Gold Loan
Gold loans provide a distinct financial solution for individuals needing immediate funds by using gold as collateral. These loans are beneficial due to their secured nature, which generally results in lower interest rates compared to unsecured loans. Here are the key features and benefits of gold loans
Why choose Gold Loan?
Loan starting from Rs. 5000/-
Multiple repayment option
Free insurance of gold
Minimal documentation
Did you know?
A longer gold loan tenure can lower your rate of interest
Lokmanya Society has 213 branches across india
Borrowed funds can be used for any purpose.
You can get a gold loan with just one KYC document
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Eligibility Criteria and Documents Required for Gold Loan
Anyone can apply for our gold loan, as long as they meet the basic gold loan eligibility criteria mentioned here. They will be asked to submit a few basic documents to complete their application process.
Eligibility Criteria
- Nationality: Indian
- Age: 18 years minimum
- Gold purity: 22-24 karat
Documents required
Any one of the following:
- Aadhaar card, Voting Card
- Passport, PAN Card
- Driving licence
Features and benefits for Gold Loan
No Credit Score Requirement
Borrowers do not need a high credit score to avail of a gold loan.
High Loan to Value Ratio
We can offer up to 80% of the gold’s value as a loan, ensuring maximum capital for the borrower’s needs.For mahila & sr.citizen more benefits than normal persons.
Flexible Tenure
Loan tenure can range from 6 months to 12 months, providing flexibility in repayment.
No Prepayment Charges
Borrowers can repay the loan before the tenure ends without any prepayment charges, providing financial flexibility.
Gold Loan interest rate & applicable charges
| Type of fee | Applicable Charges |
|---|---|
| Interest Rate | 11.99% onward p.a.(11.99% - 18% p.a.).Rates varies depending on scheme availed |
| Stamp Duty and other statutory charges | As per applicable laws of the state |
| Late payment penalty | 2.00%per annual on principal amount |
| Part-Payment Charges | NIL |
| Pre-Closure Charges | NIL |
FAQs
1. How much loan can I get against my gold?
The loan amount depends on the purity, weight, and current market value of the gold you pledge. Typically, you can avail up to 75-80% of the gold’s value as a loan.
2. What is the interest rate on a Gold Loan?
The interest rate on a Gold Loan varies based on the loan amount, tenure, and the scheme you choose. Please check with us for the most current rates.
3. Can I prepay my Gold Loan?
Yes, you can prepay your Gold Loan fully before the end of the tenure. No extra charges will be charged for prepayment.
4. Is my gold safe with the Lokmanya Multipurpose Co-op. Society Ltd?
Yes, your gold is securely stored in a safe vault by the us and is insured for the entire loan tenure.
5. What happens after I repay my Gold Loan?
Once the full repayment is made, your pledged gold will be returned to you in the same condition as it was submitted.
6. What is the tenure for repayment of the Gold Loan?
The tenure for repayment can range from a few months to a few years, depending on your preference and the Lokmanya multipurpose co-op Society Ltd terms.