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| September 22, 2022

Things You Need To Know About Gold Loan Locker Facilities

What is our utmost concern when it comes to our hard-earned, heirloom or investment valuables? That we do not want to lose those. Owning gold, especially in Indian households, represents a variety of aspects and purposes. It is considered auspicious, for aesthetic purposes, as a safety net, an asset class for investment and so much more. So, it is no surprise that India holds the world’s largest private gold reserve. Keeping gold in a locker at home means having to be extra vigilant against theft, robbery, fire mishap, etc. The next option is a bank gold locker that could carry a hefty fee depending upon the size of the locker. Bank gold lockers are housed in a strong room or vault with a thick and hardened steel door and state-of-the-art combination locks. Access to this vault is highly restricted with only designated bank employees and locker owners allowed to operate. Gold lockers can be operated only with a combination of keys. A private key is given to the owners and another is given to an employee designated for locker operation. This ensures that the documents and gold kept in the bank locker are heavily guarded. A downside of opting for a bank gold locker is that the bank undertakes no liability for any loss in case of theft, floods, fire, earthquakes, war, or other incidents that are beyond the control of the bank. However, you shall be compensated if the bank locker contents are lost due to the bank’s negligence. In such cases, it is a tedious process to prove the locker contents to the bank as many a time, gold is passed down generations and we do not have documentary proof of the same. What if we told you that there’s a safe and reliable alternative to bank gold lockers with free 100% insurance cover? What’s more- you do not have to bear additional charges for the safe keeping of your gold. We tell you how that is possible.

Gold Loan with a free Gold Locker

Yes, you heard it right. When you apply for a gold loan, you not only get good value against your pledged ornaments but you also get to enjoy an array of benefits. Depending upon the value of your gold, the gold loan tenure, and the applicable interest rate, your gold loan is sanctioned. The documents required for a gold loan are fairly simple and the process can be completed both online and offline. Once your eligibility is calculated, the gold ornaments are valued at the branch. The pledged articles are carefully weighed, marked, and sealed and then stored in a gold locker inside a high-security vault. You are given proper receipts for the articles. The gold loan company bears full responsibility for your pledged gold and is 100% insured. You are not only immediately at peace knowing your gold is well-guarded but also reassured of full compensation in case of any mishap.

Thus, a gold loan not only provides you with funds to meet your financial needs but also gives you a highly-secure gold locker for the safety of your valuable gold items.

Advantages of Gold Loan Safety Locker over Bank Gold Locker

The ultimate purpose of keeping a safety locker is to ensure the security of our valuables. So, whether it is a bank gold locker or a safety locker associated with a gold loan, a secure storage option is a necessity.

Let us take a look at how a Gold Loan Safety Locker compares with a Bank locker on various parameters.

  • Locker charges: Renting a bank locker comes with an additional cost. There could be other charges such as GST, service charges, etc depending upon the bank. There are no additional charges for safekeeping your pledged gold in a gold loan.

  • Documentation: If are applying for a bank locker, additional documentation such as separate locker and nomination forms, stamp paper locker agreement, etc has to be done. This does not apply to gold loan lockers.

  • Liability: Banks are not liable for any loss in case of theft, floods, fire, earthquakes, war, or other incidents that are beyond the control of the bank. However, locker owners are eligible for compensation if the loss occurs due to the bank’s negligence. Gold loan companies are fully responsible for the pledged gold articles against the gold loan.

  • Insurance: Banks do not take stock of the valuables kept in a bank locker and hence the contents are not insured in case of a mishap. Safety lockers that come with gold loans are highly-secure and fully insured as the contents are weighed, documented, marked, and sealed carefully in the presence of the customer.

  • Eligibility: Being an existing customer of the bank doesn’t automatically guarantee a locker and there’s often a long waiting period. In the case of gold loan lockers, if you have availed of a gold loan, you do not have to separately apply for a gold locker.

About Muthoot Finance

When you apply for a gold loan from Muthoot Finance, you do not just get a gold loan. Muthoot Finance not only promises the best gold loan rate but also a safe and secure storage facility for your gold. Quick, convenient, and easy- a gold loan from Muthoot ticks all the right boxes. Apply for a gold loan online TODAY!

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