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Posted on Friday July 5th, 2019

Gone are the days when you had to go through a lot of hassle to buy gold. Now, you can easily Apply For a Gold Loan Online and buy your desired gold jewelry. The online process of obtaining a gold loan is very convenient, easy and hassle-free. Now, you do not have to worry about funds to get gold. Banks allow you to get a loan against gold ornaments, thereby fulfilling your immediate requirement of gold.

Other kinds of loan like a car or home loan require income proof and other documentation, but for a gold loan, all you need is gold, which is over 18 carats.

The process of getting a gold loan is straightforward. The banks give you a loan against your gold ornaments or jewelry. The bank will return you the gold back after you have repaid your loan amount. The gold, till then, is safeguarded with the bank. The gold is kept in theft-proof vaults with full security so that you do not have to worry about your gold being damaged or stolen.


There are two main eligibility criteria for getting a Gold Loan In India. They are as follows:

The individual must be in the age range of 18-75 years.
The individuals must possess some amount of gold against which they can apply for a loan.

Documents Required

To avail a gold loan, you will be required to get your KYC done. The KYC can be done in either of the two ways:

1. eKYC
2. Offline KYC

The eKYC process is quicker and only requires your Aadhar card. Your Aadhar card is verified through either a fingerprint scanning or OTP. The details of your application also get pre-filled, making the process very convenient.

For offline KYC, you will need several documents. The lists of the documents are as follows:

Identity Proof: This could include one of the following:
Aadhar Card
PAN Card
Valid Driving License,
Valid Passport
Voter’s ID Card
Job Card issued by NREGA

Address Proof: This could include any one of the following:
Aadhar Card
Driving License
Valid Passport
Voter’s ID Card
Job Card issued by NREGA

Other documents include two passport sized photos, signature proof, age proof and signed application form.

The gold loan has a lot of advantages with respect to other kinds of loan. Gold loans are secured loans and have a lower rate of interest. Gold loans can also be availed with ease, and the documentation process is hassle-free as not many documents are required. Other loans usually have an inflexible EMI schedule while with gold loans; you have the convenience to decide your repayment schedule.

The rate of interest for gold loans varies depending on your bank, your tenure and your loan amount. The rate usually ranges from 9% to 24%. The range of gold loan may be from Rs 1000 to a maximum of Rs 1.5 crore.