An online gold loan is a safe bet to address any financial exigency. With quick disbursals, easy processes, low-interest rates, flexible repayments, and tenors, it’s easy to guess why. Plus, the pledged gold will come back to you once the loan (principal and interest) is paid in full.
But if you still need to dispose of the yellow metal, there’re a few ways to maximize profits and minimize hassles. Here’s your detailed, step-by-step guide on how to monetize golds in India.
Step One: Get your Receipts Ready:
You have either bought the golds jewelry or inherited it from your forefathers. The purchased jewelry must have come with a receipt detailing its purity, value, and more. When exchanging golds for cash, the receipt will come in handy for three reasons. One, it guarantees the golds is legit, not stolen. Two, the buyer cannot dispute the details provided in the invoice. Three, you’ll have a fair idea of the gold’s worth. All this adds to a better deal for your yellow metal.
On the other hand, the receipts might not be available for the golds you inherited. So, it makes sense to get the gold evaluated before disposing of it or pledging it for an online gold loan. But there’s no standardized method to ascertain the gold’s selling price, especially if it’s in the form of jewelry. That calls for getting multiple quotes from multiple jewelry vendors in your area. The quotes will give you a fair idea of the worth of the gold you are parting with. Even if you have receipts, the evaluation is a good idea to know the existing price of your gold holdings.
Also, Read: Bridging loans to buy a house- How does it work?
Step Two: Purity Check:
The purer the gold, the higher will be the selling price. That’s the thumb rule for better Muthoot golds near me deals. Unless you are comfortable selling the golds at loss, checking its purity is imperative. To this end, you should look for the BIS hallmark sign on the jewelry. If the piece features ‘22K916’, it’s 22 Carat. Likewise, ‘18K750’ and ‘14K585’ denote 18 Carat and 14 Carat purity. Note that, the BIS hallmark certifies the purity of gold and silver sold in India.
Alas, the BIS certification is not yet mandatory. So, chances are your gold might not feature the BIS hallmark. In that case, you can rely on a jewelry store with a caret meter to determine the gold’s purity. Many online gold buyers offer free appraisals and same-day evaluation reports detailing the purity levels. Beware of scamsters out there ready to rob you blind. Send your golds for evaluations only to a reputable appraisal provider via secure means.
Step Three: Find the Buyer:
By far the trickiest part of the whole exercise is finding the right buyer. You have a variety of options available, including pawn shops, local jewelers, random offline and online golds buyers, and so on. Deciding where to exchange your gold for cash can be a lot confusing, especially when everyone claims to offer the best deal possible. But you have to be good with your choices, as your selling experience is directly related to the seller you choose.
Prefer not to sell to pawn shops. They are expert negotiators and will likely talk you into underselling. Plus, the pawn shops have a reputation for malpractices. They will recognize a special piece but won’t pay you well. Be vigilant when selling to online and offline gold buyers. Most of them indulge in shady practices and are keen to take you for a ride. The caveat with jewelry stores is that many of them have a policy of not buying jewelry bought from other vendors. It is advisable to find an NBFC like Muthoot fin corp that deals in gold loans so that the entire transaction is transparent.
It all boils down to researching the market and choosing wisely. You can start by asking for quotes from multiple buyers, online and offline. But avoid falling prey to the highest quote. The buyers, particularly the online ones, might not honor their commitments. As such, determining the credentials of the buyer is important. Remember, a credible buyer is likely to offer you a fair deal. The buyer you opt for should be a reputable one with a fine track record to show for it.
Here are the things that have to be considered while selling gold for cash.
- Bill or invoice
- Identify the worth of the gold
- Purity of gold
- Decide the final price
- Selling the gold
Is Selling Your Gold a Good Idea?
Gold is a valuable metal, so it’s understandable that you might be interested in cashing in some of your gold jewelry or other gold items. But is selling your gold a good idea? In this post, we discuss the details of selling your gold, including whether you should sell it at a gold party, to a local jeweler, or online. Read on to learn more!
