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Gold loan is the most flexible and popular source of funds in the Indian financial market. A gold loan is a secured loan, which means that to obtain quick funds or emergency loans, the borrower has to pledge their asset (in this case, their gold) with the lender to obtain funds in return. A secured loan is also known as a collateral-based loan since the funds can be availed only against the asset of the borrower. Gold loans owe its popularity to its attractive features such as:
Using a gold loan, the borrower can get up to 75% of the market value of the collateral as the loan amount. In some cases, up to 90% can also be disbursed as the loan. Instant gold loans are so true to their name that the funds get transferred to the borrower’s account within one hour from the loan application.
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!
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As per the regulations of Rupeek, only gold ornaments can be pledged as the collateral with the lender. Gold ornaments are usually between 18 karat and 22 karat. Purer forms of gold , that are between 22 karat and 24 karat exists in the form of coins or bars. Although there are lenders that accept gold coins and gold bars for gold loans in Delhi, most lenders only accept gold ornaments. The gold ornaments that can be pledged with Rupeek include the following:
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