Gold loan

Features

• Easy Documentation – Only the KYC (Know your customer) documents like identity proof, age proof etc. are required for the loan formalities.
• Quick Disbursal – It is an instant type of loan. Loan approval may take maximum of an hour only and borrower receives the money either in cash or in his account instantly.
• Very Low Processing Fee – Very nominal fee of around 1% is charged for the loan processing.
• High Loan Amount – Loan amount up to Rs. 1 crore can be taken depending upon the market value of the gold pledged. Loan Up to 75% of the market value of gold is given.
• Low Interest Rate – Very low interest rate ranging from 12% to 28% per annum.
• Security of Gold – Gold is entirely safe and insured with the lender.
• Tenure is 3 months to 1 year - Maximum tenure is 1 year, after which the loan has to be renewed to avoid the auction.

Eligibility

• Minimum age 18 years.

Documents required

• Loan Application
• 2 passport size photographs
• ID Proof – Driving License/Pan Card/Passport/ Voter Id/ Aadhar Card.
• Address Proof – Ration Card/Aadhar Card/Passport/Driving License.

Foreclosure Charges

A Very nominal charges ranging from INR 0-300 depending upon the loan value, will be charged for repaying the loan earlier than 3 months.

Part Payment

Loan can be repaid partly as per the availability of funds. And partial gold can be released after making the payment of required amount.

Gold Auction

In case of any default on the payment of the loan, the lender has the right to make auction of the gold only after giving a sufficient notice to the borrower.