Gold Loan

What are the Documents Required for Getting a Gold Loan?

Types of Documents Required for Gold Loan To make the loan application process simple for your benefit, Muthoot FinCorp requires minimal documentation. Any individual, between the age of 18 - 65, possessing the following documents can avail a Gold Loan:

• Identity Proof-PAN Card
• Driving License
• Passport
• Voter's ID Card
• Aadhar Card
• Address Proof-Voter's ID Card
• Aadhar Card
• Rent Agreement
• Utility Bills
• Bank Statement

Below are the steps you need to follow when you apply for a Gold Loan.

• Select A Lender : The first step in the Gold Loan process is to select your preferred lender. Ensure you choose a reputed lender who safeguards your assets and returns them at the end of the loan tenure.
• Gold Evaluation: Once you have chosen your preferred lender, you must get your gold evaluated. Different lenders offer different evaluation options. You can visit the lender's branch for evaluation. An Assayer weighs the gold and conducts the KYC process. The lender then informs you of the loan amount you can get, the interest rate applicable on the loan, and the repayment terms. Lenders determine the gold value by taking the average of one gram gold price for one month.
• Assess the Repayment Terms : Lenders allow you to repay only the interest component of the Gold Loan during the loan tenure. You can repay the principal amount in lumpsum once the Gold Loan tenure ends or anytime in between. This payment method is also known as bullet payment. Most lenders offer a one-year repayment period on Gold Loans.
• Loan Amount Disbursal : Loan disbursal is the next step in the Gold Loan process. Once you agree to the proposed Gold Loan terms, the lender credits the loan amount to your bank account.