Date:25/03/2022

The entire process of gold loan is quite similar to other secured loans. In this, you take your gold articles to Money2Me or a lender along with the required set of documents. The lender evaluates the gold articles and verifies the submitted documents. As per the evaluations, the lender sanctions the loan amount. As per the loan agreement, you pay off the principal amount along with the interest amount and get the pledged gold articles back.

The way a gold loan works is :

• Checking the quality: When a customer approaches a financial institution for a gold loan, the first step the institution takes is to check the purity of the gold jewellery
• Know Your Customer (KYC): Where the bank gets to know their customer’s details such as identity, credit history, the necessity for applying for a loan and other details crucial in granting the loan
• Approval of gold loan: Once the quality and value of jewellery is determined and the KYC procedure is complete, the loan terms are agreed upon by both the financial institution and the consumer