What Documents Do Senior Citizens Need to Apply for a Gold Loan?

When senior citizens apply for a gold loan, financial institutions typically ask for identity proof, address proof, age proof, and income proof documents to ascertain eligibility.

1. Identity Proof: This is typically needed to validate the person's identity. Documents like an  Aadhaar card, PAN card, Passport, Driving Licence, or Voter ID can serve as identity proof for senior citizens. These government-issued identity documents have the person's photograph and other details which confirm their identity.
2. Address Proof: Address proof is usually required to verify the senior citizen's residence. Documents such as the Aadhaar card, Passport, Driving Licence, Voter ID card, or utility bills can act as address proof. Utility bills like electricity, water, gas, and landline phone bills provide the senior citizen's current residential address.
3. Age Proof: Age-proof documents validate that the applicant has attained senior citizen status (age 60 years or more). Documents like the Aadhaar card, PAN card, Passport, Driving License, Voter ID card, or Birth Certificate can serve as age proof for senior citizens. These documents contain the date of birth details.
4. Photograph: A recent passport-sized photograph is generally needed for a gold loan application. This helps the financial institution link the person's photo identity proofs with their application.
5. Income Proof: Though not always needed, some banks or Non-banking Financial Companies (NBFCs) ask for income-proof documents such as IT returns, salary slips, bank statements, etc. This gives an idea of the senior citizen's income streams and helps assess repayment capacity.

Therefore, senior citizens need to furnish valid identity proof, address proof, age proof, photo and income proof (if requested for) when applying for a gold loan from banks or NBFCs.