Gold Loan is a secured loan which is given against the security of gold pledged by the borrower. It makes your previous investment in gold work for you. Gold Loan is one of the easiest ways of raising funds because it requires minimum documentation, no income proofs and takes less time for disbursal and the interest rates are lesser as compared to a personal loan. It is offered by banks as well as Non Banking Financial companies. If someone wants funds for a short period than the gold loan is the best option available.
Funds can be used for any purpose, be it children's marriage, their education, medical expenses, business needs etc.
Documents required For Gold Loan
1. Identity proof such as passport, voters ID ,PAN card , aadhar card or driving license etc.
2. Address proof such as electricity bill, ration card, telephone bill etc.
3. For signature proof you need to submit your passport copy, driving license or any other document with your signature.
4. 2 passport size photographs.