- Cashmate
- Gold Loan
Gold Loan
Read on to know the criteria required to apply for our Gold Loan.
Gold Loan Eligibility and Documents
Eligibility Criteria
- Age: Typically, borrowers should be 18 years or older.
- Ownership: You must own the gold being pledged.
- Good Quality: The gold should meet the lender's purity standards.
- Identification: Valid government-issued ID for identity verification.
Documents Required to Apply for Gold Loan
- Identity and signature proof
- Voter ID
- Passport
- Aadhaar Card
- Driving License
- PAN Card
- Employee Identity Card (in case of government employees)
- Address Proof
- Rent Agreement
- Bank Statement
- Voter ID Card
- Telephone/Electricity/Water/Credit Card bill or Property tax.
- Two post-dated cheques for security purposes
- Passport-size photographs
How to Apply for Gold Loan at Cashmate?
To apply for a gold loan, you can follow these general steps. Keep in mind that the specific process might vary depending on the lender and the country you're in. Here are few points to keep in mind before Applying Gold Loan:
- Choose a Lender: Research and choose a reputable lender that offers gold loans. This could be a bank, a financial institution, or a specialized gold loan company.
- Check Eligibility: Review the eligibility criteria set by the lender. Typically, you'll need to be of a certain age and own gold jewelry that meets the lender's criteria.
- Visit the Branch or Website: You can either visit the nearest branch of the lender or apply online through their official website or mobile app, if available.
- Gold Evaluation: If applying in person, bring the gold you want to pledge as collateral to the lender's branch. They will evaluate the gold's purity, weight, and value to determine the loan amount you're eligible for. If applying online, you might need to visit the branch for this step. These days few Fintechs offer this service at customer’s doorstep as well.
Gold Loan EMI Calculator
How is Gold Loan EMI Calculated?
Gold Loan EMI (Equated Monthly Installment) is calculated using the following Compound Interest formula:
EMI = [P * r * (1 + r)^n] / [(1 + r)^n - 1]
Where:
EMI = Equated Monthly Installment
P = Gold Loan principal amount
r = Monthly interest rate (Annual interest rate divided by 12, expressed as a decimal)
n = Gold Loan tenure in months
Fees and Charges for Gold Loan
The fees and charges of car loans usually vary from lender to lender and from case to case. The aforementioned table will give you a fair idea of the fees and charges related to car loans:
Particulars
Charges
FAQs
As the name suggests this is the loan given against gold. It’s a secured loan that enables borrowers to pledge their gold in lieu of a cash loan. It enables people to utilize their gold assets instead of storing them in lockers. Customers usually go for this loan for short period to meet the requirement of their children’s education, marriage and other financial problems in the family.
For a gold loan, applicants should be aged above 18 years and should have gold that needs to be mortgaged with the bank.
The interest rate on your gold loan varies from one lender to another. Please enter your details on our Gold Loan eligibility page and view gold loan offers offered by various banks and private institutions.
The loan approval process for gold loan is very fast. If your application meets all the requirements, it takes just an hour for the loan amount to be disbursed.
Depending upon who your lender is, a gold loan can be repaid in as less as 1 day to 48 part payment instalments.
A nominal processing fee is levied on your gold loan. The processing fee charged varies from one bank to another but generally does not exceed 2% of the loan amount. In addition to the processing fee, you are expected to pay a gold validation charge, which the bank will incur.
Loan foreclosure charges range from 0%-3% and are applicable on the outstanding amount of your gold loan.