Nowadays, a person can easily get a gold loan online by following some simple steps. But it becomes very important that one should have a sound knowledge of how to go about getting these loans. So let us discuss some of the important points on how to choose the right gold loan for you.
Getting a Gold Loan is not really a process involving a lot of hassle or stress; if everything is done precisely, one should do all the steps carefully and check all the criteria twice before getting to a bank to avail of a gold loan. Certain formalities need to be taken care of before getting any type of loan. This completion of formalities may take up a lot of time. Still, as in the case of gold loans, they are easy to avail, so the process can be completed pretty quickly if the requirements are catered to correctly.
First, let us talk about the right eligibility to apply for a gold loan. One should apply for a gold loan only if he can fulfil the eligibility criteria. Otherwise, he may not be sanctioned for the loan, so a person should be self-employed, salaried, professional, businessman, farmer, trader etc. so that he can avail a gold loan, then, he should be able to meet the age criteria that is, the age limit for availing a gold loan should be between 21 to 60 years of age.
What documents should one carry for applying for a gold loan? For applying for a loan, banks and money lenders ask for a lot of documents, but minimal documentation is required in the case of a gold loan. Some of the documents required are stated as below: One should carry their identity proof, which involves PAN card, Aadhar card, and then, current address proof is also very important such as, aadhar card, postpaid bill, landline bill, water bill, electricity bill, address updated in bank statement/ bank passbook, driving license, voter ID, passport, rent agreement, gas bond paper with the latest receipt, credit card statement etc.
What is the tenure for gold loans? As tenure plays a major role in deciding whether one is in the state to apply for a gold loan or not, one should keep this in mind. The tenure for a gold loan is six months, and it can be renewed for another six months without any extra renewal charges. Since the tenure on a gold loan is very short, one should make sure before availing the loan that he will be able to repay it within the stipulated time; otherwise, the gold pledged can be taken if one fails to repay their loan within time.
Another important thing that you need to know is how long it takes to get your gold loan sanctioned? So, as you may know till now that getting a gold loan is quite easy and simple and if you have all the necessary documents and you are able to meet the lender’s criteria, then getting a loan will no longer be a timely procedure; you can even get a gold loan in one day.
One of the easiest ways to avail of a gold loan with minimal documentation and transparent charges can be through the HDFC Gold Loan. HDFC provides a quick and easy solution to get a gold loan. HDFC bank gold loan comes with a variety of interest rates on term loan, overdraft, EMI based loan etc. One can easily repay them on their own terms of tenure as they provide flexible tenure ranging from 3 months to 24 months. They require minimal documents such as passport, driving license, voter’s ID card, aadhar card issued by UIDAI, PAN card or form 60, a passport size photograph, Agri allied occupation documentation etc. If you are able to present a few documents correctly to the bank, you will surely be sanctioned for the loan in no time.
Also read this: What is the Top-Up Gold Loans Scheme