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The WHO & HOW of getting a Gold Loan in India

As per reports, India’s gold loan market is expected to reach Rs 4,617 billion by 2022 with India being the second largest consumer of gold. As per World Gold Council, Indian households have accumulated up to 25,000 tons of gold in various forms like gold coins, gold bars, gold jewellery and many other items made of gold. This in turn has given boosting effects to the gold Loan business in India. RBI also identified this as one of the important lending products to cater to the needs of consumers. Considering this RBI has also increased the Gold LTV(Loan to Value) from 70-80% to 90% which clearly indicates the importance of gold loans in India.

How can you apply for a Gold Loan?

Applying for a Gold loan is a matter of minutes. You just need to choose your nearest Gold Loan lender, check the interest rate and gold loan schemes as per your requirements. Once you have selected these factors, you can take your gold to the lender branch along with the basic documents like ID, Address proof. Documentation processes for gold loans are minimal and the disbursements are faster, rather it’s available over the counter.

Eligibility for Gold Loan

The best part about the gold loan is that it doesn’t have stringent eligibility checks like Financial credit underwriting etc anyone including farmers, traders, SME owners, salaried and others who have genuine and real gold can apply for a gold loan. Gold loan is the only loan where CIBIL score is not that necessary, but yes it always advisable to keep a clear track record to be eligible for higher and quick loans.


Tenure for Gold Loans depend on the gold loan schemes that you have selected, it differs from Scheme to Scheme. You can choose the right scheme that suits your requirements; it can anywhere range from 3-12 months, irrespective of the loan tenure. Moreover, this is the only product where you can use the funds for even one day and offer to close any day during tenure and pay only for the number of days you have availed the loan. However, there will be some minimum number of days; lock-in depends on the lending policy of companies.

Repayment options

Interest Repayment options are monthly/bi-monthly/quarterly and half-yearly in line with which scheme you have opted for. Principal repayment can be made any time which helps reduce the interest burden and there are no extra charges in Gold loan hence there’s good flexibility. Interest/ EMI can be paid timely and the principal amount can be paid one time at the end of the loan tenure for closing the loan or renew the facility for the next loan term.

Documents required

ID Proof (anyone)

  • Aadhar Card 
  • Form 60/61  
  • Voter ID Card
  • PAN Card 
  • Passport Copy 
  • Ration Card

Address Proof (anyone)

  • Aadhar Card 
  • Voter ID Card  
  • Passport Copy
  • Driving License  
  • Ration Card  
  • Rental Agreement

So, if you are in need of some urgent money with minimum hassle head to your nearest Fedbank branch or visit Fedfina for more information.

Category : Gold Loan   |  Date : January 29, 2021, 1:59 pm   |  Author : Nikita Pardeshi

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