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Aditya Birla Capital LimitedAditya Birla Capital Limited (“ABCL”) is a listed systemically important non-deposit taking Non-Banking Financial Company (NBFC) and the holding company of the financial services businesses. ABCL and its subsidiaries/JVs provides a comprehensive suite of financial solutions across Loans, Investments, Insurance, and Payments to serve the diverse needs of customers across their lifecycles. Powered by over 61,600 employees, the businesses of ABCL have a nationwide reach with over 1,690 branches and more than 200,000 agents/channel partners along with several bank partners.
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2,00,000+
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Gold Loan
- Interest Rates Starting at 0.79 %* p.m.
- High Loan-to-Value Ratio
- Quick and Hassle-free Process
Reasons to Get Gold Loan from Aditya Birla
High Per Gram Rate
Gold loans are secured against your gold, ensuring a higher LTV ratio.
Flexible Repayment Options
During the initial repayment period, you can opt to pay only the interest on the loan, reducing your monthly expenses. The entire principal amount is repaid at the end of the loan tenure.
Quick Processing
The loan application process is streamlined, requiring minimal documentation. Once your application is approved, the loan amount is typically disbursed.
Minimal Documentation
The loan application process is designed to be hassle-free, requiring fewer documents compared to traditional loans.
No Credit Score Impact
As a secured loan, gold loans do not rely on your credit score for approval.
Quick and Easy Gold Loans for All Your Goals
Cover medical expenses
A gold loan can help you cover the cost of medical bills, medications, and other expenses.
Quick access to funds
In case of emergencies, a gold loan can help you gain funds quickly.
Get the care you need
A gold loan can help you get the care you need, without having to worry about the cost.
Cover wedding costs
A gold loan can help you cover the cost of your venue, food, entertainment, and other expenses.
Avoid debt
A gold loan can help you avoid falling into debt after meeting wedding expenses.
Fund your dream wedding
A gold loan can help you create the wedding of your dreams, without having to worry about the cost.
Consolidate your debts into a single loan
A gold loan can help you consolidate your debt into a single loan with a better interest rate.
Save money on interest
A gold loan can help you save money on interest over time.
Make it easier to pay off your debt
A gold loan can help you make it easier to pay off your debt, by giving you a single payment to make each month.
Take a much-needed vacation
A gold loan can help you take a much-needed vacation, without having to worry about going over the budget.
Create memories
Create memories that will last a lifetime with the funds received from a gold loan.
Avoid using credit cards
A gold loan can help you avoid using credit cards on your vacation, which can help you save money on interest.
Improve the value of your home
A home renovation can improve the value of your home. A gold loan can help you finance a home renovation, so you can increase the value of your home.
Make your home more comfortable
A home renovation can make your home more comfortable and enjoyable. A gold loan can help you finance a home renovation, so you can create the home of your dreams.
Avoid using credit cards
The capital obtained from a gold loan can be used to fund your vacation. This can reduce your dependence on credit cards.
How to Apply for Gold Loan in 5 Easy Steps
Gold Loan Interest Rates
Find out the interest rates for gold loans, so that you canplan your repayments accordingly.
| Loans | Interest Rate |
|---|---|
| Loans for Amounts as Low as ₹30,000/Month | Starting from 0.79% per month |
Eligibility criteria and documents required for gold loan
Are you eligible for a Gold Loan? Check whether you and your gold meet the eligibility criteria.
Documents Needed for Gold Loans*
- ID proof | Aadhaar Card, PAN card, Voter ID, Passport, Driving Licence
- Address proof | Aadhaar Card, PAN card, Voter ID, Passport, Driving Licence, Lease Agreement, Utility bills
Eligibility Criteria for Gold Loans
- AgeYou must be older than 18 years of age.
- NationalityYou must be an Indian citizen.
- Gold QualityMinimum gold quality should be 18 karat.
- Gold AmountA minimum of 10 gm of gold should be submitted.
- Loan AmountA minimum loan of ₹30,000 can be dispersed.
Who Can Apply for Gold Loan ?
