Indiabulls Gold Loan Approval Process

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Indiabulls Gold Loan Features

Indiabulls Gold Loan Approval Process. A gold loan is a secured loan issued by banks and financial institutions to borrowers against their gold. It helps borrowers to avail of cash instantly against their existing assets. The borrower must pledge their gold with the lender as collateral, once the loan is repaid, the lenders returns the gold to the. However, if the borrower fails to repay the loan, the lender can sell it to recover their loan amount.

Indiabulls Gold Loan has a low-interest rate as compared to other types of loans.
The processing fee charged on gold loans is minimal.
Gold loans generally have a flexible tenure that ranges from 3 months to 24 months.
The borrower can repay the loan through equated monthly instalments (EMI)
The borrower is provided with other repayment options such as bullet payment, advance interest, etc.
The loans are processed instantly by lenders.
Minimum documentation is required.

Indiabulls Gold Loan Eligibility

Minimum and Maximum Age	21 Yrs – 65 Yrs Note: However, many banks require a minimum age of 23 years
Loan Amount	Up to ₹ 2 Cr. Some banks restrict maximum eligibility to ₹ 20 Lakh Interest rates are lower for a higher loan amount
Employment Type	Salaried and self-employed both are eligible Businessmen are increasingly taking gold loans to meet their working capital requirements. In fact, housewives, senior citizens who are not eligible for other loans because they have no income proofs can easily avail of gold loans.
Quality of Gold	Gold ornaments should range in between 18 to 24 Carats An average gold price of 22-carat gold for the preceding 30 days is adjusted down for purity. So, the price of 20 Carat jewellery can be estimated by multiplying the price of 22 Carat jewellery by a factor of 20/22
CIBIL Score	Banks do not check CIBIL score for granting a gold loan However, your repayment track record for a gold loan is counted towards your CIBIL score and hence, can be instrumental in building your CIBIL score
Gold ornaments that can be used for availing loan	Gold bars and coins Gold with 18-24 carat purity
Employment track record and income proofs	Banks do not check your job stability or business stability to sanction you a gold loan. Gold loans are granted without income proofs. You only need to submit your basic KYC documents such as address proof, identity proof, and an Aadhaar card to avail of this loan.

Indiabulls Gold Loan Documents Required

List of Documents

Passport (Not expired)
Driving license (Not expired)
Voters’ ID Card
Aadhaar Card issued by UIDAI
PAN (Permanent Account Number) Card (along with any of above-mentioned documents) or Form 60
One Passport Size Photograph
Agri Allied Occupation Documentation( in case of bullet repayment for agriculture customers)

Indiabulls Gold Loan Approval Process

The Indiabulls Gold Loan Approval Process is simple and can be completed instantly –

Visit the bank or the financial institution’s website.
Under the loan menu, select the ‘gold loan’ option.
Select the ‘apply online’ option.
Fill out the application form.
The lender’s representative would get in touch with you.
Then, submit your documents for verification.
Next, submit your gold for evaluation.
Once, the above step is completed, the lender determines the borrower’s eligibility and approval is based on that.
If the loan is approved, the amount is deposited in the borrower’s account.

The loan application process can also be completed at the lender’s branch office if the borrower prefers the offline manner.