Significance of Gold Loan in India

by Mohit Saxena Apply and Get Instant Personal Loan Approval

Taking a loan against gold is a very common practice in India. People very commonly prefer to meet their financial requirements with this form of a loan. The reason is that getting an instant gold loan is very easy and hassle-free nowadays as compared to other financing options. But before applying for a gold loan, you should be aware of some nitty-gritty associated with the gold process as it will really help you in choosing the best gold loan scheme for yourself.

Factors to keep in mind before applying for a gold loan

• Do a comparison of the multiple lenders - It is not necessary that all lenders offer the same product features. So, try to consider a lender that offers you a low rate of interest.

• Access the lender’s credibility - Since you are entrusting by pledging your gold with them, opt for reputed lenders or NBFCs only while availing a gold loan.

• Make a proper calculation of the cost associated with the loan - Before availing of a gold loan, you must are required to check all the charges associated with your loans such as processing fee, prepayment penalty, or any sort of hidden charges to avoid the nasty surprise later on.

Eligibility criteria to get an instant gold loan:

Here are the eligibility criteria to get a gold loan instantly

• Nature of employment: Either a Salaried, Self-Employed Professional, Businessman, Farmer, or Trader.

• Age limit: To get a gold loan, your age limit should be in between 21 and 60 years.

Know about the gold loan documents

Identity Proof (Any one of the below): PAN Card, Aadhaar Card

What all is accepted as address proof?

• Aadhaar Card

• Postpaid Bill/Landline Bill/ Water Bill/ Electricity Bill

• Address Updated in Bank statement/Bank Passbook

• Driving License

• Voter ID

• Passport

• Rent Agreement (With Latest Owner's Electricity Bill)

• Gas Bond Paper with the latest receipt

• Credit Card Statement

The process of gold loan apply online are as follows:

 First of all, you are required to check your eligibility before you apply for a gold loan.

 The minimum age is 18 years old and there is no maximum limit for gold loan apply online

 You are required to submit valid KYC gold loan documents which include your address proof and identity proof.

 After meeting the eligibility criteria, fill in the form which includes the following details:

• Full Name (As per PAN Card)

• Email Address

• Mobile Number

• Current Residence Pin code

• Required Loan Amount (Provide gold loan amount between 75% to 77% of the valued amount.)

 After you fill the 'Basic Details form', online verification of documents will take place. Post verification of the documents, you get a call from our sales manager, who will explain to you the whole gold loan process.

 If you meet the above eligibility criteria and agreed on the terms and conditions, within 45 minutes the loan manager will visit the gold loan applicant's place to verify the gold ornaments.

 Post verification of the documents and the gold pledged, your loan amount will get directly disbursed in your bank account of which you have shared details within a few hours by the loan manager.

Gold loans apply online has a lot of benefits as it comes with features such as speedy disbursal, minimal documentation, and simplified paperwork which is not in the case of other loan options.