The minimum loan amount ranges between Rs. 10,000 to Rs. 100,000 depending on the lender partner / bank. The maximum amount varies between Rs. 50 lacs and Rs 1 Crore.
FAQ Category: Gold Loan
What collateral needs to be provided for getting this gold loan?
Any kind of gold jewellery of purity over 18 karat can be provided as security to avail a gold loan. Please note, some banks do not offer loan against gold coins and the weight of stones etc. fixed on the ornaments will be deducted for the purpose of valuation.
How is the market value of my jewellery calculated?
The market value of your gold is calculated according to the per gram market rate of gold on the day of the loan application.
What is the interest charge applicable on gold loan?
The interest rate on the gold loan varies between 0.83% per month to 2% per month depending upon the lender. You can view the applicable rate of interest once you enter your details in our Gold Loan service section.
Who are PayNearby’s partners for Gold loan?
PayNearby is currently working with 2 partners – Muthoot Finance and Gold Uno.
What is PayNearby’s role and who are PayNearby’s partners for gold loan?
PayNearby is an originating partner to provide gold loans for its retailers and their customers. These loans will be disbursed and managed by the ultimate lenders i.e. the banks and NBFCs that PayNearby has partnered with.
The main 2 partners are:
Muthoot Finance Limited: an RBI-registered NBFC which provides gold loans. It is the largest gold loan NBFC in the country.
Gold Uno: an online aggregator for gold loans, wherein you can compare gold loan services from different NBFCs and banks and choose the best deal among them. Gold Uno has partnered with ICICI Bank, HDFC Bank, CSB Bank, Fincare Small Finance Bank, AU Small Finance Bank, HDB Financial Services, Mannapuram Finance Limited and IIFL Finance.
How long is the tenure of gold loan?
Gold loan can be availed for a short duration starting from 7 days to 12 months and can be renewed post 12 months.
What is a gold loan? Why should I take one?
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.
Who can you avail a gold loan? What documents are needed for getting loan approval?
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.
What is a gold loan?
Gold loan helps you avail loan against your gold jewellery. You can pledge your gold jewellery with our partners to avail loan against it.
