| Call | 1800-124-999-888 Monday to Saturday 10 AM to 6PM |
| Contact details | Mr. Vinod Kumar (Grievance Redressal Officer) support@indiagold.co Address: $5th Floor, Holly Hocks Pvt Ltd, Plot #64, Sector 44, Gurgaon, Haryana, 122002 |
| Customer can reach out to us to withdraw the consent | support@indiagold.co |
| Customer awareness | indiagold does not charge any fee directly or indirectly to the customer for providing Gold Loan, in case you receive a call, SMS or any kind of communication from someone claiming to be a India Gold representative and asking for any kind of fee/charge/money compensation in return of a loan, please alert us on support@indiagold.co |
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| Details of Grievance Redressal Officer for Digital Lending Products | Mr. Mehernosh Dhamodiwala (Grievance Redressal Officer) Grievance Redressal Cell, HDFC Bank Limited, 1st Floor, Empire Plaza - 1, Lal Bahadur Shastri Marg, Chandan Nagar, Vikroli West, Mumbai – 400083 Call: Monday to Saturday 1800 266 4060 9:30am to 5:30pm This facility is not available on 2nd & 4th Saturdays, all Sundays and Bank Holidays |
A gold loan is a type of secured loan that is granted against the collateral of gold ornaments or jewelry. In this type of loan, the borrower pledges their gold items as collateral and the lender provides funds based on the value of the gold pledged. The loan amount sanctioned is usually a percentage of the gold's current market value, typically ranging from 60% to 90% of the value.
You can be eligible for a Gold Loan if you are an individual of the age group of 18 to 65 years, and your occupation is salaried professional, self-employed individual, business owner, entrepreneur, student or senior citizen.
* Identity Proof - Aadhaar Card, PAN Card,Voter ID,Passport, or Driving-License
* Address Proof - Aadhaar Card, Voter ID, Passport, Driving-License,Utility-Bill (Phone/Gas/Electricity/Water/Broadband, etc.) / Lease Agreement of a local address that matches the address on your utility bill (in case your permanent address is different from your current residential address)
* Form 60 or PAN Card or passport size photograph
* You can consider applying for a gold loan when you have an immediate need for funds and have gold ornaments or jewelry that you can pledge as collateral. Here are some situations when a gold loan may be a suitable option:
* Emergencies: In case of a medical emergency or an unexpected financial requirement, a gold loan can provide quick access to funds, as the processing time for such loans is relatively short.
* hort-term needs: If you have a short-term requirement for funds, such as to pay for your child's education or to meet your business expenses, a gold loan can be a good option.
* Lower credit score: If you have a low credit score and are finding it difficult to get a loan from a bank or financial institution, a gold loan can be a good option as it is a secured loan that does not require a high credit score.
* Lower interest rates: Gold loans generally have lower interest rates compared to other unsecured loans, making them an attractive option for borrowers.
* No income proof required: Unlike other loans, a gold loan does not require income proof or credit history, which makes it easier for individuals who are self-employed or do not have a regular source of income to apply for a loan.
If a gold loan is not paid, the lender has the right to take possession of the gold ornaments or jewelry that were pledged as collateral. The process of taking possession of the gold is as follows:
* Issuance of notice: The lender first issues a notice to the borrower, reminding them of the outstanding dues and asking them to repay the loan amount along with any interest or penalty charges that may have accured.
* Auction of gold: If the borrower fails to repay the loan amount within the specified period, the lender may auction the gold ornaments or jewelry that were pledged as collateral. The auction process is conducted in a transparent manner, and the proceeds from the sale are used to recover the outstanding loan amount.
* Adjustment of proceeds: If the proceeds from the auction are greater than the outstanding loan amount, the lender returns the balance amount to the borrower. However, if the proceeds are lesser than the outstanding loan amount, the borrower is still liable to pay the remaining amount.
* Legal action: In case of continued non-payment, the lender may initiate legal action against the borrower to recover the outstanding loan amount.
* It is important for borrowers to ensure that they can repay the loan amount within the specified tenure to avoid losing their gold. Borrowers should also read the loan agreement carefully and understand the terms and conditions before availing a gold loan.
- *24% Annual percentage rate ( APR ). Only in certain Geographies and with certain lenders. T&C Apply.
- ^ Indicative time measured for a loan of Rs 50,000 carried under controlled conditions.
- Representative Example: If the loan amount is ₹100,000 and a customer selects indiagold plan with interest rate 9.24% per annum; & if the customer pays only the interest every 30 days for the next 180 days, then the overall calculated interest payable would be ₹4620 only (₹770 per month). So, Total cost of the loan would be (Principal + Interest): ₹1,04,620. The customers get the convenience to pay the principal balance anytime within 180 days tenure.
- Minimum period of repayment is 61 days and Maximum period of repayment is 12 months. Effective monthly interest rate post rebate in Regular Rebate Max Value Scheme with Loan Tenure of 6 months.
- Contact Information (Registered Office): Plot 270, Udyog Vihar 2, Gurgaon, Haryana 122016 Phone Number: 7827790370
- Associated Fees and Charges :There is no associated fees for indiagold schemes.
- We don't offer personal loans which require repayment in full in 60 days or less from the date the loan is issued. Subject to the necessary KYC and verification. T&C apply