Gold loan is a type of secured loan. It is a new and trending concept in Indian loan sector. Many people in India own gold as it is considered as a symbol of success and fortune. Often people do not use gold ornaments regularly and they are kept at home or in bank lockers for safety. But instead of keeping the gold ornaments there, you can mortgage them to a bank or an NBFC and get a loan against it with tempting interest rates. Keeping your gold ornaments as collateral for loan is known as ‘Gold Loan’. It is the fastest way to get loan and is also very easy as it does not require a plethora of documents. Along with ornaments you can also keep gold coins as collateral. These gold loans are usually taken for short tenures as per the applicant’s needs. The lenders design the repayment process and EMI’s according to the borrower’s needs. Gold loans are popular in urban as well as rural areas equally.
What are the Documents Required to avail Gold Loan?
- Passport-size photographs.
- Identity and signature proof - Passport, Pan card, Driving License, Voter ID card, Aadhar card, employee identity card in case of government employees.
- Address Proof - Bank statement, Rent Agreement, Voter ID card, Ration card, Passport, Driving License, telephone/electricity/water/credit card bill or Property tax.
- Two post dated cheques for security purpose.
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