A Gold Loan, also known as a Loan against Gold refers to a lump sum of money borrowed by offering to pledge Gold
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A Gold Loan, also known as a Loan against Gold refers to a lump sum of money borrowed by offering to pledge Gold. A secured loan by nature, the borrower needs to deposit gold articles, jewelry, coins, or any physical form of gold with the lender until the entire loan amount gets repaid. The amount the borrower sanctions depends on the value of the gold based on the Loan-to-Value (LTV) Ratio.
The Reserve Bank of India (RBI) recently relaxed norms for loans against gold by increasing the permitted LTV ratio from 75% to 90%. As per the RBI Gold Loan guidelines, banks and NBFCs can extend 90% of the value of the pledged gold as a Gold Loan. One can also avail of an Overdraft facility against Gold.
Bankschoice offers the best Gold Loans, at the lowest rates of interest. Bankschoice will connect you to a lending partner, and take you through the process comfortably. Choose from our catalog of Gold Loans offered by our distinguished Partner Banks and NBFCs. Bankschoice offers quick approval and speedy disbursal of your Gold Loan.
Age
Your age should be minimum of 21 years, and a maximum of 68 years at Loan Maturity.
Nationality
You should be a Resident Citizen of India without having defaulted on any previous loans and without any Criminal Record.
Credit Score
Your credit score should be 650 or higher.
Eligible Entities
Anyone having gold is eligible irrespective of income or employment.
Note: The above eligibility criteria are for indicative purposes only, and can vary from lender to lender.
