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Documents Required for Gold Loan

Gold Loan Document Checklist

Last Updated 18th Oct 2021

  • You can avail a gold loan without any income proof.
  • To avail a gold loan, you need to submit documents for identity and address proof.
  • You can provide a copy of the PAN Card/ Aadhaar Card/ Voter’s ID Card/ Passport Copy for identity proof
  • Rent agreement/ Passport/ Driving License/ Utility Bills/ Aadhaar Card/ Voter’s ID Card can be used as address proof.
  • Banks and financial institutions may also ask for gold jewellery certificates if you avail a gold loan.

Video: Gold Loan Benefits, Eligibility, Documents & Process

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What are the Documents Required for Gold Loan in 2021?

To avail of a gold loan, you require minimum documents for identity and address proof. The list of documents needed for a gold loan from the banks or NBFCs are mentioned below:

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

Why Should You Take a Loan Against Gold?

  • A gold loan is a secured loan that you can avail of by mortgaging your gold ornaments.
  • Unlike other loans, you can easily take 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 identity and address proof documents.
  • 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 banks can easily auction to clear dues in case of default payments on loans.

FAQs

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

No, you can avail of a gold loan without submitting any documents for income or salary proof. Both banks and non-banking financial institutions provide a gold loan with minimum documents for identity and address proof to people above 18 years irrespective of occupation.

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

You do not need to be an existing customer of the bank to avail a gold loan. However, having a good existing relationship with the bank allows you to negotiate with the bank and get better gold borrowing terms such as lower rates and a better repayment schedule for your loan.

What are the requirements for a gold loan?

To avail of 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 or gold articles, you also need to fulfill the basic eligibility criteria of the banks related to age, profession, the value of gold, gold purity, etc.

Is a PAN card mandatory for a gold loan?

No, you do not need to provide a PAN Card to borrow money against gold mandatorily. It is one of the documents that the lenders accept as Identity Proof. However, if you do not have a PAN Card, you can submit other gold loan documents such as Aadhaar Card, passport copy etc.

Can we take a gold loan without a receipt?

Yes, you can borrow against gold without any receipts for income or salary proof. However, to avail of a gold loan, you require minimum documents for identity and address proof.

Can I get a gold loan without bill?

Yes, there are chances that you can get a gold loan without a gold jewellery bill or invoice. However, if the jewellery is not a hallmark, then the lender can ask for a bill.

What are the documents required to avail gold loan in SBI?

Documents required for a gold loan in SBI are few documents. SBI gold loan documents required are identity proof and address. There is no need to submit income proof.


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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%.
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