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Gold Loan Online

Last Updated 11th May 2021

Features Gold Loan
Interest Rate 9.50% to 11.5%
Age 18 to 75 years
Tenure 1 day to 36 months
Loan to Value Upto 90% of the gold loan amount
Purity of Gold 18 to 24 Carats
  • Get an instant gold loan within a few hours of submitting the gold loan application.
  • Check your gold loan eligibility online using MyLoanCare Gold loan eligibility calculator.
  • RBI has decided to increase the LTV ratio for Gold Loan from 75% to 90% till 31st March 2021. new

Video: Gold Loan Benefits, Eligibility, Documents & Process

Apply for Gold Loan @ 9.50%* Get upto ₹ 500* Cashback

How to Apply for Gold Loan Online?

You can apply for a gold loan online through MyLoanCare. The online gold loan application is convenient, time saving and effortless, and also provides the option of checking gold loan eligibility and gold loan EMI calculation. This helps one make a wise decision when it comes to choosing the right gold loan lender.

Here is a step-by-step procedure to apply for a gold loan through MyLoanCare.in.

Step 1: Visit MyLoanCare.in or download the MyLoanCare app and thereby, fill in your personal details and your requirements related to the loan.

Step 2: After you fill the form, a representative from MyLoanCare will contact you in order to verify the gold loan eligibility factors and the requirement for the loan.

Step 3: The representative will inform you about the lenders you are eligible for, and also about the various gold loan offers, gold loan process and documents required.

Step 4: If you are eligible and interested, then our representative will fix an appointment with the bank for branch visit.

Step 5: You can visit the branch with the documents and gold jewelry to be mortgaged. As the documents are verified, and the eligibility parameters are ensured, the gold loan lender will decide to sanction or reject your loan. In case the loan is sanctioned, you will receive a sanction letter that will contain the key loan terms, including the interest rate, processing fee, tenure, and prepayment charges.

Step 6: Finally, the bank will keep the gold safe as per RBI guidelines and the sanctioned loan amount will be disbursed to your bank account.

Why should you apply for a Gold Loan Online with MyLoanCare?

Reasons as to why one should apply for a gold loan online with MyLoanCare are listed below:

  • Helps in selecting the best lender: MyLoanCare gold loan application helps one determine the best lender by drawing a comparison between them as per customer’s eligibility, interest rates and charges like processing fee, prepayment fee, etc.
  • Helps check gold loan eligibility: It provides various gold loan eligibility tools such as gold loan eligibility calculator. The eligibility calculator helps one determine their gold loan eligibility based on factors such as gold amount, tenure, interest rate, LTV ratio of the gold and the gold price. One can also use the gold loan EMI calculator to plan their future EMIs.
  • No impact on credit score: A gold loan application does not require one to have a good credit score, yet applying for a gold loan with multiple applicants can make you appear credit hungry. This is more likely if you make a direct application with the bank which impacts the credit score. Applying for a gold loan with MyLoanCare canhelp you to select the best gold loan by comparing differnet lenders.
  • Easy Documentation: Gold loan requires one to submit KYC documents. However, the documentation can be done more easily through the MyLoanCare online process, as one can upload the documents online at the comfort of their home.
  • Tracking your gold loan: A gold loan involves a step by step process. MyLoanCare online application process helps track the loan application at various stages.

Benefits and Features of Gold Loan

A gold loan has the following features and benefits:

  • Quick processing: A gold loan involves limited eligibility and documentation checks; thus, not much time is wasted upon verification of the submitted documents. Thereby, the loan is quickly processed and sanctioned to the borrower.
  • End-use of the loan amount: A gold loan can be borrowed by all people irrespective of their income and occupation. Thus it can be used to meet all urgent personal and professional needs. Thus, the lender imposes no restrictions upon how one chooses to use the loan amount.
  • Loan Tenure: A gold loan is available for a maximum tenure of 36 months, and the customer has the option to choose the tenure as per his or her convenience.
  • Age: A gold loan can be borrowed by people irrespective of their occupation; thus, people across all occupations and even homemakers can avail the gold loan. However, the minimum and maximum age of the applicant must fall between 18 to 75 years respectively.
  • Loan Amount: The amount that can be borrowed as per the gold loan, depends upon the value of the gold and the gold price on a particular day. Most lenders offer gold loans up to 90% of the value of the gold.

