Can a Gold Loan be Transferred? India is the world’s biggest consumer of gold, representing around 20% of the worldwide interest in gold. Gold in India has a long history, returning to more than 4000 years. The initially recorded utilization of gold as cash was in 4000 BC. In India, gold is still broadly utilized for wedding gifts and other formal purposes. But as the economy is booming there are more opportunities for people than ever before. For a very long time, gold was seen as a powerful financial tool that would act as a security to the family in difficult times. Today, because of urbanization and increased expenditures, financial crunches are a very common issue. Especially in times of the COVID-19 pandemic, financial crises have spiked for almost everyone. Amidst such a chaotic situation, handling pre-existing debts is another big problem and nightmare middle-class people are already dealing with. Today in this blog, we are going to talk about how you can manage and transfer your already existing gold loan to a bank with a cheaper rate of interest so that you can get monetarily benefited.
Why would you want to transfer your already taken gold loan to a different merchant offering the gold loan?
There are many reasons why you would want to transfer your balance gold loan to some other merchant. A few of the reasons include, not being able to cope up with the high rate of interest on the gold loan by the first lender, rigid repayment options, not being satisfied with the security and facilities being provided by the first lender, etc. Let us see each of these one by one.
- Loan transfer can help you with lesser rates of interest
Alongside lower LTV proportions, a ton of banks additionally offer their gold loans at higher financing costs. An exchange permits you, the borrower, to pick a moneylender with a lower financing cost, making the loan interaction much more reasonable. With Rupeek you can reduce your rate of interest starting from 5.45% per annum. It is always advisable that you carefully read and compare all the gold loan process related policies before hopping on to taking the gold loan.
- You can get flexible repayment options
Rupeek ensures that its customers get all the flexibility that they want with the repayment. They understand how emotionally valuable your jewelry is for you. You can easily switch back and forth between lump-sum loan repayment and equated monthly installments as per your convenience.
- Facilities that ensure the security of your gold jewelry
Rupeek also ensures that your jewelry is protected and guarded with the best security facilities and policies so that you can remain assured that nothing wrong will happen to your invaluable piece of jewelry.
So, to answer the question finally, yes you can transfer your gold loan from one lender to another lender. Although there are many potential reasons for why you’d want to do that, we chose to explain the top 3 reasons. You can transfer your pre-existing gold loan of other lenders to Rupeek and enjoy the benefits and comfort they offer.
For planning the repayment of your gold loan pre-hand, you can use Rupeek’s gold loan interest rate calculator. It can help you calculate your fitted rate of interest for your chosen tenure of a gold loan. This calculator is super simple and easy to use so that you don’t have to really bother about checking the current gold rates in the market. Gold loans are one of the best and most preferred modes of loans because of their quick access and wide availability.