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Gold Loan Apply Online

Gold Loan Online

Last Updated 23rd Sep 2020

  • Gold loans are secured loans that can be opted from financial institutions like banks or NBFCs, by pledging one's gold.
  • Check best gold loan offers online starting at 9.90%.
  • Online gold loan applications are not only time saving and effortless but are also easier and reliable.
  • Get instant gold loan with in a few hours of submitting the gold loan application.
  • If you are looking for a gold loan, then you can 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

About Gold Loan

A gold loan is a credit facility that allows people to borrow secured loans by keeping their precious gold as collateral with a lender. The gold kept as collateral could be in the form of jewellery, ornament or even a gold bar. Availing a gold loan is convenient as it involves minimum documentation and quick processing. Further, a gold loan can be availed by any person who owns a gold irrespective of his or her occupation, income, and credit score. Currently, the gold loan interest rate ranges between 9.90% and 11.5%.

How to Apply for Gold Loan Online?

One can apply for a gold loan via the online process through the lenders online gold loan portal or through an online marketplace like 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 lender.

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

  • Visit MyLoanCare.in or download the MyLoanCare app and thereby, fill in your personal details and your requirements related to the loan.
  • As 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.
  • 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.
  • If you are eligible and interested, then our representative will fix an appointment with the bank for branch visit.
  • 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,
  • 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?

While a gold loan is in itself one of the most convenient credit facilities to go for, yet applying for a gold loan online adds more to the convenience factor. Gold loan online application is not only time saving and effortless, but also lets one apply for a gold loan anytime and anywhere as per the convenience of the borrower. A list of reasons as to why one should apply for a gold loan online are listed below:

  • Choose the best lender: Online gold loan application helps one determine the best lender by drawing a comparison between them as per their eligibility, and other charges like processing fee, prepayment fee, etc.
  • Gold loan eligibility check: Online gold loan application 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 today. One can also use the gold loan EMI calculator to plan their future EMIs.
  • No impact on credit score: While 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. However, this is more likely if you make a direct application with the bank, while online applications won't impact your credit score as enquiries about various lenders can be done easily by easier comparisons.
  • Minimal documentation: A gold loan anyhow requires one to submit KYC documents. However, the documentation can be done more easily through the online process, as one can upload the documents online at the comfort of their home.
  • Tracking your Gold loan: As known, that a gold loan involves a step by step process, thereby, the online application process can help track their loan application at various stages. Unlike an offline application, you are not required to visit the bank to know the status of your gold loan.

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 Rs. 500 36 months
Muthoot11.99%0.25% to 1% of loan amount.36 months
Manappuram12.00%Rs. 10 (to be paid at time of settlement)12 months
HDFC Bank9.90%1.50% of the loan amount24 months
Yes Bank10.99%0.75% or Rs 500 whichever is higher36 months
ICICI Bank10.00%1% of the loan amount12 months
Federal Bank8.50%Nil12 months
Canara Bank7.65%1% of the loan amount, Min Rs. 1,000 and Max Rs. 5,00012 months
Andhra Bank10.70%Nil processing fees12 months
Axis Bank13.00%1% plus GST24 months
IndusInd Bank10.50%Upto 1% of loan amount, minimum Rs. 75012 months
PNB8.75%0.70% of loan amount + taxes12 months

Gold Loan Eligibility

You can get a gold loan if you fulfil the following eligibility criteria:

  • Age: The age limit to get a gold loan is between 18 to 70 years. However, some gold loan lenders require one to have a minimum age of 23 years.
  • Profession: There are no barriers to the gold loan application when it comes to the occupation or profession of an applicant. Both salaried individuals and self-employed professionals can apply for a gold loan. Further, even homemakers and senior citizens who cannot avail any other loan can opt for a gold loan.
  • Purity of Gold: To avail a gold loan, one is required to keep their owned gold as a mortgage. However, the gold kept as collateral must fulfil certain quality checks. The gold kept as a mortgage can be in any form whether jewel, coins or bars; however, they should range in the purity of 18-24 carats.

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 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)

FAQs

Why should you take a gold loan?

A gold loan is a secured loan that requires one to keep the yellow metal as a mortgage. However, it can be taken by anyone above the age of 21 to fulfil any personal or business needs. Thus, gold loans offer the end-use of loan amounts. To get a gold loan fast, you can apply for a gold loan online, 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?

One 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. Apart, one can apply for a gold loan through online marketplaces like 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 the lenders part when it comes to using the loan amount. You can use a gold loan to fund your urgent financial requirements such as wedding, travel, medical emergency, home renovation, educational needs, or to pay credit card dues.


Gold Loan News - Sep 2020
  • 2020-09-22 : SBI offers up to 2 years repayment relief for home and retail loans
    State Bank of India announced the option to choose either a moratorium of up to 24 months or reschedule the instalments and extend the tenure by a period equivalent to the moratorium granted, for its retail customers. ​​​The bank is aiming to assist the customers amid the COVID 19 and economic slowdown.
  • 2020-09-18 : PSBs overtake private banks in 2020
    Public sector banks overtook private sector banks in offering retail loans like home, personal, gold, car, two-wheeler and education loan along with business and mudra loans. Since December 2019, PSBs overall lending has gone up to 57.7% as of June 2020, which is a jump of as much as 60 bpsover six months. During the same period, the share of private banks in overall lending has come down by 60 bps to 34.4%. The share of total loans outstanding that private banks have lost has been taken over by state-owned lenders.
  • 2020-09-15 : FM introduces Banking Regulation Bill in Lok Sabha
    FM introduced Banking Regulation Bill, 2020 in the Lok Sabha. The law strives to protect the interest of the depositors by bringing co-operative banks under the regulatory framework of RBI.
  • 2020-09-11 : State Bank of India targets 3x growth in retail, MSME gold loans
    SBI is targeting 3x growth in retail loans which includes home, personal, car, two-wheeler and gold loans along with MSME loans. The bank has planned to use YONO, its digital banking platform, to cut down on response time and scale-up activity.
  • 2020-09-11 : SBI to launch online application window for retail recasts
    SBI is planning to launch a portal on its website to enable its customers to apply for the restructuring of loans. Loans include retail loans like home, personal, gold, two-wheeler, and two-wheeler along with business loans. The portal is set for a September-15 launch; it will allow borrowers to ascertain their eligibility for recast in two to three days. SBI adds a security feature to its debit cum ATM cards
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