How long does it take for NRIs to receive funds after applying for a gold loan?

The turnaround time for Non-Resident Indian (NRI) gold loans depends on certain factors, but loan providers can usually disburse funds in 1-2 days after completing the application process, ensuring that NRIs can access the funds required quickly and seamlessly.

The key steps involved are:

• Application Submission: To initiate the process, NRIs need to submit their Know Your Customer (KYC) documents and gold collateral details online or through a branch visit.
• Verification: Lending companies will verify KYC documents and evaluate the gold ornaments through visits. The quality and weight of gold are checked.
• Valuation: The value of gold is calculated based on its purity and prevailing market rates to determine the maximum loan amount.
• Loan Approval: After verification and valuation, the credit team approves the loan application.
• Disbursal: Finally, the loan amount, as approved, is disbursed to the NRI’s account within 1-2 days of application usually via NEFT/RTGS or cheque pickup.