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Documents Required for Gold Loan

Jewel Loan Documents

Last Updated 03rd Dec 2020

  • A gold loan can be availed without any income proof.
  • To avail a gold loan, you need to submit documents for identity and address proof.
  • For identity proof, you can provide a copy of PAN Card/ Aadhaar Card/ Voter’s ID Card/ Passport Copy.
  • Rent agreement/ Passport/ Driving License/ Utility Bills/ Aadhaar Card/ Voter’s ID Card can be used as address proof.
  • Most of the institutions may also ask for Photo identity proofs for availing a gold loan.
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Gold Loan Documents

A gold loan is a secured loan that you can avail by mortgaging your gold ornaments. Unlike other loans, you can easily avail a gold loan at low-interest rates based on the value of gold and loan amount. Banks and NBFCs provide gold loans without obligations of any income or salary proof with documents for identity and address proof. Besides that, you also do not need to have a good CIBIL or credit score for getting a gold loan. It is easy to get a gold loan with minimal documents as it is a valuable asset and can be easily auctioned by the banks to clear dues in case of default of payments on loans.

Documents Required for Gold Loan 2020

You can avail a gold loan by submitting the following documents to the banks or NBFC.

  • Identity Proof: PAN Card/ Aadhaar Card/ Voter’s ID Card/ Passport Copy
  • Address Proof: Rent agreement/ Passport/ Driving License/ Utility Bills/ Aadhaar Card/ Voter’s ID Card
  • Photo identity proofs
  • Passport size photographs

FAQs

Do I need to provide any income documents for a gold loan?

To avail a gold loan, you don't need to submit any document for income or salary proof as banks and non-financial institutions provide gold loans with minimal documents for identity and address proof.

Do I need to be an existing customer of the bank to avail a gold loan?

The borrower does not need to be an existing customer with the bank to get a gold loan. Gold loans are provided against the mortgage of the gold. However, if you apply for the gold loan with the existing bank, you can easily negotiate about the interest rates based on your relationship with the bank.

What are the requirements for a gold loan?

To avail a gold loan, you will need to submit the essential documents such as PAN card/ passport/ Aadhaar card/ voter id card and utility bills for identity and address proof. Besides, having the essential documents and the gold asset you need to fulfill the basic eligibility criteria of the banks to grant a loan related to age, profession, the value of gold etc.


Gold Loan News - Dec 2020
  • 2020-11-27 : DHFL posts net loss of ₹2,122.65 crore
    DHFL reported a consolidated net loss of ₹2,122.65 crores in the second quarter of the fiscal against a net loss of ₹6,640.62 crores in the same period a year ago. DHFL reported a total income of ₹2,205.90 crores backed by retail loans like home, personal, car, two-wheeler and gold loans along with mudra and business loan.
  • 2020-11-27 : ESAF Bank opens 500th branch in Ahmadabad
    ESAF Bank opens 500th branch in Ahmadabad. The bank is aiming to offers equal opportunity for the whole society through universal access. It offers retail loans like home, personal, car, two-wheeler and gold loans along with mudra and business loan.
  • 2020-11-26 : Credit growth slows to 5.8% in the September quarter
    RBI reported that the credit growth which includes retail loans like home, personal, gold, two-wheeler and car loan along with business and mudra loan decelerated to 5.8% in the September quarter from 8.9% in the year-ago period. Further, deposits which include FD and RD increased by11% year-on-year in the July-September period as compared to 10.1% growth a year ago. The share of current account and saving account (CASA) in total deposits stood at 42.3% in September 2020 compared to 41.2% a year ago.
  • 2020-11-24 : Muthoot Finance and Bajaj Allianz tie-up
    Muthoot had teamed up with Bajaj Allianz General Insurance to provide gold jewellery insurance at the time of gold loan closing and release of gold ornaments as part of its latest initiative. It is branded as Muthoot Gold Shield and covers burglary, robbery, theft from the residence of the covered individual, loss-in-transit, and 13 other catastrophes.
  • 2020-11-20 : Muthoot Finance penalised by RBI
    The RBI announced a penalty of ₹ 10 lakh was imposed upon Muthoot Finance for failing to follow instructions to keep the LTV of Gold Loans and to obtain a pan card from the borrower in respect of gold loans exceeding ₹ 5 lakh. In consideration of its financial status, the company regulatory inspection on 31 March 2018 and 31 March 2019 shows that it refused to comply with its orders.
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