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Gold Loan Online

Last Updated 18th Oct 2021

  • Get an instant gold loan within a few hours of submitting the application.
  • You can check your eligibility online using MyLoanCare gold loan eligibility calculator.
  • Apply gold loan online with minimum documents such as identity and address proof.
Parameters Gold Loan Features
Interest Rate 9.00% to 11.5%
Age 18 to 75 years
Tenure 1 day to 36 Months
Loan to Value Upto 75% of the gold value
Purity of Gold 18 to 24 Carats

Video: Gold Loan Benefits, Eligibility, Documents & Process

Apply for Gold Loan @ 9.00%* 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. If you apply for a loan online you can also check the loan eligibility and gold loan EMI.

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

  • Step 1: Fill the gold loan application form with your personal details and requirements related to the loan.
  • Step 2: After you fill the form, a representative from MyLoanCare will contact you to verify the gold loan eligibility factors and the requirement for the loan.
  • Step 3: The representative will inform you about the eligible lenders and the various gold loan offers, process, and documents required.
  • Step 4: If you are eligible and interested, our representative will fix an appointment with the bank for a 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 lender will evaluate the value of the gold and decide to sanction or reject your loan. If 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?

Following are the reasons to apply for a digital gold loan with MyLoanCare :

  • MyLoanCare helps you compare the rates of top banks to get the best offers on gold loans based on your eligibility.
  • If you apply for this loan, it will help you to save both time and effort. It is because the online process is completely paperless.
  • Applying with MyLoanCare also gives you the option to choose the best lender without making multiple loan applications. You also avoid a hard inquiry on your credit report that can negatively impact your credit score.
  • You can also get free on-call assistance for the process of an online loan application, eligibility, documents required etc.
  • Finally, if you apply with MyLoanCare, you can get bank neutral advice and excellent pre and post-sales service.

Top Gold Finance Companies

Bank Interest Rates Processing Fee Max Tenure
SBI
Compare
7.00%0.50% of the loan amount, minimum-₹ 500 36 months
Muthoot
Compare
11.99%0.25% to 1% of loan amount.36 months
Manappuram
Compare
7.00%₹ 10 (to be paid at time of settlement)6 Months
HDFC Bank
Compare
9.00%0.20% of loan amount24 months
Yes Bank
Compare
9.99%0.1% of loan amount36 months

Documents Required for an Online Gold Loan

To get a gold loan online, you must submit the loan application form along with the basic KYC documents. Important documents required 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 a gold loan at home.

  • Know your gold : Before applying, it is better to 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 : 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 you are ready to offer as collateral and the Loan to value (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 the online process, ensure keeping the scanned copies 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 remain 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 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 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 amount is disbursed to your account.

Latest News about Digital Gold

  • Digital Gold Loan Facility Launched!!
    The Gurugram-based company is offering loans of upto Rs. 60,000 against digital gold. It will be charging an interest rate of 1% on all the loans offered.

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

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

Yes, it is a gold loan is a secured loan and 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 this loan instantly if you apply online for a gold loan online through the bank's website or at MyLoanCare. The online gold loan application is time saving, effortless, and is quickly processed. In addition to that, you can also apply with your existing bank, as you do not have to go through the documentation process again.

Is a gold loan available for holiday or travel purposes?

Yes, you can avail a gold loan to meet individual financial needs. In addition to that, this loan offers the end-use of the loan amount; thus, it can be used for holiday or travel purposes.

Which bank is best for a Gold loan?

Based on the interest rate, HDFC Bank offers the lowest interest rate of 9.00%. However, based on customer rating, HDFC Bank offers the best customer service with a rating of 4.7/5.

How to calculate gold loan interest?

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

How can I check gold loan eligibility before applying for a gold loan?

To know the amount per gram that you can avail against the gold, you can use MyLoanCare gold loan eligibility calculator. The calculator is available free of cost and shows you eligible offers from top banks based on your income and gold purity.

Can we apply for a loan on gold bond?

You can apply for a loan on gold bonds in the dematerialised form against sovereign gold bonds from authorised banks and non-banking financial companies.

Can we apply for a loan against sovereign gold bonds?

You can apply for a loan against sovereign gold bonds from the authorised banks and a non-banking gold finance company. However, not all banks provide sovereign gold bond loans. You have to check with your bank if they provide a loan against SGB.


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Gold Loan News - Oct 2021
  • 2021-10-11 : Punjab National Bank Introduces 6S Campaign
    Punjab National Bank (PNB) has launched the 6S Campaign. The campaign consists of schemes like Swabhiman, Samruddhi, Sampark and Shikhar, Sankalp and Swagat. The objective of the campaign is to spread awareness about the development of financial services and accelerate credit growth, improve penetration of social security schemes and drive digital banking push.
  • 2021-10-05 : IndusInd Bank Advances Grow by 10% Y-O-Y
    IndusInd Bank has posted a growth in advances by 10% on a Y-O-Y basis. Retail Deposits and Deposits from Small Business Customers amounted to Rs 1,11,749 crore as of 30 September 2021 as compared to Rs 1,05,737 crore as of 30 June 2021.
  • 2021-10-05 : HDFC Bank Reports Growth in Advances in Q2
    HDFC Bank has reported a growth in advances by 15.4% in quarter 2. As a result, the advances have grown to ₹ 11.98 lakh crore as of September 30, 2021, from ₹ 10.38 lakh crore a year ago.
  • 2021-10-04 : Yes Bank Posts Growth in Loans and Deposits
    Yes Bank has posted growth of 3.6% (year-on-year) in advances at Rs 1,72,945 crore for the quarter ended September 2021 (Q2FY22). Its advances stood at Rs 1,66,923 crore at end of September 2020 (Q2FY21).
  • 2021-09-30 : PNB Reduces Gold Loan Interest Rates
    Punjab National Bank has reduced gold loan interest rates by 25 points. The new gold rates now start at 8.50%.
*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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