Features of Gold Loan
- Loan for every need: We provide Gold Loan amounts starting from INR 10,000 against your gold holdings to meet the liquidity needs.
- Safe storage of your gold articles: Your gold is kept in secure custody in our bank's safe vaults. It is only transferred from one locker to another, keeping the structure and design intact.
- Convenient repayment options: Our Gold Loan scheme offers competitive rates and flexible repayment options. You can choose between EMI or interest servicing, depending on your repayment capability.
- Always nearby: We have numerous branches across the country, making it easier to apply for a loan or close the Gold Loan account.
Benefits of Gold Loan
- Higher loan-to-value ratio: The Gold Loan comes with a high loan-to-value ratio of up to 75%. This means you can get a loan of up to 75% of appraised gold value.
- Attractive interest rate: The Gold Loan interest rates are lower compared to unsecured personal loans.
- Minimum documentation and swift processing: With simple KYC-based documentation and verification process, you only have to submit your identity documents and address proof. We offer an over-the-counter disbursement facility.
- No income proof or bank account statement required: For a loan amount of up to INR 10,00,000, you don’t need to provide income proof as the loan is secured against the gold mortgaged. Also, a low credit score doesn’t affect the Gold Loan application approval.
- Low processing fees: Gold Loans have loan processing and renewal fees of only up to 1%.
- Top-up facility: You can also avail of the top-up facility at renewal as per the prevailing gold prices in the market.
To apply for a Gold Loan, an applicant must fulfill the following eligibility criteria:
- Be a resident of India
- Age should be between 18 and 70 years
- Have a steady source of income
- Own the gold jewellery articles to be mortgaged
- Purity of gold jewellery should be in a range between 18 to 24 carats
Non-income proof providers can only get a Gold Loan of up to INR 10,00,000.
How to apply for Gold Loan?
Eligible customers can apply for a Gold Loan through the following ways:
- Branch visit: You can visit your nearest branch and apply for a Gold Loan in person.
- Online form: Fill in our online form to have one of our representatives reach out to you.
- Customer care: You can also apply for a Gold Loan by calling our customer care number at 1800-1200-1200. You can alternatively email us at [email protected]
- Relationship Manager: Existing customers can also get in touch with their dedicated RMs to find out how to get a Gold Loan.
Documents required for Gold Loan
The following documents are required to apply for a Gold Loan:
- Identity & address proof (Aadhaar card, passport, driving license, voter ID, etc.)
- Other relevant documentation
Fees and charges of Gold Loan
The following are some essential fees and charges applicable to Gold Loan:
- Processing fees/Renewal fees: 1% of the Gold Loan amount
- Stamping charges: As per state laws
- Penal charges
- Foreclosure charges: 1% of the balance amount
GST and other government taxes will be applied, which are over and above the scheduled charges.
For details on fees & charges, Click here.