Gold Loan
Gold loan is a type of secured loan. It is a new and trending concept in Indian loan sector. Many people in India own gold as it is considered as a symbol of success and fortune. Often people do not use gold ornaments regularly and they are kept at home or in bank lockers for safety. But instead of keeping the gold ornaments there, you can mortgage them to a bank or an NBFC and get a loan against it with tempting interest rates. Keeping your gold ornaments as collateral for loan is known as ‘Gold Loan’. It is the fastest way to get loan and is also very easy as it does not require a plethora of documents. Along with ornaments you can also keep gold coins as collateral. These gold loans are usually taken for short tenures as per the applicant’s needs. The lenders design the repayment process and EMI’s according to the borrower’s needs. Gold loans are popular in urban as well as rural areas equally.
Why to choose Gold Loan?
- No Financial requirement up to Rs 15 Lacs even for Non HDFC Bank customers.
- Only Bank to fund Partnership Firm/Private Limited Companies other than Individual (Jewellery belonging to Family of Partners/directors/Firm/Company).
- Hassle free renewal without visiting the branch. Renewal will be subject to credit decision.
- Minimum utilization of 20% on a monthly basis to avoid commitment charges.
- HDFC offers gold loan under their ‘Sampoorna Bharosa Gold Loan’ scheme where the tenure is decided on the quality of gold and the amount disbursed. Tenure of HDFC gold loan ranges from 6 months to 4 years.
- To avail HDFC gold loan you need minimum documents. HDFC gold loan interest rate starts from 9.70% and goes up to 20.18%. These are the lowest interest rate available. But commonly the HDFC gold loan interest rate falls between 12% to 13%.
- HDFC offers extremely flexible and many times customized repayment options. Borrower can start by paying interest rate and pay the principal amount at the end of the tenure. Also the borrower can make pre-payments in a few installments.
- HDFC gold loans are approved and disbursed quickly. They can be approved within an hour and the borrower can get the loan money quickly. Thus those who require funds quickly, gold loans acts like a savior for them.
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Total Summary
About Gold Loan
Gold loan is a secured loan which a person can avail by pledging their gold as collateral. On the basis of current market value and quality of gold, upto 75% of the gold value is provided as loan amount.
You can repay the loan amount through monthly EMI’s after which you get your gold back. Not like other secured loans such as a home loan or car loan, there are no restrictions on the usage of gold loans. You can get gold loan for any purposes like wedding, Child’s education, Business growth, etc.
India is one of the largest consumers of gold in the world as per World Gold Council (WGC). The Gold can be used to get a loan at the time of a financial emergency.
Gold records for an enormous extent of Indian family riches and this resource has been proving to be useful during the time of monetary pressure brought about by the pandemic.
If You Are Looking For Gold Loan, You Can Avail
Upto 75%
of your ornaments/Gold value
3 to 24 months
Flexible Tenure for easy repayment
7% to 26%
Competitive Interest Rates
No Hidden Charges
Transparent Processing
Gold Loan Eligibity
- Person must own Gold.
- The Gold should be above 18 karats which is to be kept as collateral.
- Person must have a steady Income to pay the loan in time.
- The Applicant should have a good credit score.
Documents Required
- Passport size photographs
- Identity proof like Voter ID, Driving license, Passport, Aadhar Card.
- Address proof (Rent agreement, Ration card, Electricity bill, Property tax receipt, etc.)
- Two post-dated cheques for security purposes
- Signed and filled Gold Loan Application Form
Features of Gold loan
- OTC Spot Loan: Spot sanction over the counter product.
- Safe & Secured: Unique triple layer security packing for gold jewellery and safely secured in Bank's locker.
- Assessment by professional Assayers: Handling and Valuation of jewellery are done by a valuer with long years of experience from a well-known jewellery house.
- Minimal Documentation: Application Form and KYC documents. (PAN Card and documents such as valid Passport/ Driving License /Voters ID card /Aadhaar Card).
- Flexibility of offering: Customer has a basket of variants viz Term Loan/ Overdraft/ EMI/Bullet Payment.
- Insurance: Insurance cover for loan is available.
Why choose Us?
Hassle-free Process
Guidance from Top Experts
Disbursement in 1 Hour