GOLD LOAN

A gold loan is a type of secured loan where a borrower pledges gold jewelry, coins or bullion as collateral to obtain a loan. The loan amount is determined based on the weight and purity of the gold pledged. Gold loans are typically provided by banks and non-banking financial companies (NBFCs). The interest rate on a gold loan is generally lower than that of an unsecured personal loan. The loan is usually repayable within a year and can be extended if needed. Upon repayment of the loan and interest, the borrower can retrieve their pledged gold.

Eligibility for gold loan:

To be eligible for a gold loan, you typically need to meet the following criteria:

1. Age: Must be 18 years old or above.
2. Ownership of gold: Must be the owner of the gold being pledged as collateral.
3. Quality of gold: The gold should be of 22-karat or above in purity.
4. Loan amount: The loan amount is determined based on the weight and purity of the gold pledged.

Note: The eligibility criteria may vary based on the lender. It’s advisable to check with the lender for the specific requirements.

Documents Required for gold loan:

To apply for a gold loan, you may need to provide the following documents:

1. ID proof: PAN card, Passport, Aadhaar card, Voter ID, etc.
2. Address proof: Passport, Bank statement, Aadhaar card, Voter ID, etc.
3. Ownership proof of gold: Sales receipt or hallmark certificate of the gold being pledged.
4. Signature proof: Passport, PAN card, etc.

Note: The document requirements may vary based on the lender. It’s advisable to check with the lender for the specific requirements.