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Documents Required for Gold Loan

Jewel Loan Documents

Last Updated 23rd Sep 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.

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 - 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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