Medical emergencies can arise at any time, leaving you worried to arrange funds quickly. However, one of the fastest and most convenient ways to get funds in an emergency is by taking a gold loan. Financial institutions offer gold loans at attractive terms, making them ideal for medical contingencies. Read on to learn everything about availing a gold loan for medical emergency online.
How to Apply for Gold Loan Online?
Here are the simple steps to apply for a gold loan for medical emergency online:
Choose a Lender
The first step before you apply for a gold loan for medical emergency online is to shortlist some lending companies that offer gold loans. Compare interest rates, loan amount, application process, repayment options, and other terms to choose a lender best suited to your needs. Always opt for established lenders like banks, Non-banking Financial Companies (NBFCs) or fintech companies as they offer transparent deals.
Collect Required Documents
Here are the key documents needed for a medical emergency loan online:
- Know Your Customer (KYC) documents - ID proof (Aadhaar, PAN card), address proof
- Passport size photographs
- Proof of ownership of gold jewellery
- Income proof or business proof
If applying online, ensure that you have soft copies of the required documents.
Start the Application Process
Visit the lender's website and click on the Apply Now button for a gold loan. Select the loan amount you wish to apply for and the desired tenure. Fill in all the required personal and professional details in the application form. Upload scanned copies of your KYC documents. Accept the terms and conditions and submit the form. If applying directly in-branch, carry originals and photocopies of your documents.
Get Eligibility Confirmation
The loan provider will verify your application details, KYC documents, determine the gold value and confirm your loan eligibility amount. This usually takes 30-60 minutes. If your application is approved, they will ask you to bring your gold ornaments to the nearest branch for further valuation and processing.
Visit the Branch with Gold Ornaments
On the scheduled branch visit date, carry your gold jewellery for the valuation process. The loan officer will evaluate the purity of gold and weigh the ornaments to estimate the gold content. Based on this valuation, they will specify the final loan amount and tenure for which you are eligible.
Get the Loan Amount Credited
Once the gold valuation process is complete, you will need to pay the processing fee and sign the agreement form. The officer will then hand over the loan cheque to you or directly transfer the sanctioned amount to your bank account.
The funds will be reflected in your account within a few hours for you to pay for the medical expenses.
Repayment Process
You can repay the gold loan principal and interest in flexible instalments within the chosen tenure. Visit the branch on the due date with the repayment amount and close the loan. Once the urgent medical loan is fully closed, you can get your gold ornaments back. Avoid delaying repayments to prevent the loan provider from following up or auctioning off the gold.
Tips to Secure a Gold Loan for Medical Emergency
Here are some tips to apply for a gold loan for medical emergency online easily and quickly for a medical crisis:
- Opt for established financial institutions, such as banks, NBFCs, or fintech companies, that offer easy online loan facilities.
- Look for loan providers offering higher Loan-to-Value (LTV) ratios to get the maximum medical loan amount against your gold.
- Compare interest rates online and choose the financial institution offering the lowest rate.
- Apply online by completing the application from home to save time.
- Keep scanned copies of KYC documents ready to upload on the application form.
- Choose a shorter tenure, like 6 months or 1 year, so that the interest cost does not accumulate too much.
- Avoid holidays or weekends for the branch visit as loan processing may get delayed.
- Be transparent about any existing loans during application, as it can impact your eligibility.
- Pay your Equated Monthly Instalment (EMI) on time to maintain a good credit score and maintain good relations with the loan provider.
Conclusion
Gold loans can quickly provide you with emergency funds during a medical crisis when you or your loved ones need it the most. By following the right steps to secure a gold loan, you can get the loan in minimal time and with minimal documentation. However, it is important to choose a loan amount that you can repay comfortably within the chosen tenure. This will ensure you close the loan without any stress and get your precious gold ornaments back.
