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Gold Loan

Gold loan (also called loan against gold) is a secured loan taken by the borrower from a lender by pledging their gold articles (within a range of 18-24 carats) as collateral. The loan amount provided is a certain percentage of the gold, typically up to 80%, based on the current market value and quality of gold.

Requirement For Gold Loan

Eligibility criteria

There are no specific gold loans eligibility criteria to satisfy to get gold loan. Anyone can apply for gold loan, as long as the person seeking a loan owns the gold. The sanctioning gold loan is determined by the value of gold the borrower submits.

The person should be above the age of 18 years.
He should own gold

Maximum loan duration

It can be 1 to 03 years. Shorter or longer tenures may be allowed on a case by case basis, but it is rare.

Rates

At present, many leading banks and NBFCs offer such loans at interest rates of as low as 11%-13%. However, the rate applicable to a borrower is contingent on key factors, including credit score, income level, loan amount and tenure, previous relationship (savings account, loans or credit cards) with the lender, etc.

Processing fees

Yes. In addition to the interest payable on the principal amount, there is a non-refundable charge on applying for a Gold loan. The lender charges processing fees, usually 0.50-2% of the loan principal, to take care of any paperwork that needs to be processed as part of the application process. The lender may waive this charge if you have a long-term association with him.

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Gold Loan

Requirement For Gold Loan

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