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Gold Loan

Delhi-NCR, India

Basic Details

Salary Per Month: 5000
  • Eligibility
  • Documents
  • Terms

The eligibility criteria of a Gold loan applicant is as follows:

Gold Purity​

Gold purity of 18 to 22-carat is required by lenders for pledge. If gold coins are pledged, then they should be 24 carats pure.

No Heading

In case a loan is required for agricultural purposes, proof of land holding is required

Credit Score​

It isn’t a deal maker or breaker in case of gold loans as it can be liquidated quite easily in case the asset turns sub-standard.​

Income Proof​

Mostly it is not insisted upon, but some lenders might still look for a stable income.​

Documents Required :

Pan Card

Adhaar Card

Address Proof

Income proofs/bank statement if required​

Proof of land ownership in case of agricultural purpose loan​

Terms & conditions :

Interest rate

It varies from 10% to 25% p.a. depending upon the lender and the financial condition and credit history of the borrower. It is less than the rates on personal loans.​

Quantum​

It is fixed by the lender in proportion of the weight of the gold pledged or at a loan to value ratio of around 65% to 75% of the market value of the gold pledged.​

Processing charge

Nominal processing charges are levied. Some lenders may not charge it all.​

Prepayment/foreclosure charges

Prepayment is allowed at a minimal or no charge.​