What Is a Doorstep Gold Loan Service?

A doorstep gold loan service is a facility offered by some lenders, where they send a representative to the borrower's doorstep to evaluate and disburse the gold loan. This service is typically offered by non-banking financial companies (NBFCs) and other financial institutions that offer gold loans.

Under the doorstep gold loan service, a lender's representative visits the borrower's home or office to evaluate the gold ornaments or articles that the borrower wants to pledge as collateral for the loan. The representative then assesses the value of the gold and processes the loan application, following which the loan amount is disbursed to the borrower.

The doorstep gold loan service offers several benefits to borrowers, such as convenience, time-saving, and increased accessibility. Borrowers do not have to visit a lender's branch or office to apply for a loan, which can be especially beneficial for individuals who have mobility issues or live in remote areas. Additionally, the service is usually provided free of charge, which makes it an attractive option for borrowers who want to save on transportation costs.

It is important to note that doorstep gold loan services may vary depending on the lender and the specific terms of the loan. Borrowers are advised to carefully read the terms and conditions of the loan agreement and ensure that they understand the interest rate, fees, and other charges associated with the loan before availing it.

Suggested Read: Doorstep Gold Loan: All You Need To Know