Salaried professionals
Self-employed individuals
Business owners
Students
Senior citizens
Pensioners
Homemakers
Gold Loan Fees & Charges
In addition to the interest rate, lenders may also charge various fees and charges associated with gold loans. These fees can vary depending on the lender, the type of loan, and the loan amount. Some common fees and charges associated with gold loans include:
| Charge Type | Amount |
|---|---|
| Processing fee: | This is a one-time fee charged by the lender to process your loan application. The processing fee can typically range from 0.5% to 1% of the loan amount. |
| Prepayment charges | If you repay a share of the loan amount before the end of the loan term, you may be charged a prepayment fee. The prepayment fee can vary depending on the lender and the scheme you have chosen. |
| Late payment charges | If you fail to make your monthly payments on time, you may be charged with a late payment fee. The late payment fee can vary depending on the lender, the scheme you have chosen and the amount of the missed payment. |
| Defaulting on interest payment | If you default on an interest payment on one of the loans, a penalty will be levied. The cost of the penalty will depend upon the lender and the scheme you have chosen. It could either be a % of the loan amount as a penal charge or a hike in the interest rate. |
| Foreclosure charges | If you pay off the entire loan amount before the end of the loan term, you may have to pay foreclosure charges. The amount of foreclosure charges will depend on the lender and the type of scheme chosen. |
Things to consider before taking a gold loan
Loan Amount and Tenure
-
Assess your needs
Determine the exact amount of money you need to borrow to fulfil your financial goals.
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Choose a flexible tenure
Select a loan term that aligns with your repayment capacity and financial situation.
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Consider prepayment options
Check the lender's policies regarding prepayment and whether there are any associated charges.
Gold Valuation:
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Ensure accurate valuation
Verify that the lender uses a reliable method to assess the value of your gold.
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Check for purity and weight
Ensure that the lender accurately determines the purity and weight of your gold.
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Consider potential depreciation
Be aware that the value of gold can fluctuate, so consider the potential impact on your loan if the value decreases.
Loan Processing Time
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Prioritise quick disbursal
Choose a lender with a reputation for efficient loan processing and quick disbursement.
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Enquire about processing time
Ask the lender about their typical processing times and any factors that might affect the speed of the loan approval.
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Consider online applications
If you prefer a more convenient and efficient application process, look for lenders that offer online applications.
Documentation:
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Check for minimal requirements
Check the necessary documentation and ensure that you have all the required paperwork available.
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Ask about online document submission
If possible, ask about the option to submit documents electronically to save time and effort.
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Be prepared for additional documents
Be prepared to provide additional documents if requested by the lender, such as proof of income or address.
Repayment Options
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Enquire about flexibility
Ask the lender about the available repayment options, such as monthly instalments, part payments, or prepayments.
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Consider convenient payment methods
Choose a lender that offers convenient payment methods, such as online transfers, automatic deductions, or physical payments.
-
Be aware of late payment charges
Understand the lender's policies regarding late payments and any associated charges.
Interest Rates
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Compare rates and charges
Research interest rates offered by different lenders and compare them to find the most competitive option.
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Consider hidden fees
Be aware of any additional charges or penalties that might increase the overall cost of the loan.
-
Understand interest calculation
Determine whether the interest is calculated monthly or annually.
Different financial needs, different loans, one app - ABCD
For weddings, travel, vehicle purchases, or any other obligation, fulfil any need with personal finance solutions offered by the ABCD app.
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Range of loan options for different needs -
Range of loan options for different needs
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Quick sanctions and disbursals
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Home Loan
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Up to 90% property cost loans
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Flexible 30-year repayment tenures
Portfolio Track
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Consolidate assets, liabilities
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Track portfolio at fingertips
Customer Satisfaction Stories
Hear from our customers what they have to say about their experience.
Mauris Porta Arcu Id Tortor Pulvinar Cursus. Duis Mattis, Diam Id . Sit Amet. Donec Velit Massa Pharetra A Elementum Sed Mattis Vel Tortor. Ac Neque Ut Purus Sed Nulla Felis Pharetra. Lobortis Aliquet Tortor Suspendisse Urna Mauris Justo Volutpat Odio. Dignissim Orci Ante Mattis Scelerisque Lacus Amet.
Aditya Birla Health Insurance Customer
Bangalore, India
Aditya Birla Health Insurance Customer
Mauris Porta Arcu Id Tortor Pulvinar Cursus. Duis Mattis, Diam Id . Sit Amet. Donec Velit Massa Pharetra A Elementum Sed Mattis Vel Tortor. Ac Neque Ut Purus Sed Nulla Felis Pharetra. Lobortis Aliquet Tortor Suspendisse Urna Mauris Justo Volutpat Odio. Dignissim Orci Ante Mattis Scelerisque Lacus Amet.
Aditya Birla Health Insurance Customer
Bangalore, India
Aditya Birla Capital
Mauris Porta Arcu Id Tortor Pulvinar Cursus. Duis Mattis, Diam Id . Sit Amet. Donec Velit Massa Pharetra A Elementum Sed Mattis Vel Tortor. Ac Neque Ut Purus Sed Nulla Felis Pharetra. Lobortis Aliquet Tortor Suspendisse Urna Mauris Justo Volutpat Odio. Dignissim Orci Ante Mattis Scelerisque Lacus Amet.
