Your question: Who is eligible for gold loan?

Who can avail 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.

What is not accepted for gold loan?

In the case of banks, one can pledge gold ornaments or specially-minted gold coins sold by banks; however, loans cannot be given for gold coins weighing more than 50 gram. With NBFCs, only gold jewellery can be pledged. Also, loans cannot be given for the purchase of gold in any form.

How much gold loan can I avail?

What is the maximum limit on the Gold Loan that can be availed? A Gold Loan can be availed for a minimum of Rs 10,000 and maximum of Rs 1 crore, per customer.

Which bank is best for gold loan?

Gold Loan Interest Rates Comparison

Name of the Bank Interest Rate Loan Amount
Canara Bank Gold Loan 7.35% p.a. Rs.5,000 to Rs.35 lakh
Muthoot Gold Loan 12% p.a. to 26% p.a. Rs.1,500 onwards
SBI Gold Loan 7.00% p.a. onwards Rs.20,000 to Rs.50 lakh
Kotak Mahindra Gold Loan 10.00% p.a. – 17.00% p.a. Rs.20,000 to Rs.1.5 crore
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Does gold loan require income proof?

Gold Loan Document Checklist. You can avail a gold loan without any income proof. To avail a gold loan, you need to submit documents for identity and address proof. Rent agreement/ Passport/ Driving License/ Utility Bills/ Aadhaar Card/ Voter’s ID Card can be used as address proof.

How much loan will I get on my salary?

The loan amount you can avail depends on criteria like your credit score, salary, age, location, current obligations, etc. Lenders usually offer a home loan that is 60 times your salary.

How many types of gold loans are there?

The lender offers two types of gold loans – Gold Loan, and Realty Gold Loan. The repayment tenures for Gold Loan and Liquid Gold Loan are up to 36 months. Individuals over the age of 18 years can apply for a gold loan from SBI.

What are the documents required for gold loan in SBI?

You need to submit one proof of identity and one proof of address to get a SBI gold loan. The list of identity and address proofs is as follows: Identity proof: PAN Card, Driving License, Passport, Voter’s ID Card, Aadhar Card. Address proof: Voter’s ID Card, Aadhar Card, Rent Agreement, Utility Bills, Bank Statement.

Is SBI gold loan Safe?

Security – Gold items provided as security are returned on repayment of loan. Fast approval – This loan is easy to avail, with quick approval and minimal documentation. Low processing fee – SBI charges a processing fee of 0.25% of the loan amount.

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Will a bank take gold?

The bad news is that most banks do NOT accept gold due to missing evaluation possibilities. During the last 10 years many counterfeit coins and bars appeared because the gold price raised so rapidly. The risk of buying gold with a tungsten core is serious and most banks are not willing to bear buying-risks.

Which is better home loan or gold loan?

Interest rate – All loans carry an interest rate. A home loan top up interest rate is cheaper than a gold or personal loan. This is because a top up loan interest rate is only 0.5% to 1% higher than home loan interest rates. … A gold loan’s interest rate comes anywhere between 10% to as much as 26% in some cases.