Since gold loans are secured loans so your CIBIL score, credit history, income to debt ratio, and forms of credit check do not matter. But there are other reasons for which your application might get rejected so, if you want your application to be approved then there are some tips that you need to follow
Unstable source of income- if you do not have a stable job or good income source then it might get your application rejected as the lender will not be willing to approve your loan with a possibility that you might not be able to pay it back.
Too much credit- if you already have too many loans on your shoulder the banks might not approve another one adhering to the fact that you might not be able to pay it back.
Mistakes in your application form- to avoid any technical issues or to prevent rejection you must keep your application form free of mistakes and typos.
Valid Documents- Nothing really matters if you don’t have valid Id proof and address proof. A bank or a lender will not approve your loan without verifying them properly.
Providing any wrong information- This is one of the most important steps. You should not provide any wrong or false information on purpose to your lender. It not only lowers your chance to get approved for the loan but also ruins your reputation for any future references.
Poor quality gold- if the gold against which you want to take a loan is of poor quality or does not have a hallmark and is not up to the market standards then there are high chances of your application getting rejected.
To sum up, it can be said that although it is easy to get a gold loan application approved, there are certain things that you need to keep in mind and the most important of them is the authenticity of required documents and gold items.
You can go for an ICICI gold loan as they provide one of the lowest gold loan interest rates. With proper documentation and quality of the gold, you can easily get the funds to support your urgent needs.
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