Gold Loan Eligibility Criteria

Availing of a gold loan or a loan against gold is one of the easiest and fastest ways to raise funds and fulfil any personal or business requirements. This secured financing option is available against competitive interest rates and simplified terms, making it convenient for borrowers.

To avail of this loan, individuals need to pledge their gold ornaments and fulfil a few simple gold loan eligibility criteria. Since the funds are available against the value of the gold pledged, gold loans do not impose any stringent eligibility requirements.

The funds under this financing option can be availed even by those who fail to maintain a high CIBIL score. Owing to the high equity of the asset pledged, individuals can enjoy simplified borrowing terms and finance their requirements instantly.

 

Gold Loan Eligibility Requirements

The gold loan eligibility requirements are as follows -

  • Salaried individuals/ self-employed professionals/businessman/traders/farmers and likes can avail the advance.
  • They should be aged between 21 years and 70 years.

Even though the eligibility to avail a gold loan depends on these above criteria, the amount an individual can avail also depends on the Loan to Value ratio offered. The RBI has set a 90% cap on the LTV for gold loans. On meeting these above eligibility requirements, individuals can avail the maximum LTV against the value of their gold.

Individuals must also submit a few documents to avail a gold loan.

Documents Required for Gold Loan

Submit only KYC to establish repayment capacity and enjoy instant approval for this secured loan from Bajaj Finserv.

Following are document requirements for a gold loan –

Identity Proof

  • PAN Card
  • Aadhaar Card
  • Passport
  • Voter ID Card
  • Driving license
  • Central or State Government issued photo identity card
  • Photo credit card
  • Defence ID Card

Address Proof

  • Aadhaar Card
  • Ration Card
  • Passport
  • Bank account statement
  • Voter ID card
  • Any utility bill (electricity bill/water bill/telephone bill not older than 3 months)
  • Letter from any authorised person

Individuals may need to present income proof later along with necessary gold loan documents if the need arises. It is crucial to take note of the complete list of documents required to facilitate ease of approval.

 

Check Your Gold Loan Eligibility

The process to check gold loan eligibility is simple and hassle-free. Irrespective of the profession, individuals can qualify for this loan if they possess sufficient gold assets to seek an advance against them.

Besides eligibility criteria and documentation, also consider the purity of gold before applying. As per gold loan requirements, we accept gold articles of 18 carats to 24 carats after measuring the weight. Individuals can utilise a gold loan eligibility calculator to calculate the amount they can avail of before applying.

Note: This loan is available only against gold jewellery. Gold bars or coins are not accepted as viable collaterals for loan disbursal.

 

Frequently Asked Questions (FAQs)

1. Can Anyone Avail a Gold loan?

Yes, anybody aged between 21 years and 70 years can avail of the gold loan. Unlike other loans types, secured or unsecured, applicants do not need to fulfil stringent eligibility requirements to avail of this loan.

2. I am a Farmer. Can I Apply for a Gold loan?

Yes, you can apply for a gold loan. However, check the gold loan eligibility criteria and the documents required before applying.

3. How Can I Repay the Gold Loan Amount?

Bajaj Finserv gold loan comes with flexible repayment options. You can choose to pay the gold loan interest quarterly or monthly and repay the principal at the tenor's end. Or, you can pay the total interest at the onset of the loan tenor and repay the principal later. Alternatively, you can also repay the loan in regular EMIs, comprising both interest and principal.

People Also Considered

Digital Health EMI Network Card

Digital Health EMI Network Card

Digital Health EMI Network Card

GET IT NOW
Digital Health EMI Network Card

Digital Health EMI Network Card

Instant activation with a pre-approved limit of up to Rs. 4 Lakh

GET IT NOW
Business Loan People Considered Image

Business Loan

Loan up to Rs.45 lakh, to help your business grow

APPLY NOW

Loan Against Shares

Secured finance against your shares, for all your needs

APPLY NOW