Applying for a gold loan is simple and quick. All you are required to do is submit some documents and get them approved by your lender. However, this quick application procedure doesn’t guarantee your approval. You should ensure that all the details you have submitted are correct otherwise there may result in your gold loan application being rejected.
Here are three reasons why your gold loan application might get rejected:
One reason for the rejection of your loan might be due to the gold that you pledged was not of the required purity. It has to be a minimum of 18K purity to be offered as collateral. Therefore it is very necessary for you to check the purity of your gold ornaments before asking for a loan from the lender. Better quality gold can get you better rates of the gold loan per gram
Another important thing to do is check whether the details that you are submitting in the documents are correct or not. Documents such as your PAN card, driver’s license, Adhaar card, and passport should not be fake. You must verify all the necessary details before submitting it to the lender otherwise it can lead to the rejection of your loan application.
You should be clear about all the terms and conditions that your lender has offered you before applying for the loan. If your loan got rejected then you must talk to your lender about this problem.
Given above are a few reasons that you must take care of if you want to get your gold loan proved at once without any difficulties. At last, you must read about all the conditions in which your banks can possess the loan and the conditions in which you can close your gold loan without any prepayment charges. Awareness is one the most important things while taking a lot otherwise it can create more problems for you instead of decreasing it.
There are many banks and NBFCs that offer gold loans. You can go for HDFC gold loans. They have decent gold loan interest rates schemes which are lower than other loans. And the process of disbursing is simple and swift.
Must Read-A gold loan or a loan against gold
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