Gold Loan 2023: How to Apply, Interest, Eligibility, Feature

Hello friends, welcome all of you to our article today. Through this article, today we are going to tell all of you important information related to Gold Loan Gold Loan 2023 such as how to take Gold Loan 2023, Gold Loan Apply Offline, how to apply Gold Loan Online and how to take this Gold Loan Gold What will be the Loan Eligibility or Doucment Required Gold Loan , from which documents will be applied and what will be the Gold Loan Interest Rate and important information related to it.

Gold loans are highly sought-after loans in our country. Many of us possess valuable gold jewelry and ornaments, which have proven to be invaluable during difficult times. These assets have been utilized as collateral to fulfill our dreams and overcome financial challenges. Gold loans have been a long-standing practice, with gold serving as collateral for an extended period.

Gold Loan 2023

eatures	Eligibility criteria	Documents Required
The process is fast and secure	Age must be between 21 to 70	ID proof, address proof, income proof
Least possible documentation needed	Must be either salaried or self-employed	Physical KYC (Pan card)
Options of lower interest rates

“Investing in gold has become increasingly popular due to its continuously rising prices. Gold loans are considered to be one of the easiest loans to obtain in the market. The documentation process is minimal, making it hassle-free. Additionally, this type of loan is secured, resulting in a low-interest rate. Compared to personal loans and other unsecured loans, the interest rates are significantly lower.”

“Having a gold loan does not require a high credit score. However, if you want to borrow more money against your gold, the interest rates may differ from one bank to another. It is also crucial to consider the duration of the loan you desire. Since it is a secured loan, failing to repay the debt may result in the bank or lender seizing your gold.”

Lowest Gold Loan Rate	Processing Fee	Loan Tenure	Gold Loan per gram	Repayment Options
9.50%	0.25% to 1% of loan amount	1 day – 9 Months	₹ 11,556 (depending upon the purity of the gold)	EMI, Bullet Repayment Scheme, and Overdraft

Eligibility criteria For Apply Gold Loan

Before applying for a gold loan, it is important to understand the eligibility criteria. Gold loans are known for their simplicity and convenience, as they require minimal documentation and information. These loans are secured, resulting in lower interest rates, although the specific rate may vary depending on the bank.

Here are the eligibility criteria for a gold loan in bulleted form:

• Age must be between 21 and 70.
• Must be a salaried employee or a self-employed person.
• Can be a farmer, trader, businessman, office worker, or any other profession.
• The loan amount depends on the RBI’s Loan to Value Ratio, set at 90%.
• If you meet the eligibility criteria, you can avail the maximum value of your gold.

“The eligibility criteria for obtaining a loan against your gold are quite minimal. However, it is important to note that the amount you receive is heavily dependent on the Loan to Value Ratio set by the RBI. According to RBI guidelines, this ratio is set at 90%. If you meet the eligibility criteria, you can avail the maximum value for your gold.”

Application process Apply Online/Offline Gold Loan 

Gold Loan Apply Online: The gold loan application process is quick and easy, with minimal paperwork. It is a hassle-free and convenient option, requiring only basic documentation. Anyone can obtain a gold loan by following the instructions provided by the bank or lender. Some loan providers even offer home visits for elderly individuals who are unable to visit their offices.

Gold Loan Apply Offline: You have the option to complete the form online, but you will still need to visit the bank to submit your physical KYC documents. The bank doesn’t spend much time on minor details for this secured loan. Your gold will serve as collateral, and if you are unable to repay the debt, the bank will seize your gold.

Best Gold Loan Rates of all Banks in India 2023

Bank	Interest Rates	Lowest EMI Per Lakh
SBI Gold Loan Rates	7.30%	EMI scheme not available
Muthoot Gold Loan Rates	11.99%	₹ 34,002 for 36 months
Manappuram Gold Loan Rates	9.90%	EMI scheme not available
HDFC Bank Gold-Loan Rates	9.50%	EMI scheme not available
Yes Bank Gold-Loan Rates	9.99%	₹ 33,890 for 36 months
ICICI Bank	9.00%	₹ 1,00,750 for 12 months
Federal Bank	8.50%	EMI scheme not available
Canara Bank	7.35%	EMI scheme not available
Andhra Bank	7.60%	EMI scheme not available
Axis Bank	13.50%	₹ 50,845 for 24 months
IndusInd Bank	11.50%	EMI scheme not available
PNB	8.75%	₹ 1,00,729 for 12 months
Fincare Small Finance Bank	10.99%	₹ 1,34,401 for 9 Months

Application Process for Gold Loan is:

• Step1:

  • Choose the bank or lender for the gold loan deal.

• Step 2:

  • Visit the bank/lender’s premises or request a home visit (if applicable).
  • Alternatively, fill out the online form.

• Step3:

  • Submit all the required documents.
  • Provide physical KYC (Know Your Customer) details, if necessary.

• Step 4:

  • Select the desired loan tenure.
  • Determine the applicable interest rate.

• Step 5:

  • Wait for document verification and assessment of the gold.
  • Once the verification is complete and the gold is evaluated, your credit will be approved.

Doucment Required For Gold Loan 

• Identity proof: Doucment Required Gold Loan  

  • Aadhaar card
  • PAN card
  • Voter ID card, etc.

• Address proof:

  • Aadhaar card
  • Ration card
  • Passport, etc.

• Other gold loan documents:

  • Additional documents that may be requested during the loan approval process.

• PAN card: Doucment Required Gold Loan  

  • Required for physical KYC verification.

• Income proof:

  • Salary slip for salaried employees.
  • Bank statements for self-employed individuals.

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FAQ”S Gold Loan 2023