What is a Gold Loan: According to the information given on the official website of the country’s largest private sector bank HDFC Bank, the loan taken against gold jewellery is called a gold loan. When a person hands over his gold to the bank in exchange for a certain amount, it is placed in the category of gold loan.
Gold loan can be useful for you in times of need of money. However, it is important to know things like what is a gold loan and who can take it-
What is gold loan
According to the information given on the official website of the country’s largest private sector bank HDFC, the loan taken against gold jewellery is called a gold loan. When a person hands over his gold to the bank in exchange for a certain amount, it is placed in the category of gold loan. This is a simple way with fewer documents to meet the need for money. The process of gold loan is easy and takes less time. Now the question arises that what is the eligibility for taking a gold loan, that is, who can take a gold loan under what conditions.
Eligibility for Gold Loan
According to the official website of HDFC, any Indian resident between the age of 18 and 75 years, who is a businessman, trader, farmer, salaried or self-employed person can avail a gold loan. Banks check the eligibility of the individual through their gold loan eligibility calculator before granting a gold loan to any customer.
Documents for Gold Loan
While taking a gold loan, it is also important to know which documents the bank demands from its customers for this loan. If you are taking a gold loan, then this can be checked by visiting the official website of a specific bank. The documents demanded by the bank for a gold loan can be the same-
- A passport size photograph
- PAN card or Form 60
It will be necessary to submit any one of the documents mentioned below along with the PAN card.
Which documents can be submitted along with PAN card-
- Passport
- Driving License
- Voter ID Card
- Aadhar card
In case of bullet repayment, agricultural customers can provide agriculture allied business documents like PAN card and passport size photo.
When should one take a Gold Loan
It is also important to understand when to take a gold loan. In response to this question, according to the bank, when you need money for a specific purpose, you can apply for a loan against gold. You can use this facility during an emergency.
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