Instant Gold Loans to Meet Your Financial Needs!
Access secure Gold Loans with no hidden fees and faster approvals!
Gold Loan Features
Loan in just 15 minutes
Apply with PAN or Aadhaar Card
Loans starting from Rs.5,000
Multiple repayment options
Features and Benefits of Gold Loan
- High-Value Finance: Avail a high loan amount as funding up to 90% of the Value of Gold
- Lowest Interest Rate: Gold Loan interest rates are the lowest rates offered by Banks and NBFCs
- Repay in Easy EMIs: Benefit from our flexible EMI offerings from our reputed lending partners
- Prepayment / Part Payment: Reap profit and save from the practical Pre and Part Payment options
- Zero Foreclosure Fees: Take advantage of Nil or Near to Zero Foreclosure Charges on offer
- No Income Proof: Worry less about loan approval; Ruloans Gold Loans need no income proof
- Quick Loan Renewal: Simply request a gold loan renewal; renewals are quicker than you expect
- Instant Loan Disbursal: Online and easy documentation allows speedy processing of your Gold Loan
Eligibility Criteria for Gold Loan
- Age: Your age should be minimum of 21 years, and a maximum of 68 years at Loan Maturity
- Nationality: You should be a Resident Citizen of India without having defaulted on any previous loans and without any Criminal Record
- Credit Score: Your credit score should be 650 or higher
- Eligible Entities: Anyone having gold is eligible irrespective of income or employment.
Note: The above eligibility criteria are for indicative purposes only, and can vary from lender to lender.
Documentation for Gold Loans
Documents Required for Gold Loan
The documents required for gold loan are the least among all the loan products
Documents required
- List of Documents Required
- Identity and signature proof
- Voter ID
- Passport
- Aadhaar Card
- Driving License
- PAN Card
- Employee Identity Card (in case of government employees)
- Address Proof
- Rent Agreement
- Bank Statement
- Votar ID Card
- Passport
- Driving License
- Telephone/Electricity/Water/Credit Card bill or Property tax.
- Two post-dated cheques for security purposes
- Passport-size photographs
Gold Loan EMI Calculator
How is Gold Loan EMI Calculated?
Gold Loan EMI (Equated Monthly Installment) is calculated using the following Compound Interest formula:
EMI = [P * r * (1 + r)^n] / [(1 + r)^n – 1]
Where:
EMI = Equated Monthly Installment
P = Gold Loan principal amount
r = Monthly interest rate (Annual interest rate divided by 12, expressed as a decimal)
n = Gold Loan tenure in months
Fees and Charges for Gold Loan
The fees and charges of gold loans usually vary from lender to lender and from case to case. The aforementioned table will give you a fair idea of the fees and charges related to gold loans:
- Loan Processing Fees: 0.2% to 0.6% of loan amount
- Loan Cancellation: 1%
- Stamp Duty Charges: Nil
- Penal Charges: Nil
Other fees and charges that lenders may levy on your personal loan include documentation charges, verification charges, duplicate statement charges, NOC certificate charges and swap.
Gold Loan FAQs
What is a gold loan?
A gold loan is a type of secured loan where gold jewelry or ornaments are used as collateral. The value of the loan is determined based on the market value of the gold provided as security. Gold loans are typically short-term loans with a quick disbursal process and are commonly used for meeting urgent financial needs.
What is the maximum loan amount I can get?
The maximum loan amount you can get for a gold loan depends on several factors, including the purity and weight of the gold provided as collateral, the lender’s policies, and the prevailing market value of gold. Typically, lenders offer loans ranging from 60% to 80% of the value of the gold ornaments pledged as collateral. However, the actual loan amount offered to you will depend on the specific terms and conditions of the lender.
What's the repayment period for a gold loan?
The repayment period for a gold loan is typically short-term, ranging from a few months to a few years, depending on the lender and the loan amount. Some lenders offer flexible repayment options, allowing borrowers to repay the loan in EMIs or as a lump sum at the end of the loan term. It’s important to check with the lender for the specific repayment terms and options available for the gold loan.
What happens if I can't repat the loan?
If you can’t repay a gold loan, the lender may auction off the gold ornaments pledged as collateral to recover the outstanding loan amount. It’s important to communicate with the lender and explore repayment options to avoid losing your gold.
is the gold safe with the lender?
Yes, the gold pledged as collateral for a gold loan is generally safe with the lender. Lenders are required to follow strict guidelines for the safekeeping of the gold, including secure storage facilities and insurance coverage. Additionally, borrowers receive a receipt for the gold pledged, detailing the quantity and quality of the gold. It’s important to choose a reputable lender to ensure the safety of your gold.
What documents are required to apply for a Gold Loan?
To apply for a gold loan, you typically need to provide proof of identity, proof of address, recent photographs, ownership proof of the gold, and KYC documents. Some lenders may also require your bank account details.
How long does it take to get approval for a Gold Loan?
The time taken to get approval for a gold loan can vary depending on the lender and their internal processes. However, in general, gold loans are known for their quick disbursal process, and approval can often be obtained within a few hours. Some lenders may even offer instant approval for gold loans, especially for smaller loan amounts. It’s advisable to check with the lender for their specific timeline for approval and disbursal of the loan amount.
Can I extend the repayment period of my Gold Loan if needed?
Yes, if you need to extend the repayment period of your gold loan, most lenders offer options to renew or extend the loan. This typically involves paying the interest due up to that point. However, the specific terms and conditions for extending the loan, such as the maximum extension period and any additional fees, may vary depending on the lender. It’s advisable to check with your lender regarding their policies for extending the repayment period of your gold loan.
Are there any tax benefits associated with Gold Loans?
No, there are no tax benefits associated with gold loans in India. Unlike certain other types of loans, such as home loans or education loans, where the interest paid can be claimed as a deduction under the Income Tax Act, interest paid on gold loans is not eligible for any tax benefits.
What is the process for gold valuation during a Gold Loan application?
During a gold loan application, the lender evaluates the purity and weight of the gold jewelry or ornaments you wish to pledge as collateral. This involves testing the purity, weighing the gold, and calculating the maximum loan amount you are eligible for based on the value of the gold. Once agreed upon, you sign the loan agreement, and the loan amount is disbursed to you.
What is the process for gold retrieval after loan repayment?
After repaying your gold loan, you can retrieve your gold by submitting a request to the lender. The lender will verify that the loan has been fully repaid and then return your gold jewelry or ornaments to you.
Is there a difference between a Gold Loan and a Personal Loan?
Yes, there are differences between a gold loan and a personal loan. A gold loan is a secured loan where you pledge gold as collateral, while a personal loan is an unsecured loan that does not require collateral. Interest rates for gold loans are typically lower than personal loans due to the collateral involved. Additionally, the loan amount for a gold loan is determined by the value of the gold pledged, whereas a personal loan amount is based on your creditworthiness. The repayment periods may also differ, with gold loans often having shorter terms than personal loans.