Aditya Birla Health Insurance Customer
Bangalore, India
Aditya Birla Capital Limited
Mauris Porta Arcu Id Tortor Pulvinar Cursus. Duis Mattis, Diam Id . Sit Amet. Donec Velit Massa Pharetra A Elementum Sed Mattis Vel Tortor. Ac Neque Ut Purus Sed Nulla Felis Pharetra. Lobortis Aliquet Tortor Suspendisse Urna Mauris Justo Volutpat Odio. Dignissim Orci Ante Mattis Scelerisque Lacus Amet.
Aditya Birla Health Insurance Customer
Bangalore, India
FAQs on Gold Loan
A Gold Loan, also known as a loan against gold, is a secured loan where you can use your gold belongings, usually ranging from 18 to 24 carats, as collateral. The loan amount you can avail is typically up to 75% of the gold's current market value and quality. Gold Loans are a simple and efficient way to address immediate financial needs by leveraging the value of your gold jewellery or ornaments.
When you need funds urgently, whether for business expenses or medical emergencies, a gold loan can meet your needs. Financial institutions usually accept only gold jewellery, and the purity of the gold must be between 18 to 24 carats
When you get a gold loan, the bank holds your gold as collateral for the duration of the loan. You are charged an interest rate, and once you repay the full amount, your gold is returned to you.
The financial institution evaluates your gold to determine the maximum loan amount and the applicable interest rate. You have the flexibility to choose the loan repayment tenure, which typically ranges from 6 to 12 months.
This makes gold loans a convenient and efficient way to access funds without having to sell your valuable assets.
After the valuation process, your gold is usually sealed in tamper-proof packaging and stored in a vault within the strong room of the financial institution you choose. Once you complete your loan tenure and repay the loan, your gold is returned to you in the same condition as when it was submitted.
Yes, you can obtain a loan of up to ₹2 crores against 18-24 karat gold jewellery. However, other forms of gold are not accepted as collateral. Only gold ornaments between 18 to 24 karats, and bank-minted coins (24 karats) up to 50 grams per customer are eligible. Non-eligible items include hairpins, cufflinks, gold watches, gold straps, gold idols, gold utensils, jewellery with more than 50% deduction, thread mangalsutras, white gold, diamond jewellery, imitation jewellery, Ginni, and gold bars.
If you are availing of a gold loan of ₹25 lakhs or more, you need to submit an Income Tax Return (ITR). Additionally, a PAN card is mandatory if your annual income exceeds ₹5 lakhs, in accordance with regulatory guidelines.
You can use any gold jewellery as collateral for the loan, provided it is of at least 18 karat purity. However, remember that loans are not granted against 24-karat gold bars and biscuits.
While the interest rate difference between gold loans and personal loans may be minimal for those with good credit, gold loan rates are typically lower even if you have a poor credit profile. A gold loan, secured by gold collateral, offers lower interest rates but comes with the risk of asset loss. Personal Loans, being unsecured, have higher interest rates but no collateral risk. Assess your financial situation, urgency, risk tolerance, borrowing limit, and duration before deciding.
Once you decide to apply for a gold loan, check your financial requirements, the desired tenure, and a comfortable interest rate. Gold loan interest rates are charges on monthly basis ranging from 0.74-1.65% per month. The range may vary as per lenders. Lenders may charge a nominal processing fee of up to 1% on certain schemes of the loan amount.
Gold loan interest rate calculation depends on the type of interest rate applied, whether it is a fixed interest rate or a fluctuating interest rate.
A fixed interest rate for a gold loan means that the interest rate remains constant throughout the loan tenure. This ensures predictability in repayment amounts, as your EMIs do not change due to fluctuations in interest rates. This type of interest rate is beneficial for those who prefer stability and consistency when it comes to loan repayments.
A fluctuating interest rate for a gold loan, also known as a variable or adjustable interest rate, changes over time based on market conditions. This means that the interest rate can increase or decrease during the loan tenure, affecting the amount of interest you pay. Fluctuating interest rates are typically tied to a benchmark rate, such as the repo rate set by the central bank. While these rates can offer lower initial payments when market rates are low, they can also lead to higher costs if interest rates rise.
Using a gold loan calculator can help you understand how different interest rates impact your loan's cost, enabling you to make an informed decision.
The most significant factor affecting a gold loan is the Loan-to-Value (LTV) ratio, which is the ratio of the loan amount to the value of the pledged gold. When gold prices rise, borrowers can get larger loan amounts, and vice versa. Lenders monitor gold price trends to determine the standard gold value for a smooth lending experience. The LTV ratio is also based on the purity of the gold, directly tied to gold prices.
Additionally, if gold prices fluctuate during an ongoing loan, you may be asked to pay margin money on the existing loan amount. This is because the RBI caps the LTV at a maximum of 75% of the gold’s value, meaning lenders can only lend up to 75% of the pledged gold's value or any other percentage as prescribed by RBI from time to time.
