Gold Loan Details
| Interest Rate | 10.39% p.a. onwards |
| Loan Amount | Up to Rs.1.5 crore |
| Loan Tenure | 3 months onwards |
| Processing Fee | 0% - 2% of the loan amount + GST |
How Does Gold Loan Work?
A gold loan is a secured loan category when you keep your gold ornaments or coins as a collateral to borrow money from a lender. The lender offers lower interest rates due to the collateral or security against this loan. The amount sanctioned as the loan is generally a certain percentage of the total cost of the gold's market value. Once you repay the entire loan on time with interest, the gold is returned in the same state as you first deposited them at the time of taking the loan. Gold loans are generally offered for a fixed period of 6 months to 12 months.
Gold Loan Eligibility Criteria
Gold is a valuable asset, Our Gold Loan is one of the most affordable options with transparent fee structure and zero hidden charges and quick disbursal.
Anyone can apply for a gold loan, you need to meet the below criteria:
- Nationality: Resident Indian
- Age: 21 to 70 years
- Gold purity: 18-22 karat
- Employement: Salaried, Non-Salaried, Self-Employed individuals
- Credit Score: A CIBIL score of 750 or above improves your chances of approval
Gold Loan Benefits and Features
- No income documents
- Maximum loan amount 75% of the value of gold
- No hidden charges, complete transparency
- Free insurance of gold
- Pre payment option with no penalty
- Easy application process
- Lower interest rates
- No restriction on funds usage
- Super quick Disbursal
- Complete gold safety
Documents required for Gold loan
- KYC documents: Any one of the following documents can be submitted
- PAN Card
- Aadhaar card
- Passport
- Driving license
- Election / Voters identification card, NREGA Job card signed by the officer of the State Government
- One Passport Size Photograph
How to apply for a Gold loan online
- Fill a simple online gold loan application form
- Fill your basic details such as name, mobile number, occupation type and gold details
- Submit the required documents
- Once done, you will receive a call from our team and guide you on the next steps
- Once the gold is evaluated and your document verification is done. The amount 75% of your gold's value as loan is disbursed in your account
FAQs About Gold Loan
What is a Gold Loan?
A loan taken against your gold or jewellery when you keep it as a collateral is known as a Gold Loan.
Who is eligible to get a Gold Loan?
An Indian Resident between the age of 21 and 70 years and having gold jewellery of 18-22 karat is eligible to apply for a Gold Loan.
When should I apply for a Gold Loan?
You should apply for a Loan against Gold when you need money for a specific planned or unplanned expenses. You can apply online using the simple application form on the Web Online CA website.
How can I get a gold loan?
- Fill a simple online gold loan application form
- Fill your basic details such as name, mobile number, occupation type and gold details
- Submit the required documents
- Once done, you will receive a call from our team and guide you on the next steps
- Once the gold is evaluated and your document verification is done. The amount 75% of your gold's value as loan is disbursed in your account
What happens if I don't pay the gold loan back?
Failure to repay the gold loan the lender will send reminders about overdue payments through calls, emails, or letters to intimate the borrower regarding EMI payment. After a fixed period the lender will issue a formal notice. After the notice period, the lender proceeds to sell or auction the gold ornaments and repay the loan amount. The lender may take legal action to recover any remaining balance if the gold’s auction value does not cover the full loan amount.
How do I repay the Gold loan?
You can repay the loan against Gold through easy monthly installments, quarterly, half-yearly, or annual basis as per your convenience.
Can I foreclose or prepay my Gold Loan?
Yes, you can foreclose or prepay your Gold Loan with charges of 1% + GST if closed within 6 months and nil foreclosure charges if closed after 6 months of applying for Loan against Gold. Timely or early repayment improves your credit profile.
Can I get gold back after repaying a gold loan?
Yes, Once the loan amount, including any accrued interest and charges, is paid off, the lender will release the pledged gold to the borrower.