Ad-Free CAclubindia and Daily Updates on your mobile. Subscribe Now!

Things to know before applying for Gold Loan?

Digi@54321 (NA) (64 Points)

28 February 2022

What are the important things to know before applying for Gold Loan?

Reply
Follow
Share

2 Replies

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (166902 Points)
Replied 01 March 2022

While applying for a gold loan, you must have the gold loan required documents in place. These documents include:

Valid and active identity proof like:

Aadhar card
PAN card
Voter ID card
Passport
Driving license
Ration card
Passport-sized photograph(s)
Form 60/ 61

Valid and active address proof like:

Voter ID card
Driving license
Ration card
Aadhar card
Passport
Utility bills – gas, electricity, water, and the like that are not older than three months
Lease agreement (if required)
Income proof (if required)
Proof of landholding in cases of agricultural loans

You must also fill and submit the gold loan application form correctly to avoid rejection of the loan. Your bank might also request you to furnish any other documents they deem as needed.

Upgrade to CAclubindia Pro. Subscribe Now!

Swastik Samal (6 Points)
Replied 08 October 2023

Before applying for a Gold Loan from home, consider key factors such as interest rates, loan-to-value ratio, and repayment terms. With services like Muthoot Fincorp One, you can even apply for a Gold Loan from the comfort of your home. Ensure your gold is well appraised, and understand the terms and conditions of the loan agreement, including any associated fees. Timely repayments are crucial to retain ownership of your gold assets.