- Gold Collateral: Applicants must possess gold assets meeting purity standards specified by the lender.
- Age and Citizenship: Applicants must be legal adults and citizens or residents of the country where the loan is applied for.
- Loan Amount: Loan eligibility is determined by the value and purity of the gold collateral, within any maximum limits set by the lender.
- Loan Repayment Capacity: While credit scores may not heavily influence eligibility, lenders will assess applicants’ ability to repay based on income and financial stability.
- Documentation: Applicants need to provide valid identification and address proof along with any other required documents.
LOAN
Gold Loan
Enjoy super quick disbursals
Just pay interest for the amount utilized
Triple layer security for your gold
We understand the value and significance of your gold assets, and we’re committed to providing you with flexible and efficient financial solutions tailored to your needs. Whether you’re looking to seize new opportunities, address urgent financial needs, or embark on a new venture, our Gold Loan services offer a secure and hassle-free way to access the funds you require.
Interest Rates: This point highlights the importance of staying informed about current interest rates to ensure borrowers can access cost-effective options. It emphasizes the significance of understanding the financial aspect of borrowing.
Loan Criteria: This point emphasizes the eligibility requirements for borrowers, including income, credit scores, and employment history. It underlines the need for potential borrowers to understand whether they meet the lender’s criteria before applying for a loan.
Loan Types: This point introduces the different types of loans available to borrowers, such as fixed-rate and adjustable-rate loans. It indicates that borrowers have options to choose from based on their preferences and financial situation.
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The repayment amount shown using this calculator is an estimate, based on information you have provided. It is provided for illustrative purposes only and actual repayment amounts may vary. To find out actual repayment amounts, contact us. This calculation does not constitute a quote, loan approval, agreement or advice by My Finance. It does not take into account your personal or financial circumstances.
Eligibility Criteria
Documents Required
Individual
Prop Firm
Partnership Firm-LLP
PVT. LTD.
Individual
- 1. Government-issued photo identification (e.g., passport, driver’s license, Aadhar card).
- 2. Address proof (e.g., utility bill, rental agreement, Aadhar card).
- 3. Passport-sized photographs.
- 4. PAN card (for transactions above a certain threshold).
Prop Firm
- 1. Proprietor’s government-issued photo identification.
- 2. Address proof of the proprietor.
- 3. Business registration certificate (if applicable).
- 4. PAN card of the proprietorship firm.
Partnership Firm-LLP
- 1. Partnership deed.
- 2. Partners’ government-issued photo identification.
- 3. Address proof of all partners.
- 4. PAN card of the partnership firm (LLP).
- 5. Registration certificate (if applicable).
- 6. LLP Agreement (if applicable).
PVT. LTD.
- 1. Certificate of Incorporation.
- 2. Memorandum and Articles of Association.
- 3. Board resolution authorizing the loan.
- 4. Director(s)’ government-issued photo identification.
- 5. Address proof of all directors.
- 6. PAN card of the company.
- 7. Audited financial statements (if required by the lender).
Frequently Asked Questions
A gold loan is a secured loan where gold jewelry or assets are pledged as collateral in exchange for funds. The value of the loan is determined based on the purity and weight of the gold.
Gold loans typically offer quick disbursal, lower interest rates compared to unsecured loans, and do not require a high credit score for approval.
The loan amount is typically a percentage of the gold’s market value, usually ranging from 70% to 90%, depending on the lender’s policies.
In case of default, the lender has the right to auction the gold to recover the outstanding loan amount. However, borrowers usually have the option to renew or extend the loan tenure to avoid losing their gold.
Interest rates for gold loans are generally lower compared to other types of loans and can vary depending on the lender and prevailing market conditions. Additional fees may include processing charges and valuation fees.
Eligibility criteria typically include age, citizenship, and ownership of gold assets meeting specified purity standards. Credit history may not be a significant factor.
Approval and disbursal of a gold loan are usually quick, often within hours, as the loan is secured by collateral.
Yes, borrowers can usually repay the loan early without penalties. Some lenders may charge nominal prepayment fees.
The loan amount is usually based on the gold’s value at the time of assessment. Fluctuations in gold prices typically do not affect the loan once it’s disbursed.
Lenders typically accept gold jewelry, coins, or bars meeting specific purity standards, which may vary among lenders.
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