Apply Gold Loan Online

FAQs

1. What is a Gold Loan?        

A loan taken against your on gold or jewellery is known as a Gold Loan. When you hand over your gold to the bank in return of a specific amount is classified as a Gold Loan. It is a quick and straightforward process to obtain funds against your gold with minimal documentation at competitive Gold Loan interest rates with flexible tenures. 

2. Who is eligible to get a Gold Loan?

An Indian Resident between the age of 18 and 75 years who is a businessman, trader, farmer, a salaried or self-employed individual is eligible to apply for a Gold Loan through HDFC Bank. You can check your eligibility through our Gold Loan eligibility calculator. 

3. What documents are required to apply for a Gold Loan?            

The list of documents required if you wish to apply for a Loan against Gold with HDFC Bank are: 

• One Passport Size Photograph
• PAN (Permanent Account Number) Card (together with any of the below 
• mentioned documents) or Form 60
• Passport (Not expired)
• Driving license (Not expired)
• Voters’ ID Card
• Aadhaar Card issued by UIDAI
• Agri Allied Occupation Documentation( in case of bullet repayment for agriculture customers)

4. When should you apply for a Gold Loan? 

You can apply for a Loan against Gold when you require funds for a specific end-use purpose. As the turn around time to receive the funds over the counter at any HDFC Bank branch nearest to you is 45 minutes, you can use this advantage to apply for a Gold Loan during an emergency as well. 

5. What happens if a Gold Loan is not paid? 

In the situation of a Gold Loan non-repayment , the bank begins with sending reminders via email and texts to intimate the borrower regarding EMI payment. After a stipulated period certain penal charges or interest rates are levied on the Gold Loan amount. Eventually, if the Gold Loan amount is not paid after repetitive follow-ups over the due course stipulated by the bank, the bank will proceed to sell or auction the gold ornaments and repay the loan amount.

6. How do I repay the Gold loan?      

The Loan against Gold can be repaid through easy monthly instalments calculated on the interest rate and tenure offered. Loan options available are Term Loan, Overdraft or Bullet repayment facility. You can choose to repay only the interest every month or the regular EMI every month. Your monthly outflow can be as low as Rs. 1,000 per Rs. 1 lac (this is based on an indicative rate of 12% p.a.). If you choose Bullet repayment facility, then repay the interest and principal amount after 1 year.

7. Can I foreclose or prepay my Gold Loan?             

Yes, you can foreclose or prepay your Gold Loan. However, some charges would be applicable. For foreclosure, the charges would be 1% + GST if closed within 6 months of applying for Loan against Gold. There are nil foreclosure charges if closed after 6 months.