Different lenders may have different procedures for gold loan applications. Please find the gold loan process at ABCD:
• Register your interest in a gold loan through ABCD mobile app/website. bank or a non-bank financial company (NBFC).
• The interest with details is shared with Rupeek Fintech Private Limited, which is the lending service provider for its partnered lenders.
• Representative from Rupeek will reach the customer to schedule in home/ branch visit to complete loan application.
• Gold is appraised at home/ branch with final loan amount decided on the quantity & quality of gold.
• The lender follows RBI Know Your Customer (KYC) guidelines to complete the KYC process. Customer has to ensure to have KYC documents ready.
• Loan agreement is drafted. Customer reads and consents by signing the agreement.
• Loan amount is disbursed into customer’s bank account instantly.
• Customer’s gold is collected and stored at the lender’s branch selected by the customer.
• It is advised to opt for gold loan insurance to secure your gold.
To obtain a gold loan, you must provide identity and address proof. Following are the documents you can use for this:
• Aadhaar card
• PAN card
• Passport
• Driving license
• Voter ID card
• Electricity or gas bill
• Passport size photographs
Note: Proof of income is not mandatory to obtain a gold loan, but the specific documents may vary between lenders. Hence, it is advisable to check before applying for a loan.
Gold loans are processed relatively quickly. After completing the verification process and choosing a scheme that meets your requirements, your loan can be processed for disbursal within few working hours or same day if customer is available.
In case of any queries, customer can use the ‘Get help’ functionality on the Mobile App & Website to reach us via call/ e-mail. Customers can also explore our chatbot which will help them resolve their doubts. If they are facing any bug, they can raise a bug for our technical team to resolve at earliest.
If customer has already applied for loan, then (s)he can reach us via call or email. Otherwise, customer can also directly reach to support at our partner ‘Rupeek Fintech Private Limited’ at 1800 419 8000 or write to them at care@rupeek.com
Every lending institution has different eligibility criteria for a gold loan, but there are common factors that most financial institutions follow.
Resident Indians, aged between 18 and 75 years are eligible for applying for a Gold Loan.
Salaried professionals, self-employed individuals, business owners, students, senior citizens, pensioners and homemakers can all avail of Gold Loans. However, to avail a loan against gold, you must meet the lender’s standard eligibility criteria.
No, gold loans in India do not require a minimum credit score. Since these loans are secured by the gold you pledge as collateral, the lender obtains security in case you fail to repay the loan. This collateral reduces the lender's risk, making a credit score unnecessary for approval.
However, it is important to note, failing to repay a gold loan on time or defaulting completely can negatively impact your credit score. It is advisable to take a gold loan only if you are confident in your ability to repay the amount on time without affecting your other expenses and dues. A default or delayed payment can result in a lower credit score. The decision to extend a loan ultimately rests solely with the lender.
Yes, you can obtain a gold loan even with a low credit score. Unlike traditional loans that depend heavily on your credit history, gold loans are secured by your gold assets. As long as you have gold to pledge as collateral, your credit score will not impact your loan approval.
According to current Reserve Bank of India (RBI) regulations, lenders can provide loans up to 75% of the overall value of the gold you pledge.
Thanks to the substantial market value of gold, securing a larger loan has become more accessible. However, esteemed lenders use factors such as the loan amount and the frequency of your repayment instalments to determine the interest, often employing a gold loan calculator.
The gold loan per gram rate changes daily based on the market value of gold. This rate is part of the Loan-to-Value (LTV) ratio (RBI allows gold loans to be sanctioned up to 75%). For instance, if the LTV is 70% and the value of the pledged gold is ₹1 lakh, the borrower will receive a loan of ₹70,000. The gold is used as collateral, and the total loan amount is calculated based on the current market value of the gold.
Gold is a highly liquid asset, making it a favourable investment option among Indians due to its ease of buying and selling.
Yes, you can apply for a top-up loan if you need more funds while repaying your existing gold loan. If your loan eligibility exceeds your current outstanding amount, you can receive the balance as a top-up loan. This facility is available to existing customers who already have an ongoing gold loan account with the financial institution. A gold loan top-up provides additional funds without pledging additional gold as security or collateral.
Gold loans typically have shorter repayment tenures compared to other types of loans. The maximum tenure for long-term gold loans repaid in EMIs is usually up to 12 and can extend up to 3 years, while short-term loans repaid in a lump sum generally have a maximum tenure of six months.
Gold loans typically have a minimum repayment tenure starting from 7 days. Generally, the repayment tenure ranges from three months to four years. However, the exact tenure depends on various factors decided by the lender.