When it comes to financial services, there is no doubt in the fact that a gold loan has emerged as a distinctive and innovative lending instrument. This is simply because it tends to bridge the gap between traditional lending practices and the invaluable asset of gold.
Around two months ago, I was also looking for the same. In the current digital era, where we are dependent on our smartphones for almost every single thing, you don’t have to go anywhere to avail of this type of loan. Download the right application, and you are more than good to go.
What is a gold loan?
It is a type of secured loan where a potential borrower tends to pledge their gold ornaments such as coins, jewellery or other forms as collateral in exchange for a loan from a financial institution. The loan value here is clearly determined based on the market value of the gold pledged.
Moreover, it is nowadays a trending mode in order to avail easy money in times of emergency. You just have to pledge your gold, and the funds will be credited directly into your account.
What is a gold loan calculator?
As the term suggests, it is a tool provided by financial institutions, credit unions etc., to help individuals estimate the potential loan amount they can avail against their pledged gold assets.
This tool takes into account specific factors such as weight, purity, as well as, most importantly, the current market value of the gold. Remember, these are done to provide an approximate amount of loan that the borrower could be eligible for.
Keep in mind that whenever you are planning to avail this facility, using this tool is one of the best things you can do. It is simple, easy to use and gives you a clear idea so that you can allocate your finances accordingly.
Which is the best gold loan app download?
Here, I’d like to share my personal experience. When I was looking for the same, I came across an application by the name of “Bajaj Finserv”. Now, you are well aware of the fact that it is a big brand, and one can entirely rely on it.
Moreover, it is super easy to use and is clearly a reliable application. With just a few taps, you are able to achieve your goal.
Here is a step-by-step guide on how to avail of such a loan from this app:
- Download the Bajaj Finserv app on your smartphone. It is available both for iOS as well as Android.
- Sign up with your mobile number
- Tap on Gold Loans under the ‘Products for you’ section
- Proceed further as per your requirement
Conclusion
The concept of a gold loan represents a fusion of traditional and modern financial practices, offering a practical solution to the ever-evolving needs of borrowers while capitalizing on the enduring gold value.
Moreover, availing the same is as easy as ordering food from your smartphone nowadays. Just download a gold loan app, and you are more than good to go!
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