Key features of a gold loan:
- Loan amount: The amount you can borrow depends on the weight and purity of the gold you pledge.
- Interest rate: The interest rate charged on a gold loan is typically lower than other types of loans, as gold is considered a relatively safe asset.
- Loan tenure: The loan tenure is range from 1 Year to 84 Months depending on borrower's repayment capacity.
- Repayment terms: Bullet Payment upto rs 2 Lakhs per UCIC, Above Rs 2 Lakhs equly monthly EMI upto 84 Months
Documents required for a gold loan:
- Identity proof (Aadhaar card, passport, driving license)
- Address proof (utility bills, rent agreement)
- Income proof (salary slips, income tax returns, bank statements)
- Gold jewelry
- Other documents as required by the bank.
- Salaried, Self-employed Professionals, Self-employed non-Professionals and Housewives