Now, if we talk about gold loans, there are certain prerequisites that need to be fulfilled before getting the loans sanctioned. It is the same for every bank and institution to ask for these documents which means that before showing a certain few documents and getting them approved you cannot move further as they come under the eligibility criteria which needs to be fulfilled to get the loan. Now, these eligibility criteria vary as we obtain different loans. Some require some documents whereas others might ask for certain other documents for getting the loan.
Let us mention some of the eligibility criteria that are important to be followed:
There is a certain age criteria which needs to be followed by the applicant that is, any citizen above the age of 18 years and a maximum of 70 years will only be considered eligible to apply for the loan against gold, and in case the age of the borrower is above 70 years then, there must be a co-borrower. Then the profession of the applicant is also taken into consideration, such as most banks and institutions offer jewelry mortgages to businessmen, salaried employees, self-employed people etc. Then there are some eligibility criteria as to the purity of the gold that you will be pledging against the loan amount. Banks and lenders generally prefer accepting gold of 24 carats or 22 carats, and a few of them might accept 18 carats of gold, but that decreases the amount of loan that you will be receiving. The gold is generally offered as per the gold rate today. These are some of the criterial that need to be followed to get the gold loan approved.
Now, there are some criteria in respect to the documents that need to be submitted to get the gold loan sanctioned. These documents are identification proof such as Aadhaar card, pan card, voter ID card, passport etc., then address proof such as the driving license, rent agreement, passport or utility bills that involve electricity bills, water bills, telephone bills, gas bills etc., income proof can also be asked for in the form of salary slips, bank statements, form 16 etc. and some additional documents such as passport size photographs of the applicant etc. and everyone should always carry as the original documents along with the photocopied documents as the bank or lender can ask for any of the two for evaluation. In some cases, a few documents are asked to be kept by the institutions so that they have proof of the borrower.
These are all the eligibility criteria that need to be followed to get the gold loan sanctioned. Every bank or institution needs to fulfil these criteria in order to get a gold loan. Apart from these criteria, a person should see that he is able to fulfil the other requirements, and his pocket allows him to get the loan. There are certain requirements such as the tenure and the rate of interest which need to be seen before taking the loan as they play a major role in the loan process, and these need to be checked before taking the loan.
One of the loan options which makes your process easier by getting your loan on simple conditions is the Future capital gold loan. These loans are easily available at reasonable terms and conditions. They offer you quite a flexible tenure along with a rate of interest of your choice that suits you and your pocket. They ask for documents that can be easily arranged, most of which are mentioned above. And now, they also provide the facility to apply for online gold loans, which makes it an easy task to get the loans sanctioned with a few clicks of buttons.
Must Read:- Gold loan for business purpose