Apply for Gold Loan

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Interest Rates: 11-22% Processing Fee: 2% Deals:Rs. 1000 Amazon Voucher Free
Interest Rates: 11-22% Processing Fee: 2% Deals:Rs. 1000 Amazon Voucher Free
Interest Rates: 11-22% Processing Fee: 2% Deals:Rs. 1000 Amazon Voucher Free
Interest Rates: 11-22% Processing Fee: 2% Deals:Rs. 1000 Amazon Voucher Free
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Gold Loan

When you are in dire need for cash and have some amount of Gold lying idle, Gold loan is your safest bet. It offers quick disbursal of loan amount. It is a secured loan given to the borrower against gold ornaments or coins without any other collateral. Being a secured loan, it generally has a short tenure and low interest rate. On repayment of the loan, the gold is returned to the borrower.

Unlike business loan, loan against Gold is given without checking the credit history and financial documents of the borrower. The amount of loan given by the bank or NBFC depends on the value of gold surrendered as security.

Key Features

Below are the key features of Gold Loan

  • Minimum documentation required and loan is disbursed quickly
  • No other collateral apart from gold is necessary
  • Credit history of borrower is not considered for loan on gold.
  • Banks & NBFCs accept gold jewellery and gold coins as collateral for loan against gold
  • The repayment tenure of gold loan ranges from few days to a few years and can be decided by the borrower
  • After in-house evaluation of gold, an amount equivalent to 75-80% of market value of gold is disbursed as loan
  • Pre-payment penalty is not charged on cash against gold
  • Gold loan allows you to pay only interest component as EMIs with the option to pay the principal at the end of the tenure
Gold Loan Process

The Gold loan application process is simple and easy as compared to other types of loans. You only have to submit the application form along with few necessary documents. Your loan can be approved on the same day and the loan amount will be disbursed within a short span of time usually same day.

Step 1 : Approach your preferred bank/lending institution for gold loan application

Step 2 : Evaluation of gold by the registered dealer to check your eligible loan amount

Step 3 : Submission of required documents to the bank/lending institution

Step 4 : After verification & approval your loan is disbursed via your preferred mode of payment usually a cheque

Step 5 : You shall receive your gold back on complete repayment of the loan

Eligibility & Documentation

Eligibility

Gold loan eligibility does vary from bank to bank but usually the applicant needs to be aged 18 years to 75 years

Documentation

Documents required for loan against gold ornaments

Identity Proof (Any One)
  1. Aadhaar Card/ e-Aadhaar Card
  2. Passport
  3. Driving License
  4. Voter ID
  5. PAN Card
Residential Address Proof (Any One)
  1. Telephone Bill
  2. Electricity Bill
  3. Piped Gas Bill
  4. Ration Card
  5. Election Card
  6. Passport
  7. Driving License
  8. Certificate from Statutory Authority
Others
  1. Photographs
Interest Rates

Gold loan interest rates vary for each bank/lender. Below mentioned rates are the general variance in the rates. However on an average the rate of interest can be somewhere around 13%.

Rate of Interest: 9% to 25%

Processing Fee: 0.5% to 1%

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