the rate of interest and tenure of the loan repayment. After entering these details, the calculator will find the exact EMI for the loan.
2. Online repayment
When you take a loan online, you are also offered the option of repaying the entire loan through the internet itself. This can save your precious time and also reduce the hassle involved with the repayment. In the offline procedure, you would need to draw out a check each month and pay the EMI. However, the online gold loan application can save you from such hassles.
3. Free insurance coverage
People looking to buy gold products using the loan money can often get free insurance policies from the lender as well if they decide to apply for the loan online. This is not a constant offer, and not all lenders will offer the same feature, but in some cases, online gold loan application can come with the aforementioned benefit.
4. Saves time
If you apply for the loan through the offline procedure, you would need to visit the offices of the lender and fill out a form there. However, for the online procedure, you do not need to go out of your home. Filling out the online form and providing necessary documents are all the steps that you need to follow the gold loan application.
Everything can be performed online in today’s world and loan application is no different. The easiest way to apply for a gold loan is to do it through the internet. Here are some benefits to applying for the gold loan online.
1. EMI calculator
For any loan, you need to research in order to determine the best option available to you. An online tool known as the gold loan calculator can help you understand the EMI that you would have to pay for a particular loan, even before you take the loan. This can not only help you plan your other expenses accordingly but also prevent you from taking a greater amount of loan than required.
In order to use the gold loan calculator, you would need to enter the principal amount, the rate of interest and tenure of the loan repayment. After entering these details, the calculator will find the exact EMI for the loan.
2. Online repayment
When you take a loan online, you are also offered the option of repaying the entire loan through the internet itself. This can save your precious time and also reduce the hassle involved with the repayment. In the offline procedure, you would need to draw out a check each month and pay the EMI. However, the online gold loan application can save you from such hassles.
3. Free insurance coverage
People looking to buy gold products using the loan money can often get free insurance policies from the lender as well if they decide to apply for the loan online. This is not a constant offer, and not all lenders will offer the same feature, but in some cases, online gold loan application can come with the aforementioned benefit.
4. Saves time
If you apply for the loan through the offline procedure, you would need to visit the offices of the lender and fill out a form there. However, for the online procedure, you do not need to go out of your home. Filling out the online form and providing necessary documents are all the steps that you need to follow the gold loan application.
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