Question 1

Disclaimer

Accepted Answer

Information provided above on indiagold website is for educational purposes only. Your financial situation is unique and the products and services we review may not be right for your circumstances. We do not recommend or advise individuals or to buy or sell particular stocks or securities. Performance information may have changed since the time of publication. Past performance is not indicative of future results. indiagold adheres to strict editorial integrity standards. To the best of our knowledge, all content is accurate as of the date posted, though offers contained herein may no longer be available.

Question 2

What is APR?

Accepted Answer

Annual percentage rate (APR) refers to the yearly interest generated by a sum that's charged to borrowers.

Question 3

Why Opt for a Gold Loan?

Accepted Answer

There are many benefits of taking gold loans, including fast disbursals, minimum documentation, flexible repayment options and ease of application, providing complete freedom to use the funds for any expense. They also have a lower rate of interest as compared to other loans.

People with physical gold in their vaults can consider gold loans a valuable way to generate liquidity. This way, the gold becomes an active investment instead of a passive one.

Question 4

Features of a Gold Loan

Accepted Answer

Easy Eligibility Criteria
Any individual above 18 years can avail of a gold loan. It does not require the borrower to have a high credit score. With such flexible eligibility criteria, everyone can use the loan right from an employee, a business person, to a homemaker, if they have repayment capacity.

Simple Application
indiagold approves the gold loan based on the value of the gold pledged. Gold does not require income details and credit history, unlike other loan procedures. KYC of the customer, i.e. PAN card, Aadhar Card and some basic information, are enough to start the process.
indiagold has high-tech vaults in place, which ensures your gold remains safe.

Swift Disbursal
The gold loan requires minimal time for disbursal. After you apply, indiagold assesses your gold’s value. After calculating the valuation, we immediately transfers the loan amount to the your account.

No CIBIL Score Check
Banks and NBFCs reject multiple loans owing to the borrower's low credit score. However, the borrower doesn't need a good CIBIL score to get a gold loan. The disbursal of the gold loan amount is approved based on the purity of gold alone. For a bank or NBFC, the mortgage of the gold items is enough security. This is one of the most unique benefits of a gold loan at indiagold.

Low Interest Rate
Many opt for a gold loan because of the low-interest rate. The low-interest rate is due to the high price of gold in the market. When gold prices rise, lending institutions provide loans at a lower interest rate. Gold has always been a highly-priced commodity in India. Therefore, the banks/NBFCs can charge lower interest rates. Usually, the interest rate varies between 12-14% per annum

Flexible Repayment Options
While applying for a gold loan, it is essential to go through and understand all the repayment options. Usually four options to repay a gold loan are offered: Regular EMI payment, Pay interest as EMI and Principal at tenure end, Partial Payment and Bullet Repayment. After considering all options, borrowers can choose the most suitable option based on repayment capacity.

Gold Storage Safety
A gold loan puts your gold asset to work. indiagold keeps the gold in a secure vault when we provide the loan amount to you. You can be at ease because we are responsible for the safety of your gold. In case of loss or theft, you get the maximum amount equivalent to the gold’s value as the gold is 100% insured.

Flexible Usage
You can use the loan for any purpose, including purchasing assets, business growth, salaries, household, travelling or education expenses. You can use it as per the requirement after disbursing the amount.

High-Value Loans
The gold loan does not have any cap on the disbursal amount. As long as the borrower can provide the required collateral in the form of gold, we have no problem approving the loan. In case of any emergency, an individual can avail of a gold loan of even up to 1 crore.

Question 5

Loan amount per gram of Gold

Accepted Answer

indiagold offers the highest loan amount per gram of gold. It is recommended to use a gold loan calculator to understand the eligible loan amount for your gold. You can access indiagold’s Gold Loan Calculator here.

Question 6

How to effectively repay your Gold Loan online?

Accepted Answer

Just download the indiagold Android or iOS app, and make payments online via UPI, credit card, debit card or net-banking. Payments are instantly processed.

Question 7

Will the interest rate on my gold loan vary with the kind of gold ornaments I pledge?

Accepted Answer

The interest rate on gold loans will vary depending on the kind and purity of the gold ornaments you pledge. The purity of gold will also affect the amount of loan sanctioned by the lender.

Question 8

Will my credit score have any effect on the interest rate on my gold loan?

Accepted Answer

The interest rate that you may be offered on the gold loan might depend on your CIBIL credit score, and who you are taking a gold loan from. For the best interest rates, apply for a gold loan with indiagold here.
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Question 9

How do I repay the gold loan I have availed?

Accepted Answer

Just download the indiagold Android or iOS app, and make payments online via UPI, credit card, debit card or net-banking. Payments are instantly processed.

Question 10

How can I calculate the gold loan interest amount?

Accepted Answer

It is recommended to use a gold loan calculator to understand the eligible loan amount for your gold. You can access indiagold’s Gold Loan Calculator here.

However, if you already have an active loan with indiagold, you can see details of how much is your gold loan interest amount in indiagold’s Android or iOS app.

Question 11

What are the eligibility criteria to avail a gold loan?

Accepted Answer

Any individual above 18 years can avail of a gold loan. It does not require the borrower to have a high credit score. With such flexible eligibility criteria, everyone can use the loan right from an employee, a business person, to a homemaker, if they have repayment capacity.

Question 12

Is there an option to make a part-payment of the gold loan?

Accepted Answer

You can make partial payments of the interest and the principal amount as and when you desire. Thus, you can tweak your repayment schedule to match your financial capabilities.

Gold Loan Interest Rate Comparison

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Frequently Asked Questions - FAQs

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