Gold Loan Requirements
A Gold Loan is a secured loan where you pledge your gold ornaments/jewelry as collateral. Here’s a simple guide to the requirements and application process:
Basic Eligibility Criteria:
Age: 18 to 70 years (varies slightly by lender)
Citizenship: Indian resident
Occupation: Salaried, self-employed, business owner, or farmer — all eligible.
Documents Required:
| Document Type | Details |
|---|---|
| Identity Proof | Aadhaar Card, PAN Card, Voter ID, Passport, or Driving License |
| Address Proof | Aadhaar Card, Utility Bill, Passport, Driving License |
| Photographs | 1–2 passport-size photos |
| PAN Card | Mandatory for loans above ₹5 lakh (as per RBI) |
Note: Some lenders may ask for income proof if the loan amount is high, but most do not require it for standard gold loans.
Gold Requirements:
Gold Purity: 18 to 24 karats (22K preferred)
Type: Ornaments or jewelry (gold bars/coins are usually not accepted)
Weight: Minimum total weight requirement varies (e.g., 10g+)
Application Process (Online or Offline):
Visit a bank/NBFC branch or website (e.g., Muthoot Finance, Manappuram, SBI, HDFC, ICICI).
Submit your gold and documents.
Gold is evaluated for purity and weight.
Loan amount is sanctioned (up to 75% of gold value, as per RBI guidelines).
Disbursal is usually same-day via cash, cheque, or bank transfer.
Key Features:
Loan Tenure: 3 to 36 months (can be renewed/extended)
Interest Rate: Typically 7% to 15% per annum (depends on lender)
Repayment Options: EMI, bullet payment, or interest-only
If you’d like a list of best lenders or help applying online, let me know!