Any person above the age of 21 years with valid photo ID and owns gold jewellery can avail a gold loan.
You will need these documents for getting the loan approved:
• ID proof such as Driving License, Pan Card, Form 60/61, Passport, Voter ID card.
• Address proof such as House Registration Documents and Utility Bills.
In addition to the above, you need to provide three passport size photographs.
A gold loan helps you avail loan against your gold jewellery. You can pledge your gold jewellery with our partners to avail loan against it.
You could use a gold loan to further your business, buy a new vehicle, your child’s education, buy a house or plot, or meet any unexpected expenses.
There are three types of repayment – 1. INTEREST ONLY: Borrower pays only simple interest on the principal amount every month. At the end of the tenure, the borrower pays the principal and closes the loan. 2. EMI: A fixed amount is paid by borrower to a lender at a specified date each calendar month. Equated monthly instalments are used to pay off both interest and principal each month, Over a specified number of years, the loan is paid off in full. 3. BULLET: Bullet is where payment of entire principal and interest is made at the end of the loan term.
Yes. After loan is disbursed, lender will send you timely reminders in a medium of your choosing (SMS, email, call) as per your repayment schedule.
If you fail to repay the loan amount on or before the due date, penal interest is charged on the loan amount, according to the terms of your gold loan agreement. If you fail to repay your loan after being given sufficient notice after the due date, the Banks or NBFCs will auction your gold assets. They will also send auction intimation prior to the auction
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