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How Gold Loans are taking the Digital route to make way for New Age lending

gold loan

Gone are those days when the Gold loan was looked at as a traditional mode of transaction where borrowers were needed to visit the branch for every occasion like loan application, disbursement, interest payment, loan closure and taking the pledged valuable in custody.

With the New Era and Digital transformation life is now made easy and the borrower is provided with a lot of flexibilities where the account information can be handy and the real time transactions can be performed over the Mobile itself. Digital space has offered a good experience to users who want to avail or are existing customers of Financial Institutions who are dealing in Gold loan and are making their customers happy with online facilities.

Talking about few online services which can be used by the Gold loan customers nowadays there is large adoption by major customer segments who are using android mobiles and they are finding it easy to operate.

Post availing the loan which is one time exercise done by the borrower, there is no need to visit the branch till the loan maturity or even post maturity also borrower can continue with the same loan facility. Some of the services which can be availed in the online mode are listed below:

Online Disbursement: Post application and gold pledge activity; the disbursal amount can be credited to the customer‘s account through online mode into his bank account for usage

Online transaction access through web link: Once the customer registers his personal mobile number with the lending company for future correspondence the same will also be the most important factor to avail the online access to his account. The customer can easily view his Loan repayment history, Principal outstanding and available offers on his account through online payment links.

Mobile application: This is a much preferred mode of transaction as the borrower can download the company’s loan application on his mobile and view his complete dashboard with active relationship accounts, Interest due on each account, can make online EMI/Interest payment in any or all relationship accounts easily through the payment gateway. This also helps to update and keep payment records for future reference. Information and accounts history is available in the application as its composite dashboard covering total relationship.

Online Gold Loan: Borrower can also visit the branch one time for loan application and open the credit line capping as per his gold valuation and scheme LTV with the finance company by pledging the gold and store in the company’s vaults with the mobile application/Digital platform the disbursal request can be made online with the registered mobile verification. So no need to visit the branch, save on time and do multiple withdrawal or deposits in his account through online access. This saves his cost of travel, instant funds credit and part payment is possible in his account to add to a lot of flexibility. At maturity, the customer has the choice to renew the facility or close the same with bullet payment like an OD account.

Doorstep Gold Loan: Many companies /NBFCs have opted for this model and are running successfully due to its uniqueness. This product maintains complete confidentiality of the customer’s credentials as the transaction is done at the customers place through the online process and disbursal is made through digital mode at the same time before taking the valuables out from customer’s place for storing at Bank vaults.

All the above mentioned features are making the gold loan one of the best options over the other loan options to use for fundraising and meeting the contingencies.

Digital space is changing fast and there will be a lot of innovative techniques which are customer centric and have proper controls over the process and operations at the backend. We must say its new advanced Banking system or Loan systems have given the large exposure to finance companies and reach to deeper sections and areas where physical reach was not possible with limited presence.

The digital journey has been a revolution in the banking system and this would go on by adding a lot of new products and offering making life simple and adding delightful experience to end user.

Category : Gold Loan   |  Date : April 20, 2021, 4:20 pm   |  Author : Shailendra Wade, Zonal Business Head, Rest of India, Fedbank Financial Services   |  Editor : Nikita Pardeshi

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