Important Documents Required for Gold Loan

 

Individuals can pledge their gold assets to obtain a sizable fund. This secured loan features quick processing time because of its minimal documentation requirements. Read to find out what is the minimum yet necessary gold loan documents to borrow this loan.

What are the Necessary Gold Loan Documents?

Submit the following documents to apply for a loan against gold:

Identity proof documents

• Aadhaar card

• Passport

• PAN card

• Voter ID

• Photo credit card

• Driving licence

• Identity card issued by central or state government

• Defence identity card

Residential proof

• Ration card

• Aadhar card

• Applicants bank account statement

• Passport

• Voter ID card

• Electricity or telephone bill not older than 3 months

• A letter from a trusted and authorised individual

Applicants may need to present their income proof besides other documents when applying for a gold loan. Besides submitting documents, remember to pledge gold jewellery with a purity between 18 to 24 carats.  This is important to note as lenders determine pledged gold ornaments’ purity to determine lowest gold loan rate. 

Eligibility criteria to apply for a gold loan

• Age limit – 21 to 70 years

• Employment status – Salaried, self-employed individuals, business people, farmers, traders are eligible. 

Meet the eligibility criteria, submit important gold loan documents mentioned above, and get the maximum LTV against the value of pledged gold ornaments.