To get a gold loan, choose a lender like a bank or NBFC that offers competitive rates and terms. Ensure you meet the eligibility requirements, such as having gold with the required purity (usually 18k or above). Gather documents like identity proof, address proof, and gold ownership proof. Visit the lender or apply online, where your gold will be evaluated for weight and purity. Based on this, the lender will offer a loan, typically up to 75-90% of the gold’s value. After signing the agreement, the loan amount is disbursed, and you must repay it on time to avoid losing your gold.
To get a gold loan, follow these steps:
-
Research Lenders: Look for banks, NBFCs (Non-Banking Financial Companies), or private lenders that offer gold loans. Compare interest rates, loan tenure, and processing fees to find the best option.
-
Check Eligibility: Ensure you meet the eligibility criteria, which typically include being an Indian resident and having gold that meets the lender's minimum purity requirement (usually 18k or above).
-
Prepare Documents: Gather necessary documents such as identity proof (Aadhaar, passport), address proof (utility bills, passport), and proof of ownership of the gold (bill of purchase, valuation certificate).
-
Visit the Lender: Go to the lender's branch or apply online. You will need to present your gold items (jewelry or coins) for evaluation.
-
Gold Evaluation: The lender will assess the weight and purity of the gold. Based on this, they will offer a loan amount, usually up to 75-90% of the gold’s value.
-
Sign the Agreement: If you agree to the terms, sign the loan agreement. The lender may also charge processing fees.