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Gold Loan

Check Your Own Installments

Gold loan eligibility criteria

Age

Applicants should be 18 years or older.

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Ownership Requirement

The gold to be pledged must be in the possession of the borrower.

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Quality Standard

 The gold must meet the lender's purity criteria.

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Identification

 A valid government-issued ID is required for identity verification

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Documents Required for the Gold Loan

  • Passport ( not expired)

  • Identity and signature proof

  • Employee Identity card (in case of government employees)

  • Address proof

  • Proof of ownership Gold

  • Rent agreement

  • Two post- dated cheques for security purposes

  • Driving license ( not expired)

  • Voters ID card

  • Aadhar card

  • Pan Card ( along with any of above mentioned documents) or form 60egr

  • One passport size photograph

  • NREGA job card

  • Letter issued by National Population Registration

Features and Benefits of our Gold Loan

  • Quick  processing and disbursal

  • No income proof required

  • Flexible repayment options

  • Loan against various gold items

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  • Gold loan tax benefits

  • Minimal paperwork

  • No credit score

  • Immediate capital

  • No external collateral

  • No end-use restriction

  • Online process

How it works

Application:

Apply online or visit a branch.

 

Approval:

Loan approval is provided.

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Documentation:

Submit the necessary documents.

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Disbursal:

The loan amount is credited to your account.

Terms and conditions of the loan

  • Gold Quality Assessment:

    • The loan amount is contingent on the purity and quality of the gold submitted as collateral.

    • The bank will conduct a detailed assessment of the gold's karat and weight.

  • Loan-to-Value (LTV) Ratio Determination:

    • The LTV ratio is calculated based on the appraised value of the gold.

    • The maximum loan amount is a percentage of the gold's appraised value.

  • Gold Storage Requirements:

    • The bank may provide secure storage for the pledged gold during the loan tenure.

    • Storage fees, if applicable, will be communicated in the loan agreement.

  • Insurance Coverage:

    • The borrower may be required to obtain insurance coverage for the pledged gold.

    • The insurance premium and terms will be specified in the loan agreement.

  • Loan Renewal Options:

    • Conditions, if any, for renewing or extending the gold loan beyond the initial tenure.

    • Renewal fees and procedures will be outlined in the loan agreement.

  • Partial Repayment Conditions:

    • The borrower may have the option for partial repayment of the loan before the maturity date.

    • Conditions for partial repayment, including any associated charges, will be specified.

  • Loan Closure Procedure:

    • The process for closing the gold loan, including repayment of the principal and interest.

    • Conditions for the release of the pledged gold upon loan closure.

  • Late Payment Penalties:

    • Penalties and interest rates for delayed payments will be clearly outlined.

    • Timely repayment is crucial to maintaining favorable loan terms.

  • Grace Period for Repayment:

    • Conditions, if any, for a grace period in case of delayed repayment.

    • The duration and terms of the grace period will be specified in the loan agreement.

  • Change in Gold Prices:

    • The loan agreement may include provisions for adjusting the loan amount or terms in response to significant changes in gold prices.

  • Gold Appraisal Costs:

    • The borrower may be responsible for the costs associated with the appraisal of the pledged gold.

    • These costs will be communicated upfront.

  • Renewable Gold Storage:

    • Conditions for the renewable storage of gold with the bank beyond the loan tenure.

    • Any associated fees for continued storage will be outlined.

  • Default and Consequences:

    • Consequences of default, including the potential auction or sale of the pledged gold.

    • The process and conditions for default resolution will be clearly outlined.

  • Notice Period for Closure:

    • The borrower may be required to provide advance notice before closing the gold loan.

    • Notice period conditions will be specified in the loan agreement.

It's essential for borrowers to thoroughly review and understand all terms and conditions associated with a gold loan, seeking clarification from the lender if needed. This ensures compliance and informed decision-making throughout the loan period.

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