Gold Loan

Age limit: Borrowers must be 18 or older to avail of gold loans. Upper age limits vary among financial institutions but typically range between 60-75 years.

Nationality: Borrowers must be resident Indian citizens.

Gold type and purity: Most financial institutions accept 18-24 karat gold in jewellery form only.

Repayment tenure: Borrowers must be capable of repaying their loans within a specified period. Minimum tenures of 6 months and a maximum of 4 years are common but vary from one financial entity to another.

• For photo proof: 1-2 passport-size photographs

• Any of the following for identity proof: •Copy of valid passport •Valid driving licence •Voter ID card •Aadhaar card issued by UIDAI •Valid ration card •Letter with loan applicant’s personal details provided by National Population Registration

• Any of the following for address proof: •Voter ID card •Copy of valid passport •Valid driving licence •Aadhaar card issued by UIDAI • Valid NREGA job card •Letter with loan applicant’s personal details provided by National Population Registration
• For applicants with existing Agriculture Loans exceeding a certain amount: •Proof of landholding
• For applicants with existing Allied Agriculture Loans over a certain amount: •Proof of supporting documentation

Interest rates for gold loans are comparatively lower than other types of loans. They can range between 8% per annum to 26% per annum depending on the financial entity and gold loan scheme chosen.