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A gold loan is a secured loan that allows individuals to borrow money against their gold assets. It is a convenient financing option where gold jewelry, ornaments, or coins are pledged as collateral in exchange for funds provided by a lender.

Benefits of Taking a Gold Loan:

Quick Access to Funds: Gold loans offer rapid access to funds, making them ideal for addressing urgent financial needs or emergencies.

No Credit Check Required: Since gold loans are secured by collateral, lenders often do not require a credit check, making them accessible to individuals with varying credit histories.

Flexible Repayment Options: Enjoy flexible repayment terms, including options for regular monthly payments or a bullet repayment structure, allowing you to choose a plan that fits your financial situation.

Low Interest Rates: Gold loans typically come with lower interest rates compared to unsecured loans or credit cards, making them a cost-effective financing option.

Minimal Documentation: The documentation required for a gold loan is minimal, reducing the time and hassle involved in the loan application process.

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Current Interest Rate on Gold Loans

Name of Lender Gold Loan Interest Rates Processing Fees
Bank of Baroda Gold Loan 9.40% p.a. onwards Rs.1,500
Canara Bank Gold Loan 9.15% p.a. onwards 0.25% of the loan amount, subject to a minimum of Rs.1,000
and a maximum of Rs.5,000
Axis Bank Gold Loan 8.55% p.a. onwards Minimum of Rs.3,500 and maximum of Rs.7,000
Federal Bank Gold Loan 11.00% p.a. onwards As per bank guidelines
SBI Gold Loan 8.60% p.a. onwards New Car: Nil

Documents Required for a Gold Loan:

Identification Proof: Passport, driver's license, Aadhaar card, or any other government-issued ID.
Utility bills, rental agreements, or any other document proving your living address can be used as address proof.
Proof of Ownership of Gold: Original gold jewelry, ornaments, or coins that will be pledged as collateral.
Additional Documents: Depending on the lender's requirements, additional documents such as income proof or bank statements may be required.
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Features of a Gold Loan:

Loan Amount: The loan amount is determined based on the value of the gold pledged as collateral, typically ranging from a few thousand to several lakhs.
Loan Tenure: Gold loans offer flexible repayment periods, usually ranging from a few months to a few years, depending on the lender's policies and the borrower's preferences.
Loan Disbursement: Upon successful evaluation of the pledged gold, funds are disbursed quickly, often within hours of loan approval.
Security of Gold: Security of Gold: The pledged gold is securely stored by the lender throughout the loan tenure, ensuring its safety until the loan is repaid in full.
Loan Renewal and Prepayment: Some lenders offer options for loan renewal or prepayment, allowing borrowers to extend the loan tenure or repay the loan before the scheduled term ends.
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Important questions

Frequently Asked Questions

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What is a gold loan?

A gold loan is a secured loan where individuals pledge their gold assets as collateral to borrow money from a lender.

What documents are required for a gold loan?

Documents required for a gold loan include identification proof, address proof, proof of ownership of gold, and any additional documents as per the lender's requirements.

How is a gold loan's interest rate calculated?

The interest rate for a gold loan depends on factors such as the loan amount, loan-to-value ratio, repayment tenure, and the lender's policies.

What occurs if I am unable to pay back the loan for gold?

If you are unable to repay the gold loan as per the agreed terms, the lender has the right to auction the pledged gold to recover the outstanding loan amount.

Can I renew or prepay my gold loan?

Some lenders offer options for loan renewal or prepayment, allowing borrowers to extend the loan tenure or repay the loan before the scheduled term ends.

Is my pledged gold safe with the lender?

Yes, the pledged gold is securely stored by the lender throughout the loan tenure, ensuring its safety until the loan is repaid in full.

What Clients Say

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