How Reverse Auction at Gullakh.com Works?

Till now all you had was “Comparison Sites” which gave you static rates. It gave you information which was a standard rack rate, one size fits all approach. But as individuals, we all have different risk profiles, depending on our job profiles, salaries, location, age etc. Hence, a single rate for everyone isn’t really right.
Through Reverse Auction at Gullakh.com we make it right for you. We turn the tables and now rather than you running after banks to get your loan sanction, in Reverse Auction at Gullakh.com lenders compete directly against each other with their best loan rates and other terms – tailored specifically for you, based on your profile.
Here’s how it works.

Here’s how Reverse Auction works

1. Make Your Demand by Placing a Request For Quote(RFQ)

All you need is a desktop, tablet or smartphone. Provide us some key info:

  • The amount of loan you need
  • The desired repayment period of the loan
  • Your employment details
  • Your Personal details including your name, Date of birth, current address, and PAN
  • Your mobile number and email address(We need this to make you enjoy the excitement of live bidding with the alerts)

This information is also used to pull an Equifax credit score and report, to ascertain your creditworthiness and ensure the offers made by the Banks for your business are in line with what you deserve, giving you the best deal.

2. Reverse Auction Starts – Watch while we put the Banks to work

Reverse Auction at Gullakh.com is an outright fight amongst Banks to get your business, whereas each one comes out with an offer better than the other to ensure they win you with better terms and lower rates. We limit the window to two days in order to ensure a tight Turn-around.

Reverse Auction at Gullakh.com runs on a live environment so that you can see the action in real-time. You choose the mode by which you’d like to receive Instant Alerts as new bids come in, either by email or SMS or both, so you can check them on your dashboard.

3. Declare The Winner

If you see an offer that’s too good to resist, you can stop the Reverse Auction process at any time.
Alternatively, once your Reverse Auction ends after 2 business days, you have up to 24 hours to review all the bids on your dashboard and declare a winner – the best rate with best features for you.

4. Cheers. It’s a Deal!

Once you’ve chosen the best offer that suits your requirement, we share your personal information ONLY with the chosen lender. They’ll contact you directly to log in and approve your loan application. Since the lender is aware of your credit profile, your application gets sanctioned quickly. We are, of course, working alongside with you, now and always.

That’s it!

It’s a win-win situation for both lenders and consumers. Click here to know how….