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Gold Loan


Gold Loan

Gold loan is sanctioned by accepting the gold ornaments of the customer as pledge. Personal loan is sanctioned on the basis of source of income and repayment capacity of an applicant.did you know that you can use this gold to fund your emergency cash requirements such as medical emergency, child education, business expansion, down payment for the purchase of vehicle and holiday with your family. If you are in a dire situation and need cash urgently, you can utilize the ideal gold lying in your locker to fund the emergency cash requirement.

Gold loan is a secured loan, as the loan is provided by the banks against gold collateral. Banks provide borrowers with this loan by keeping gold jewellery and coins, which is returned back to the loan borrower upon repayment of the loan amount that is due.

Benefits of Gold Loan:

  • Quick process: In India, gold loans are some of the quickest loans to be sanctioned as the banks have your gold as security in case of default, removing the need for checks on credit scores or reports. The loan can be approved, over the counter, in a matter of minutes or just a few hours. Many lenders can have your gold valued quickly and sanction the loan immediately, after verification of the purity and value of the gold.
  • Lower interest rate on gold loans: As these are secured loans banks charge a lower interest rate compared to unsecured loan such as personal loan. The interest rates are generally in the range of 12 to 13% while personal loan generally starts with an interest rate of 15%. Also, if you attach another security as collateral, the gold loan interest rate can be reduced further.
  • No income proof required: In many cases, you are not even required to submit a salary certificate since your gold is held as security by the lender. So, even if you are currently unemployed or do not have a good credit score, you will still be eligible for this kind of loan. However, it is possible that some lenders might ask for a salary certificate for loans above a certain amount.
  • Safety of gold: The onus of the security of the gold lies with the lender. It will remain safe in its vault, you don’t have to worry about that. After you repay the loan you will get your gold back.
  • Option to pay interest only: Gold loans have a unique feature where the borrower has the option of paying just the interest part and the principal amount can be paid at the time of the closing of the loan.

Highlights of Gold Loan:

  • Only one recent ID—Voter ID/ Ration Card/ Driving License/ Passport.
  • No time-consuming formalities involved.
  • Pay interest only for the exact period of loan, and to the exact number of days.
  • Different schemes for different needs, to suit all income groups.
  • Pay interest only for the exact period of loan, and to the exact number of days.
  • Different schemes for different needs, to suit all income groups.


Gold Loan :