Customer Redressal and Grievance Notification Cell have been two of the most important areas or aspects in which Gold loans have worked expeditiously to conjure up consumer confidence to encourage the borrower sentiment and allow the customers to grow their debt capital which would provide the long-term benefit. Customer Redressal has been referred to as the process of identifying the problems and queries faced by the borrowers when they are availing the loan facility from the private banking financial institution and allowing the borrowers with an avenue to report their problems so that they can be recovered and solutions could be provided at a moment's instant. On the other hand, the Grievance Notification Cell was established as a reporting and feedback mechanism for the consumers or borrowers where they can enjoy the benefit of providing written complaints to the State bank of Bikaner and Jaipur gold loan whenever they are encountering problems related to the functioning of the loan process and dissemination and distribution of the loan amount to the borrower which would, in turn, encourage them to disburse the requisite loan amount to the different activities under the ambit of the financial institution that is being spoken about.
Thus through the established of such functioning systems, the gold loan facilities provided by the banking institution have made a concerted effort to look into the problems faced by the consumer and enhance the trust and confidence level of the borrower which in hindsight would improve investment options and encourage the borrower to produce and earn more from the process of investment. Following systematic mechanisms were instituted to enhance customer confidence and bring about significant development in the process of rendering loans.
Providing easy-installment and repayment options to the borrower: One of the primary mechanisms of how you would be able to conquer the fact that customers would be attracted to the business model only when he finds certain benefits and advantages associated with it. Thus to make the structural formation of gold loan popular among the masses the private banking commercial institutions introduced the systematic procedure of easy-installments and easy repayment options whereby the borrower would provide the opportunity to pay off the principal amount of the loan in easy installments and part-repayment procedures which would not only help in segregating the loan amount distinctly but would also be instrumental in bringing about liquidity in the market mechanism. Thus Gold Loan have played a very critical role in the process of information gathering and dissemination encouraging borrowers to lean more towards availing the available facility.
Building Information Centers to address consumer needs: The second most primary function performed by the private commercial banking organizations was to set up facilities for gold loan provisioning and information centers where officers would be placed to provide information on the functioning aspect of gold loans and how they have been successful in establishing adequate disburse of loan facilities from the cash coffers of the banking system. Information Centers provided informational status on the different aspects of gold loan that would enable the business entity to operate independently and function efficiently thereby bringing about uniformity in the work operations and the banking functions got streamlined which led to easy disburse of loan facilities thereby incorporating an efficient understanding of loan facilities in the market structure. Thus gold loans through the above-mentioned mechanism have functioned as one of the principal instruments of gold loan provisioning and earned the trust and confidence of the borrower.
Conclusion: Gold Loans have thus adeptly been effective in providing efficient capital restructuring facilities to the borrowers encouraging the growth of credit sentiment.
Must read:- Understanding your gold loan repayment better
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