Securing a loan has never been easier, thanks to the rise of new-age fintech platforms that offer rapid and easy loan disbursement. Consumers can get loans over their gold from the comfort of their own homes, with everything from e-KYC at the customer location to quick loan disbursement.
Not only have individuals and businesses been affected by the global epidemic, but countless enterprises have also been harmed. If gold-tech businesses had not stepped forward, securing gold could have been difficult given the social distance and safety standards in place. Let’s take a look at some key points to help you understand digitally secured gold loans:
Transactions are becoming digitalized
The unequalled convenience that comes with taking out gold loans online is one of the most apparent benefits. People who previously had to travel to jewellers or bank branches with their precious jewellers may now use their smartphones to call a customer relationship manager to come to their location and explain the various gold loan plans.
Checks for security
When the financial advisor visits the borrower, he or she must guarantee that the payment process is performed securely and dependably. The manager’s identity is validated, E-KYC is completed, the loan agreement is signed electronically, and the loan is disbursed electronically through a verified and secure network. To maintain data security, customers’ data is normally stored in a secure database.
Furthermore, securing the safety of the client’s assets is the most important aspect of the transaction. The loan manager cannot meddle with the gold jewellers because they are wrapped in sealed packets.
Payments and top-ups are simple
Customers can also make online transactions while repaying their loans or paying interest rates, in addition to the loan distribution process. The appeal of these tech-based gold loan service providers is due to their dependable, digitally-enabled operations.
Low-interest rates and a focus on the customer
Due to the lower operating expenses associated with administering branchless digital models, most fintech participants in the gold loan business offer low-interest rates. In addition, gold-tech lenders provide flexible, personalized pre-payment and repayment options. In comparison to traditional lenders, this gives the borrower an edge with new-age fintech businesses and NBFCs.
Taking the initiative
Faster loan processing, precise gold appraisal, safekeeping, and cost-cutting have all benefited from the use of technology. These organizations additionally assure a smooth gold loan delivery by providing excellent customer service.
Customers who have problems can contact the customer service department, which will fix their problem within a reasonable amount of time.