Apply 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.

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.

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.

Bank	Interest Rates	Processing Fee	Max Tenure
SBI	7.50%	0.50% of the loan amount, minimum-₹ 500	36 months
Muthoot	11.99%	0.25% to 1% of loan amount.	36 months
Manappuram	9.90%	₹ 10 (to be paid at time of settlement)	3 Months
HDFC Bank	9.50%	1% of the loan amount	24 months
Yes Bank	9.99%	Upto ₹ 799	36 months
ICICI Bank	10.00%	1% of the loan amount	12 months
Federal Bank	8.50%	Nil	12 months
Canara Bank	7.65%	0.5 of the loan amount, Min ₹ 1,000 and Max ₹ 5,000	12 months
Andhra Bank	10.70%	Nil processing fees	12 months
Axis Bank	12.50%	1% plus GST	24 months
IndusInd Bank	10.50%	Upto 1% of loan amount, minimum ₹ 750	24 months
PNB	8.75%	0.70% of loan amount + taxes	12 months
Fincare Small Finance Bank	12.99%	Upto 0.25%	12 Months

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)

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.

✅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.