Personal Loan Eligibility | Gold Loan vs Personal Loan Eligibility Checker
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Checking Your Personal Loan Eligibility? Avail Gold Loans Instead

When you need funds for personal or business use, you can avail personal loans. They are multi-purpose loans that can be availed if you meet the personal loan eligibility criteria specified by the lender. You can use the personal loan eligibility checker to check whether you qualify on the eligibility criteria or not. If you don’t, the loan would not be sanctioned. There are pre-approved personal loans too but they usually come at a high-interest rate. 

If you are looking for a loan which has a simple eligibility requirement, you can choose gold loans instead.

Gold Loans – The Concept

Gold loans are also multi-purpose loans which you can avail for your personal or business needs. The loans are granted against the value of the gold assets that you pledge for the loan. indiagold offers different types of gold loan schemes. Each scheme comes with simple eligibility criteria allowing you to avail funds in the easiest possible manner.

Gold Loan Eligibility Criteria

To avail a gold loan, the following eligibility parameters should be fulfilled –

  • Age – you should be aged at least 18 years and above to avail the loan
  • Gold assets – you should  own gold ornaments or jewellery which you can pledge to get the loan
  • Source of income – you should have a source of income so that you can repay the loan easily

Besides these simple eligibility requirements, gold loans do not require any other stringent qualifications. As such, you can avail gold loans with considerable ease and simplicity.

Availing Indiagold Gold Loan

IndiaGold offers you the facility of doorstep gold loan wherein you get loans right at your home. You just have to apply for the loan with IndiaGold and a loan officer visits your home and completes the loan application process. Here’s how you can avail a quick gold loan through IndiaGold –

  • Make an application for the loan either by clicking on ‘Apply Now’ at IndiaGold’s website or by calling 1800 123 999 888
  • After you contact IndiaGold, its loan advisor would get in touch with you and explain the gold loan schemes available
  • Pick a scheme as per your requirement
  • IndiaGold’s loan manager would, then, visit your home, weigh your gold, assess its purity and complete the loan application process
  • The loan funds would be credited to your bank account within 30-40 minutes
  • The gold would be packed and deposited in secured vaults for safekeeping

Benefits of IndiaGold’s Gold Loans

  • High LTV

You can get loans up to 75% of the value of the gold that you pledge. IndiaGold, therefore, offers a high LTV ratio against your pledged assets.

  • Safe custody of gold

The gold that you pledge is deposited in secured vaults so that it can be held in safe custody. There is also a free insurance cover on the pledged gold against damage and theft. Thus, your gold is 100% secured and stored safely.

  • Transparency

The gold that you pledge is weighed in front of you. The packet in which the gold is packed is affixed with a GPS tracker so that you can track your gold any time when it is held in custody by IndiaGold. 

  • Easy availability

India gold has simple eligibility parameters which make the loan easy to avail. You simply have to request for the loan service and you get doorstep facility which makes applying for the loan convenient.

So, instead of qualifying on the stringent personal loan eligibility parameters opt for IndiaGold’s gold loans. They have simple eligibility requirements and you also get funds within the shortest possible time.

Frequently Asked Questions

IndiaGold offers ten different types of gold loan schemes depending on the amount of loan that you need.

IndiaGold offers gold loans starting from Rs.1 lakh and going up to Rs.1 crore. The amount of loan that you can avail depends on the value of the gold assets that you pledge.

Yes, even if your credit score is low, you can avail a gold loan. This is because the loan is issued against the value of the gold that you pledge. If you default on repayment, the lender auctions off your gold assets to realize the outstanding loan. Thus, gold loans are available at low credit scores.

IndiaGold allows you repayment tenure of up to 6 months. During this period you need to pay only the interest on the loan. Once the repayment tenure is over, the principal amount is payable in a lump sum.

Yes, IndiaGold allows you to close the loan before the repayment tenure is over. This is called prepayment and you can do so by paying the full outstanding loan amount in one lump sum.

IndiaGold does not specify any maximum age to apply for its gold loan. As long as you have gold ornaments to pledge you can avail the loan easily.

The prevailing price of gold, as on the date you apply for the loan, would be considered for valuing the gold that you pledge. Once the gold valuation price is fixed, it would not change even if the price changes the next day itself.

IndiaGold charges a very affordable rate of interest on its gold loans. The interest rate depends on the loan scheme that you apply for. It starts at 0.75% per month and goes up to 1.65% per month.

IndiaGold is tied-up with New India Assurance Company which offers the insurance cover on the gold that you pledge. The premium for the cover is paid by IndiaGold itself and the cover is free of cost for you.

IndiaGold presently services Delhi NCR only. You can simply call, Whatsapp or apply online for the gold loan with IndiaGold if you reside in any location within Delhi NCR.