None expected the coronavirus to hit us the way it did back in 2020. None was prepared financially, and the whole country was not prepared for the major economic dip that it went through. The people were not aware of the causes, the seriousness, and the impact that it would have on their lives, their jobs, and their children. They knew that there is a deadly virus because everything is shutting down and that they have no business or no work to do and will be at losses because there was no preparation.
Many of them didn’t know what to do or how to handle the situation throughout the first wave and the pandemic situation then. Slowly the cases reduced, and then the government lifted the lockdown restrictions. People were struggling to come back to normalcy. All that they had was the gold that they had once bought as their only assets. The only practical option in front of them was to avail a gold loan using that or just sell the gold and get the money to re-start the business.
Fortunately, the banking sector became well-equipped to brave these losses and stretched out their hands for support by reducing the gold loan interest rates, further making it more affordable and attainable for people who were in desperate need.
Just when people were returning back to the normal situation, the second wave of coronavirus hit the country, way worse than the first wave ever did. It affected a lot more people than it did the first time, and there were a lot more deaths. People are now scared to even step out of the house in the fear that they might catch the virus and fall sick. But, they were in need of money; they needed to pay other bills and run their business on a low-key level. Banks stepped again and are ready to offer the availing of all kinds of loans online.
Nowadays, with India moving towards becoming digitalized completely, there is access to the internet almost everywhere, and it is also at affordable rates. People are also able to avail gold loans online and at even more flexible interest rates and repayment techniques, which has made them ecstatic.
The process of applying for a gold loan online is very similar to the process of applying for it offline. As always, the person who is applying has to determine which bank they want to apply to and what kind of scheme would suit them the most. After which, they would have to check the said banks’ eligibility criteria and make sure that they are above 18 years of age and have a stable income and a steady job to be able to repay the interest amount for the gold pledged and in whole amounts. After the analysis of this, they would then have to submit the documents requested by the bank. You can check the gold loan interest rate using the gold loan EMI calculator that would be provided on the website.
After the bank does a purity check on the gold, they would then sanction the loan for you. Within a few hours to days, you would have the amount disbursed in your account, after which you would have to make sure you pay your interests regularly. One such bank offering flexible gold loan interest rates is Axis Bank under Axis Bank gold loan.
Conclusion:
Availing a gold loan in this pandemic is not as tough as we think it to be. People are out there ready to help you out of your troubles. Lending institutions have extended their arms to provide support to any and all that comes to them for help.