What Are the Requirements to Qualify for a Gold Loan?

Here are some key requirements to qualify for a gold loan:

• The minimum age requirement is usually 18 or 21 years. The maximum age can vary from 60 to 75 years across loan providers.
• An Aadhar card, PAN card and valid ID/address proof are required as KYC documentation. Photos are also needed.
• Proof of ownership of the gold ornaments and jewellery is required through bills, receipts, etc.
• The gold items should be of a certain minimum purity, generally 18 carats and above. Lower-carat gold is usually not accepted.
• A minimum quantity of gold is required, such as 10g of jewellery. Different loan providers may have different limits.
• Financial institutions may check credit history and income documents to determine loan eligibility and repayment capacity.
• Residence stability through rent agreements or utility bills may be required in some cases.

The key requirements usually revolve around Know Your Customer (KYC), age, gold collateral, margin money, credit check, and proof of income before sanctioning the gold loan. It is advisable to compare loan providers to find the best-suited eligibility terms.