GOLD LOAN Requirements

Gold Loan is a secured form of loan in which the borrower pledges gold ornaments or gold coins as collateral with the lender. The loan against gold depends on the value of the gold offered as mortgage and the loan needs to be repaid in installments along with the fixed rate of interest charged by the lender.

Unlike other loans, Gold Loans are not offered based on the credit history or repayment track on the past loans and credit card bill dues. It is totally based upon the value of gold pledged as collateral and the credit score is checked by the lender.

  • Any salaried individual, trader, farmer, self-employed professional and self-employed businessman.
  • Minimum age is 18years and maximum age is 70years.
  • The gold pledged as collateral should have a purity of 18-24 carats. The bank checks on the purity of the gold and ascertains the loan amount before the loan approval.
  • Gold Loan can only be availed by a resident of India. No NRI is eligible for a Gold Loan.
  • Aadhar Card
  • Passport(valid)
  • Driving License
  • PAN Card
  • Voter ID
  • Photo ID
  • 2-3 Passport size photographs

The loan amount varies based on the value of the gold. However, the loan to value may go up to 75% of the gold value.