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Gold Loan

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About Gold Loan

A loan obtained against gold is a secured loan taken by the borrower from a lender by keeping their gold articles (within a range of 18-24 carats) as collateral. Gold is an item that is valued extensively in India. But in the face of emergencies, people are sometimes forced to use their gold possessions as collateral for availing loans in banking institutions. After repayment of the loan, it is returned to the borrower. The interest rates are reasonable for gold loans.

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Documents Required for Gold Loan

    Personal Documents
  • 1. Aadhaar Card/Voter ID
  • 2. PAN Card
  • 3. Two copies of passport size photograph
    Other Documents
  • 1. Utility Bill (Electric bill/Water Bill/Telephone Bill)
  • 2. Last 6 month bank account statement
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Features of Gold Loan

Purpose:

You can avail of a gold loan to finance various needs, such as for educational purposes, medical emergencies, holiday trips, and so on.

Security:

The gold that has been pledged with the bank or the financial institution acts as the security or collateral against which the loan amount is provided.

Tenure options:

The tenure options can range from a minimum of 3 months to a maximum of 48 months.

Fees:

Other charges that might be applicable on a gold loan are – processing fees, late payment charges/ penalty for non-payment of interest, valuation fees, etc.

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Gold Loan Eligibility

  • Age: 18 years and above
  • Professionals, salaried employees, self-employed individuals, traders, farmers, business persons can avail gold loans

FAQ

You can get loan against gold jewellery.

It is not mandatory but with a good CIBIL score you can get competitive interest rates and flexible repayment terms.

To apply for loan you need to submit the following documents:

  • Application for Gold Loan with two copies of photographs.
  • Proof of Identity
  • Proof of Address
  • Witness Letter in case of illiterate borrowers.

In case of loan default and non-repayment of a loan, the pledged items will be seized, sold or auctioned off.

Yes, Gold loans are disbursed instantly, making them a suitable option for emergency financing.

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Now apply for a Car Loan online, All you need to do is provide your details below application form.

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