Gold Loan Features
Loan in just 15 minutes
Apply with PAN or Aadhar Card
Loans starting from Rs.5,000
Multiple repayment options
Features and Benefits of Gold Loan
- High-Value Finance: Avail a high loan amount as funding up to 90% of the Value of Gold
- Lowest Interest Rate: Gold Loan interest rates are the lowest rates offered by Banks and NBFCs
- Repay in Easy EMIs: Benefit from our flexible EMI offerings from our reputed lending partners
- Prepayment / Part Payment: Reap profit and save from the practical Pre and Part Payment options
- Zero Foreclosure Fees: Take advantage of Nil or Near to Zero Foreclosure Charges on offer
- No Income Proof: Worry less about loan approval; Ruloans Gold Loans need no income proof
- Quick Loan Renewal: Simply request a gold loan renewal; renewals are quicker than you expect
- Instant Loan Disbursal: Online and easy documentation allows speedy processing of your Gold Loan
Gold Loan Eligibility and Documents
Read on to know the criteria required to apply for our Gold Loan.
Eligibility Criteria for Gold Loan
Age: Your age should be minimum of 21 years, and a maximum of 68 years at Loan Maturity
Nationality: You should be a Resident Citizen of India without having defaulted on any previous loans and without any Criminal Record
Credit Score: Your credit score should be 650 or higher
Eligible Entities: Anyone having gold is eligible irrespective of income or employment.
Note: The above eligibility criteria are for indicative purposes only, and can vary from lender to lender.
Documentation for Gold Loans
Documents Required for Gold Loan
The documents required for gold loan are the least among all the loan products
Documents required
- List of Documents Required
- 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
- Votar ID Card
- Passport
- Driving License
- Telephone/Electricity/Water/Credit Card bill or Property tax.
- Two post-dated cheques for security purposes
- Passport-size photographs
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 gold 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 gold loans:
Particulars
Charges
Loan Processing Fees
0.5% to 4% of loan amount
Loan Cancellation
Usually around Rs 3,000
Stamp Duty Charges
As per actuals
Legal Fees
As per actuals
Penal Charges
Usually @ 2% per month; 24% p.a.
EMI/Cheque Bounce
Around Rs 400 per bounce
Gold Loan Reviews
4/5
I went to Ruloans Andheri East branch and the employee who works are very friendly.They have sanctioned the Gold loan within couple of hours. The interest rates are very less as like Government rules. Its a timely and the service is really good. I had a good experience.
JEET RAIKAR
4/5
Ruloans helped me in getting an instant gold loan. With all my Kyc documents in order I went to HDFC Bank to deposit my gold and receive an instant disbursal. Great work by Ruloans. I received a loan at 3% and one thing to keep in mind is that your gold should be more than 18 carats.
HEMANSHI VERNEKAR
4/5
Through ruloans, I have taken a gold loan with HDFC in 4% rate of interest. Acknowledgement card would be provided with all the payment details and I get SMS alerts for renewal. Yearly once complete payment can be done or by paying interest rate I can go for renewal.
KAREENA YADAV
4/5
Ruloans helped me in getting an instant gold loan. With all my Kyc documents in order I went to HDFC Bank to deposit my gold and receive an instant disbursal. Great work by Ruloans. I received a loan at 3% and one thing to keep in mind is that your gold should be more than 18 carats.
KRISH PAI
FAQs
A gold loan is a secured loan where you pledge your gold ornaments or assets as collateral to borrow money from a financial institution.
The loan amount depends on the purity and weight of the gold. Lenders usually offer around 60-75% of the gold's value as a loan.
Repayment periods are flexible, usually ranging from a few months to a few years, depending on the lender's terms.
If you can't repay, the lender will auction the gold to recover the loan amount. It's essential to communicate with the lender to explore options before this happens.
Lenders usually have secure storage facilities for the pledged gold to ensure its safety.
Charges may include processing fees, valuation fees, and in some cases, foreclosure charges or late payment fees.
