Key Features and Advantages of Our Gold Loan
- Secured Financing: Your gold acts as collateral, ensuring a safe and reliable loan option.
- Fast Approval: Quick loan processing and immediate fund disbursal.
- Custom Loan Amounts: The loan amount is determined based on the value of your pledged gold.
- Immediate Cash Access: Convert your gold into cash without having to sell it.
- Attractive Interest Rates: Since the loan is secured, it comes with lower and more competitive rates.
- No Usage Restrictions: Use the loan amount for any purpose—be it personal, business, or emergency.
Loan in just 15 minutes
Apply with PAN or Aadhaar Card
Loans starting from Rs.5,000
Multiple repayment options
Loan in just 15 minutes
Apply with PAN or Aadhaar Card
Loans starting from Rs.5,000
Multiple repayment options
Gold Loan Eligibility & Documentation Requirements
To apply for a gold loan, you need to meet the following eligibility criteria and provide the required documents:
Eligibility Criteria
- Minimum Age: Applicants must be 18 years or older.
- Gold Ownership: You must legally own the gold being pledged.
- Gold Standards: The pledged gold should match the lender’s purity and quality requirements.
- ID Proof: A valid government-issued photo ID is necessary for identity verification.
Required Documents
Proof of Identity and Signature (any one):
- Aadhaar Card
- Voter ID
- Passport
- Driving License
- PAN Card
- Employee ID (for government employees)
Proof of Address (any one):
- Rent Agreement
- Bank Statement
- Voter ID
- Passport
- Driving License
- Recent Utility Bills (telephone, water, electricity)
- Credit Card Statement or Property Tax Receipt
Other Requirements:
- Two post-dated cheques as a security measure
Recent passport-size photographs
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Steps to Apply for a Gold Loan
Here’s a step-by-step guide to help you apply for a gold loan:
- Select a Trusted Lender: Look for a bank, NBFC, or gold loan specialist with a solid reputation.
- Verify Eligibility: Make sure you fulfill the age, gold ownership, and quality criteria.
- Apply Online or Offline: Visit a nearby branch or use the lender’s official website or mobile app.
- Gold Appraisal: If applying in person, take your gold to the branch for purity and value assessment. For online applications, an in-person visit might still be required unless the lender provides doorstep evaluation services (offered by some fintech companies).
Gold Loan EMI Calculator
How is EMI Calculated for Gold Loans?
Your monthly EMI is calculated using the compound interest formula:
EMI=P×r×(1+r)n(1+r)n−1\text{EMI} = \frac{P \times r \times (1 + r)^n}{(1 + r)^n – 1}
Where:
- EMI = Monthly Installment
- P = Loan amount
- r = Monthly interest rate (Annual rate ÷ 12)
n = Loan duration in months
FAQs
What is a Gold Loan and how does it work?
A Gold Loan is a type of secured loan where you pledge your gold jewelry or ornaments as collateral to a bank or NBFC in exchange for a loan amount. The lender evaluates your gold and provides a loan based on its value.
How much loan can I get against my gold?
The loan amount typically ranges from 75% to 90% of the gold's market value, depending on the lender and current RBI guidelines. The purity and weight of your gold play a major role in determining the amount.
What is the usual duration to repay a Gold Loan?
Repayment tenures usually vary between 3 months to 3 years. Some lenders may offer flexible repayment options like bullet repayment, EMI, or overdraft facility.
What happens if I default on my Gold Loan repayment?
If you fail to repay the loan, the lender has the legal right to auction your pledged gold to recover the outstanding amount. They usually provide multiple reminders before initiating this step.
Is my gold safe with the bank or NBFC?
Yes, your pledged gold is stored securely in a vault and insured by the lender. It remains safe and untouched unless the loan is not repaid.