Well, in simple and easy understanding, a person can get or grant himself or herself a gold loan, in which he or she has sufficient amounts of gold articles to hand it over for the loan in return.
What are the gold articles?
Articles of gold can be anything that is made up of the gold medal. These may include the jewelry made of gold, which everyone is aware of. And the ornaments which are made up of gold also come under gold articles. And the gold coins or the gold biscuit that have been the modern generation’s way of gold saving can also be the ones to be presented as gold articles for the loan to be sanctioned.
Who will give us a Gold loan?
Well, to answer these questions, let me tell you a wise number of people can offer you a gold loan. To easy it up, one should know that there are lending institutions that offer the loans. The loans can be a gold loan, personal loan, home loan, property loan ETC. now among these when we consider and look at gold loan, let us break it up for you the basic and most known lending institutions that offer gold loans. First are the banks which all of have known and few of the top banks being Yes Bank gold loan, ICICI bank gold loan, Axis bank gold loan etc. And the other different lending institutions are known as Non-Banking Financial Companies. The top Non-Banking Financial Companies are Muthoot Financial, Manappuram Gold loan, etc.
So both these are the very well known and found lending institutions that offer the gold loans.
Who is eligible for gold loans?
Well, we cannot say in general that all are eligible because certain eligibility factors are laid by the government and higher officials that are to be followed by the public and see to it if they are eligible or not. The eligibility factors to be checked with the common people are as follows
Age Factor- A person should be between the age of 18years to 75years to apply for the gold loan.
Anyone who follows the age accordingly is good to apply for the gold loan, even if they are employed or not.
Professional life does not have anything to do with the gold loan, hence no matter if you are a student, teacher, lawyer, farmer or trader, all of them have equal right to apply for a gold loan if needed.
What document copies are to be submitted?
Well, this might be good news for most of them because this is one of the good advantages people find while applying for gold loans because gold loans are the type of loans that ask for very minimal and no high-end type of documentation from people. Let us be clear to you when you are fit for all the eligibility criteria, all you have to carry with you to the banks or non-banking financial companies are just basic ID proofs with you which the government has approved of, that is, your Aadhar card, PAN Card, Driving license or anything which represents your identity for cross verification.
Is gold safe with the lenders?
It is 100% safe and secure since all your gold is stored and kept in a Vault Safe and good loans are known for their safety and security and also the kind of transparency they offer their borrowers and customers with.
Hope, we have answered the most common question regarding the gold loan!
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