Can Senior Citizens Apply for a Gold Loan and What Are the Requirements?

Yes, senior citizens can easily avail gold loans by pledging their gold jewellery as collateral. The key requirements are:

• Age: Most loan providers allow senior citizens up to 75 years of age to avail a gold loan. This can be even higher depending on the loan provider.
• Identity and Address Proof: Senior citizens need to submit ID proof (PAN card, Aadhaar, Passport, etc.) and address proof (Aadhaar, Passport, Utility Bills, etc.)
• Ownership of Gold: Seniors should own the gold jewellery they wish to pledge and provide invoices if available.
• Minimum Gold: Financial institutions generally have a minimum gold loan amount eligibility (e.g. ₹10,000) and minimum gold jewellery requirements (e.g. 10 grams).
• Repayment: Senior citizens should have a regular income source and stability to service the monthly interest and principal repayment.