Top Gold Loan Providers

Bank Interest Rates Processing Fee Max Tenure
SBI7.50%0.50% of the loan amount, minimum-₹ 500 36 months
Muthoot11.99%0.25% to 1% of loan amount.36 months
Manappuram9.90%₹ 10 (to be paid at time of settlement)3 Months
HDFC Bank9.50%1% of the loan amount24 months
Yes Bank9.99%Upto ₹ 79936 months
ICICI Bank10.00%1% of the loan amount12 months
Federal Bank8.50%Nil12 months
Canara Bank7.65%0.5 of the loan amount, Min ₹ 1,000 and Max ₹ 5,00012 months
Andhra Bank10.70%Nil processing fees12 months
Axis Bank12.50%1% plus GST24 months
IndusInd Bank10.50%Upto 1% of loan amount, minimum ₹ 75024 months
PNB8.75%0.70% of loan amount + taxes12 months
Fincare Small Finance Bank12.99%Upto 0.25%12 Months

Documents Required for Gold Loan

To get a gold loan online, one is required to submit the gold loan application form along with the basic KYC documents. Important documents required for a gold loan are listed below:

  • Identity proof: PAN Card/ Aadhaar Card/ Voter ID/ Passport/ Driving License/ Govt issued card
  • Address proof: Passport, Driving License, Election ID card, Electricity/ Telephone/ Mobile bill/ bank statement (not more than three months old)

A Complete Step by Step Guide on How to Avail a Gold Loan

Below are the simple and comprehensive steps for availing of a gold loan.

  • Know your gold : Before applying for a gold loan, it is better to first determine the value of your gold. For this, get an estimate of the value of the pledged gold based on the current gold loan rate in your city and gold purity. Ensure that the gold you have holds the required hallmark.
  • Check eligibility and calculate EMI of gold loan : Before applying for a gold loan, you must check the eligible loan amount and the gold loan EMI to be paid. The gold loan amount is based on the value of the gold that you are ready to offer as collateral and the Loan to valuev(LTV ) ratio. The loan to value ratio is the amount the bank offers against the gold. Higher the LTV ratio higher the loan.
  • Keep all the documents ready : Keep all the relevant documents like identity proof, address proof and age proof ready. For online process, ensure keeping scanned copies and for offline process be informed of the list of documents and the photocopies required.
  • Decide on gold loan interest rate type : You have two options to choose for a gold loan interest rate type:
    • Fixed interest rates: Under this, the interest rates and the gold loan EMI remains the same throughout the tenure.
    • Floating interest rates: As the name suggests, under floating rates the interest rates and EMI do not remain the same as the rates are not fixed. The rates are linked to external benchmarks of banks, such as the RBI repo rate.
  • Compare the Shortlisted Banks : Now that you have selected the interest type. Compare gold loan interests offered by all banks and NBFCs at MyLoanCare. Not only the interest rates and LTV ratio, you can also check the processing fee, foreclosure charges and other associated charges of the gold loan in a consolidated way. Reduce your options to 2-3 banks and NBFCs.
  • Submit Documents and Apply : Now that you have decided upon the gold loan lender, you can visit the lender in person or can apply online at the bank/NBFCs online website. On the approval of documents and purity check of the pledged gold, the gold loan amount is disbursed to your aaccount.

FAQs

Why should you take a gold loan?

Below are the major reasons for opting a gold loan:

  • No minimum income and CIBIL score requirement
  • Requires minimum documents
  • Quick loan disbursal process
  • No restriction on the end use of loan amount.

To get a gold loan fast, you can apply for a gold loan at MyLoanCare, and can quickly get a loan with minimal documents at lowest gold loan interest rate.

