Gold Loans Eligibility

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 Gold Loans Eligibility

	Determinants of Eligibility for Education Loans
Age of the Applicant	Minimum 18 years of age
What Gold Can One Borrow Against	Gold ornaments with karatage in the range of 18 to 24 karats Specially minted gold coins sold by banks with a weight of upto 50 grams One cannot borrow against gold coins, gold bars, gold funds (gold Exchange Traded Funds) and specially minted gold coins of banks weighing more than 50 grams
Maximum Loan Amount	Maximum amount varies from lender to lender Majority of lender banks fund up to 25 lacs For existing customers with a good credit history, some banks may provide loans up to Rs 1 crore
Rate of Interest	Currently, 12.5%- 26% depending on tenure, loan size and loan to value (LTV) ratio Most gold loans are on a fixed rate basis, which means that the interest rate charged remains fixed over the loan tenure State Bank of India (SBI) and Federal Bank now offer floating rate gold loans benchmarked to their base rates with a spread of 2.5 to 4.0%
Security, Loan to value (LTV), Margin	Most banks and NBFC's fund up to 75% of the average market price of 22 carat gold (adjusted for relative purity of gold pledged) Average market price is calculated as the closing price of 22 carat gold for the preceding 30 days
Repayment Frequency	Both bullet repayment and EMI options are available on gold loans Bullet Repayment: Simple interest is paid at monthly/ quarterly rests and principal is repaid on maturity date EMI Repayment: Equal installments comprising interest on a declining basis and a portion of principal amount is paid every month
Repayment Period	Majority of gold loan schemes are with tenure of up to 12 months However, a few banks such as HDFC Bank, SBI and Kotak Bank offer gold loans with tenure of up to 36 months for large value loans
Processing Fees	Mostly fixed nominal processing fees of Rs 200 - 550
Prepayment Charges	Most gold loan schemes carry zero prepayment penalty Few banks offering fixed rate gold loans charge 1 - 3% prepayment penalty
Documentation	Basic KYC documents (PAN, Address proof, passport size photograph) Verification of ownership of jewelry where gold pledged is more than 20 grams Banks may ask borrower to have a savings account with the bank for availing gold loan
Processing Time	NBFCs - a few minutes to an hour as they have in-house gold valuation experts at their branches Banks - up to a day or two

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