What is the procedure for NRIs to apply for a gold loan?

The procedure for Non-Resident Indians (NRIs) to apply for a gold loan is relatively similar to resident Indians, with a few additional requirements. Generally, the key steps are:

1. Find a bank or Non-banking Financial Company (NBFC) that provides gold loans to NRIs. Many banks and NBFCs offer this service both online and through branches.
2. As an NRI, you will typically need a co-applicant who is a resident Indian, as many loan providers require this. The co-applicant provides local address proof and acts as a guarantor on the loan.
3. Submit the necessary Know Your Customer (KYC) documents as an NRI applicant. This usually includes passport, visa copies, overseas address proof, and PAN card. Your co-applicant must provide local address proof and ID/address documents.
4. Pledge the gold jewellery as collateral at the nearest branch or gold loan service point. The ornament will be valued, and you will get a loan amount as a percentage of this value.
5. The loan agreement must be signed by both the NRI applicant and the Indian co-applicant. It clearly states repayment terms, interest rates, and other conditions.
6. When the loan amount and interest are repaid, the gold jewellery is returned to the applicant.