Can I Get The Gold Loan?


The eligibility criteria of a Gold loan is such that even an 18 years old student can comply. Any individual above the age of eighteen years who has the ownership of some amount of gold with them which they want the loan against can possibly apply for such category of loan. In such type of loans, the banks offer a low rate of interest as the loan is secured by gold. Usually, loans require huge collateral, a good credit score and a good source of income but in gold loans, one doesn’t need to have all that. Gold ornaments and also bank gold coins are accepted by banks as per RBI’s (Reserve Bank of India) guidelines.

The customer has to pledge such assets with the bank and upon which the bank is able to approve a loan. Some basic requirements by banks are as followed:-

1. The age of the applicant on the date of application should be above 18 years (In some cases it can also be 21 years).
2. The gold should be above 18 carats in quality (in some cases above 22 carats).
3. Identity verification with documents like AADHAR card and PAN card may be asked to be presented.
4. Documents proving ownership of the gold may also be asked to be presented.
5. Duly signed and filled application form.

These are almost all requirements that one might have to fulfil in order to avail of a gold loan. Also, one doesn’t isn’t bound by the bank on how the funds are to be used by the borrower. For example, in the case of a car loan, the borrower is bound to use the funds in the purchase of a car only and in the case of a house loan the borrower is bound to purchase a house only with those funds. Gold loan is another type of personal loan where the borrower is free to use the funds the way they want to. People have been opting for this type of loan to sponsor their children’s wedding and also for their education. Manappuram Gold Loan is one of the first gold loan providing NBFC ( Non-Banking Financial Company) in our country. The company offers loan at interest rates starting at just 9.90% per cent and are the market leaders in providing such loans.

The company is one of the only few companies that have been researching in collaboration with various institutes across India to find about the future and scope of gold loans. They take customer care very seriously not only at the time of applying for the loan but also after that. Most of the application process is online. The tenure for the loan varies and interest is charged up to the day all EMI’s are paid. Once all the EMI’s have been paid fully the bank returns the gold/gold ornament back in its original condition. Manappuram also doesn’t charge for pre-payment of the loan. Prepayment is a situation when the borrower returns the loan amount before its maturity. When going for a gold loan one should be considering all these eligibility factors and liability factors. One should also read the loan/scheme related documents carefully before going ahead with the loan and if possible also enquire about it.


The gold loan has proved itself as the saviour in the majority of cases for borrowers. Its swift application process and fast disbursal of loan are some features loved by all. Anyone can apply for such a loan if clears the basic criteria and use the funds the way they want to without any limitations. Gold ornaments are also accepted by banks and all gold is tested by experts with the latest technology to prevent any damage. The process itself seems lengthy but takes place in just a couple of days at max.