Where Can I Get a Doorstep Gold Loan in Varanasi?
Gold loans stand out to be one of the most popular ways of lending and borrowing money in our country. And because of this ever-increasing demand, over the past few years, gold loans can be seamlessly availed while sitting in the comforts of your living room. Today, banks and non-banking finance companies (NBFCs) provide loan against gold in Varanasi almost instantly and with very little paperwork. Today, Bhumi Finance will tell you everything you need to know about personal loan against gold and how can you avail one at the threshold of your home sweet home. Read till the end.
What is a gold loan Varanasi and how can it be calculated?
A gold loan refers to a secured amount that can be easily availed by mortgaging any gold item such as jewelry, gold coins, etc. This pledged gold is the collateral that a borrower offers against the loan, and can be forfeited for non-payment of principal and interest.
Wondering how it is calculated? Let’s understand.
Quantity and purity of gold: The amount of personal loan against gold disbursed depends on the quantity and purity of the gold that is pledged. The minimum purity that is admissible is 18 carats, below which most gold loan Varanasi companies do not accept the jewelry.
LTV ratio: Another aspect that a borrower needs to keep in mind is that of loan-to-value or LTV ratio. An LTV ratio refers to the ratio of the maximum amount the lender extends as a percentage of the value of gold provided by the borrower as collateral after its purity has been assessed and verified.
On the aforementioned aspects, we can compute the following formula to determine the amount for your gold loan Varanasi:
Net weight x Rate of Gold per Gram x Purity
Where can I get a doorstep gold loan in Varanasi?
Back then, the borrower was forced to visit his/her nearest branch, deposit the gold items in possession and complete the requisite paperwork. But because of technological advancement, the paperwork has been reduced by manifolds. Today, umpteen lenders offer door-to-door service extending digital gold loans. Wondering how this happens? Here’s your ultimate step-to-step guide explaining the process of a doorstep loan against gold in Varanasi:
STEP 1: Apply using the app or via the website.
Use the lender’s website or mobile app to apply online and upload the required documents. A customer can also apply via a phone call to the number listed on the website. You can apply for a doorstep gold loan seamlessly through Bhumi Finance. Visit our website now: https://bhumifinance.com/.
STEP 2: get your KYC done.
After applying online, the lender will send an executive to complete the valuation process and collect the gold. The executive will complete the Know-Your-Customer (KYC) process and all other formalities.
STEP 3: Done with the formalities? Sit back for 30 minutes.
After completing all formalities, the executive will send a request that the loan is disbursed to the customer’s bank account. The entire process of disbursement can be done in just half an hour.
STEP 4: Your “digital” gold vault.
The gold collected is kept securely in a vault, which is under surveillance around the clock.
STEP 5: Online repayment.
Borrowers can start repaying the loan online via their bank accounts.
STEP 6: Close the account.
At the end of the loan tenure, when the entire principal and interest are paid bank, the borrower can make a request online to close the account and get the gold back.
So, in this digital age, you don’t have to go to a branch of a bank or non-bank lender to take a gold loan Varanasi. Most banks and reputed NBFCs such as IIFL Finance offer you the facility of availing a loan through an online process. Sounds easy? Well, what’s stopping you then? Apply for the best gold loan in Varanasi now at https://bhumifinance.com/.