What is the Process of Transferring an already Existing Gold Loan to another Lender?

What is the Process of Transferring an already Existing Gold Loan to another Lender

Amidst the Coronavirus pandemic of 2019, developing nations like India have faced a major setback to their economies. Especially in India, the situation worsened during the second wave of the coronavirus that spiked during the months of March and April of 2021. With lockdowns being imposed everywhere people suffered financial crises amidst medical emergencies. The need for an urgent requirement of money increased and people started taking loans from wherever they could get easily. With banks refusing to give loans because of poor FICO scores, the demand for local and private moneylenders soon spiked. But soon as the situation relaxed a little, many realized that in a state of emergency and hurry, they had taken a loan from a moneylender who cashed their situation to charge high rates of interest. 

If you are one of those people feeling stuck in such a situation by pledging your gold jewelry to such a vulture moneylender, this blog will help you recover from this trap in just a few steps. So hold tight and stay with us through the article to learn how you can easily transfer your already existing gold loan to another lender.

Benefits of transferring your gold loan to Rupeek

Rupeek is one of the fastest growing vendors that provide gold loans in India at the lowest rate of interest of just 0.49% per month. You get all the services, right from a short KYC and document verification to jewelry collection and amount credit at the comfort of your doorsteps. Rupeek offers the most solid choices, having banded together with rumored banks the nation over, including Karur Vysya, ICICI Bank, and Federal Bank. We are additionally banded together with Brinks, a worldwide security firm that moves the gold from your doorstep to the keeping money with the most noteworthy grade of safety. Rupeek also ensures that you get to save the maximum possible amount of the remaining balance of your gold loan by ensuring high LTV ratios. The process of loan transfer with Rupeek is quite simplified and can be initiated at the ease of call to their toll-free number, but more on this in the upcoming section of the blog where we guide you through the step-by-step process of gold loan transfer.

Process of transferring your gold loan to Rupeek

All these steps mentioned below are stated considering the fact that the person who took the gold loan wants to just switch the vendors because of some of the other reasons and not for transferring the loan to some other person. Although the latter process is also kind of similar vyou can get detailed information about it from Rupeek’s official website or by contacting their toll-free customer executive centers. The personal loan balance transfer process for gold loans isn’t just easy and direct yet can likewise save you a huge load of cash. To profit from a personal loan transfer of a gold loan, here are the means:

  • Share your gold loan card

Share your gold loan card issued by the old vendor with the customer executives of Rupeek so that they can initiate the transfer process.

  • Verify the new calculations of the loan

Rupeek’s customer executive provides you with a detailed report of how much you would save on the gold loan after the transfer of the gold loan. You can use the gold loan calculator to do all the calculations while planning for the gold loan.

  • Complete the mini-KYC

KYC is served to you at the comfort of your doorstep that hardly takes 15-20 mins. This includes basic ID verification and detail sharing with Rupeek.

  • Pay the transfer fee to the previous lender

You then need to pay the transfer fee that is charged by the older lender to transfer the balance gold loan to a new vendor.

And that’s pretty much it! The gold transfer has never been such a piece of cake ever before Rupeek.