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What is a Gold Loan?
A Gold Loan, also known as a Loan against Gold refers to a lump sum of money borrowed by offering to pledge Gold. A secured loan by nature, the borrower needs to deposit gold articles, jewelry, coins, or any physical form of gold with the lender until the entire loan amount gets repaid. The amount the borrower sanctions depends on the value of the gold based on the Loan-to-Value (LTV) Ratio
The Reserve Bank of India (RBI) recently relaxed norms for loans against gold by increasing the permitted LTV ratio from 75% to 90%. As per the RBI Gold Loan guidelines, banks and NBFCs can extend 90% of the value of the pledged gold as a Gold Loan. One can also avail of an Overdraft facility against Gold.
Tazaloans offers the best Gold Loans, at the lowest rates of interest. Tazaloans will connect you to a lending partner, and take you through the process comfortably. Choose from our catalog of Gold Loans offered by our distinguished Partner Banks and NBFCs. Tazaloans offers quick approval and speedy disbursal of your Gold Loan.
Eligibility criteria
Everyone who meet the five basic criteria below are eligible for gold loan Nationality should be Indian
Minimum age: 21 years and Maximum age: 70 years
Purity of gold should be 18K to 22K.
If bank-minting coins, then 24 karats and up to 50 gms per applicant
The applicant should be Salaried, Self-Employed Professional, Businessman, Farmer, or Trader.
Documents required
Following are the documents required for gold loan
KYC documents (Aadhar card / Voter’s ID / Passport / PAN card).
2 passport size photographs.
Application form for gold loan.
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