What Should I Know About Security and Privacy When Applying for a Gold Loan at Home?

While availing a gold loan from home digitally, it is advisable to follow the below mentioned following tips to help minimize risks and ensure your security and privacy:

• Verify Credentials: Only choose RBI-approved banks and Non-banking Financial Companies (NBFCs) with secure lending platforms to avoid scams.
• Check for Encrypted Gateway: Ensure the lender's website has SSL encryption denoted by https:// in the URL and a padlock icon. This keeps your data secure.
• Ensure No Unauthorized Access: Do not allow any third-party access or sharing of your loan details, documents, OTPs etc.
• Enable Password Protection: Create strong passwords and update them regularly. Enable two-factor authentication if available.
• Ensure Minimal Data Entry: Share only the necessary personal and financial information that is mandatory for the loan application.
• Complete Direct application: Apply directly through the loan provider’s website rather than external portals or agents.
• Review Privacy Policy: Read the financial institution’s data security and privacy policies before applying. They are legally bound to protect your information.
• Limit Access: Allow minimal physical access to outside personnel for home visits. Verify identity thoroughly before handing over documents or jewellery.
• Provide Digital Documents Only: For the online application, insist on providing only soft copies of your documents. Avoid hard copies.
• Follow a Paperless Process: Go paperless as much as possible - use e-signatures and securely save or destroy any physical documents.

Being aware and following these protocols will help you minimize risks and protect your valuable assets throughout the loan process. Stay informed and vigilant to ensure a safe borrowing experience.