Do I need to provide any security to apply for a gold loan?

Yes, gold loan is a secured loan that involves keeping the gold ornaments, bars or coins as collateral. The purity of the gold kept as collateral must fall between 18-24 carats.

How can I get a gold loan instantly?

You can get a gold loan instantly by applying for a gold loan online. The online gold loan application is time saving, effortless, and is quickly processed. Many gold loan lenders provide the instant gold loan facility that lets the gold loan sanctioned quickly within hours.You can apply for a gold loan through MyLoanCare to get a quick and affordable gold loan.

Is a gold loan available for a holiday or travel purposes?

Yes, a gold loan can be taken to meet individual financial needs. A gold loan offers the end-use of the loan amount; thus, it can be used for holiday or travel purposes.

What can a gold loan be used for?

There are no restrictions on end use of gold loan amount. You can use a gold loan for a variety of purposes such as wedding, travel, medical emergency, home renovation, educational needs, or to pay credit card dues.

Which bank is best for Gold loan?

Based on interest rate, SBI offers the lowest interest rates of 7.50% on gold loan. However, 0.50% of the loan amount, minimum-₹ 500 charges the minimum processing fee on gold loan.

How to calculate gold loan interest?

Manually calculating the gold loan interest amount is a tedious and cumbersome process. However, you can easily calculate the total interest amount on a gold loan using MyLoanCare Gold loan EMI calculator.


Gold Loan News - May 2021
  • 2021-04-30 : PNB Housing Finance posted ₹127-cr net profit in Q4
    PNB Housing Finance reported a consolidated net profit of Rs 127 crore in Q4 backed by retail loans like home, personal, LAP, two-wheeler, car, education and doctor loan along with deposits which include fixed and recurring deposits. Total income during January-March was down at Rs 1,834 crore from Rs 1,952 crore in the same period of 2019-20. Interest income dropped over 7% at Rs 1,670 crore during the quarter as against Rs 1,803 crore a year earlier.
  • 2021-04-30 : Bajaj Finserv reported a Q4 profit of ₹979 crore
    Bajaj Finserv posted a net profit of ₹ 979 crores in the January-March quarter, which marked an increase of 5 times from the profit of ₹ 194 crores during the same quarter last year. The NBFC reported the surge in profit backed by retail loans like home, personal, LAP, two-wheeler, car, education and doctor loan along with business and mudra loan.
  • 2021-04-30 : AU Small Finance Bank Q4 net profit up 38 per cent at Rs 169 cr
    AU Small Finance Bank reported a 38% hike in its net profit at Rs 168.98 crore for the last quarter of the fiscal ended March 2021. The profit was boosted by retail loans like home, personal, LAP, two-wheeler, car, education and doctor loan along with deposits which include fixed and recurring deposits. Total income during Q4 FY21 rose to Rs 1,569 crore as against Rs 1,366.60 crore. Interest income moved up to Rs 1,292.37 crore during the reported quarter from Rs 1,183.45 crore in the year-ago period.
  • 2021-04-27 : Bank credit increased by 5.33%; deposit rose 10.94%
    Reserve Bank of India reported that Bank credit which includes retail loans like home, LAP, personal, two-wheeler, car, education and doctor loan along with business and mudra loan grew by 5.33% to Rs 108.89 lakh crore. Further deposits which include fixed and recurring deposits rose 10.94% to Rs 152.15 lakh crore.
  • 2021-04-27 : ICICI Bank reported a massive hike of 261% in its Q4 profits
    ICICI Bank reported a 260% jump in its net profit at Rs 4,403 crore for the quarter ended March 31, 2021. The profit was boosted by retail loans like home, LAP, personal, two-wheeler, car, education and doctor loan along with business and mudra loan. Further, the bank reported a total income of Rs 23,953 crore in January-March from Rs 23,443.66 crore in the year-ago quarter.
*Terms and conditions apply. Credit at sole discretion of lender subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and from collected from public sources. Read More
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