Gold Loan

When you require emergency funds or urgent loans, a gold loan is one of the most flexible and hassle-free loans that you can acquire. A few of the benefits that are exclusive to gold loans are listed below:

1. Low loan interest rates - the interest rates are less because of the security of the collateral.
2. Minimal documents – the only documents that the borrower is expected to submit are the address proof and identity proof
3. High-value loan – up to 75% of the market value of the gold can be obtained as the loan and in some cases, up to 90%.
4. No upper limit – the amount that you can obtain is determined by the value of the pledged gold.
5. No requirement of income proof – the borrower can be unemployed or have an irregular income and still get a gold loan.
6. No requirement of credit history – the borrower can have a poor credit score or CIBIL score and still be eligible for the loan.
7. Flexibility – a secured loan is more flexible than other sources of income. The borrower has a variety of repayment schemes to choose from.
8. Speed – the whole transaction, from the loan application to the disbursement of the funds takes place within an hour.

If you are looking to source immediate funds at short notice, online gold loans are your go-to avenue! The eligibility criteria are relaxed, it requires only minimal documentation, you are eligible for a higher loan amount (though the upper cap is contingent on the value of your gold), you can choose from a range of flexible repayment options, the benefits are endless! The documentation requirement can be split into two parts:

1) Identity Proof- Documents that serve as identity proof include but are not limited to:

* Voter's ID

*PAN Card

*Aadhaar Card

*Passport

*Driving License

2) Address Proof- Documents that serve as identity proof include but are not limited to: 

*Aadhar Card

*Passport

*Driving License

When it comes to gold loans, most lenders allow the borrower the latitude to avail a loan using just the king of all documents- The Aadhaar Card. Since it contains almost all the necessary information including Name, DOB, Name of parents/spouse, Address, Biometric information, and Iris Pattern Scan it acts as an all-rounder when it comes to documentation!