Required Identity Documents
1 passport photograph, photo Identity proofs (passport, driver's license, Aadhaar card). Proof of address like bills. Form 60 or PAN card. Anyone at least 18 years old Is eligible.
Repayment Tenure: The repayment cycle of pledged gold loans is generally between 6 months to 2 years, per the lender’s discretion. There may also be instances of loan tenure extensions with higher interest rates.
Gold Loan Repayment Options
There are various options offered by gold loan lenders to make the repayment process convenient and easy.
- Upfront Interest: Borrows pay complete interest at the beginning and the principal amount towards the end of the term.
- Bullet Repayment: Calls for payment of the entire amount, both principal and interest, at the end of the loan tenure.
- Regular EMIs: Calls for regular repayment in the form of calculated EMIs, equated monthly installment.
- Overdraft facility: Calls for paying the interest only on the utilized amount.