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. ... Hence gold loan is the perfect solution to raise capital and use the fund when you require money to meet your financial needs.
benefits of gold loan
Gold Loan Eligibility Criteria
The best thing about a gold loan is that any individual who possesses gold coins or jewellery is eligible to take a jewellery loan. As an applicant, you do not need to produce any income-proof documents like salary slips or bank statements for a jewellery credit. While the gold loan eligibility criteria can vary across banks, here are some basic guidelines of who can apply for a jewellery finance from any bank or financial institution
|Age of the applicant||Any Indian citizen above the age of 18 years and a maximum of 70 years is eligible to apply for a jewellery mortgage.Some banks require you to have a co-borrower if the credit applicant’s age is above 70 years.|
|The profession of the applicant||Most Indian banks and financial institutions offer jewellery mortgages to salaried employees, businessmen, and self-employed professionals. This also includes farmers and traders.|
quality of gold
|Jewellery mortgage eligibility, you can deposit gold in any form, including jewellery, minted coins, and ornaments. The minimum purity of the deposited gold must be 18 karats—and up to a maximum of 22 or 24 karats. Minted gold coins are accepted only if they are 24 karats with a maximum weight of 50 grams. The approved finance amount is determined mainly by the weight and current market value of the deposited gold.|
documents required for gold loan
You only need to submit your KYC documents to get instant approval for this secured loan. Your KYC documents include :
Note : As per bank norms*
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