Gold Loan Scheme

Gold Loan related market Important Guidelines:

  • Get all the Gold Loan Scheme and Gold Loan related market important guidelines. We know very well about the Gold Loan scheme and offers in Indian market & actually it is most volatile precious metal on earth which is the most trustworthy and symbol of richness. So when we talk about market lending loan against Gold in India, we require to follow some specific parameters like income documents and PAN Card Copy for loan over 5 Lacs irrespective of CIBIL Score.
  • All Loans against the gold and any of renewals under the below mention current gold loan scheme having total exposure greater than equal to 1 LAC needs to be made through NEFT/ RTGS/ Cheque.
  • Apart from the new Gold Loan disbursal any of existing loan Interest payment received in principal due cases have to be accepted and needs to be part payment passed

Key Points about Gold loan Scheme

ü     DealsofLoan brings schemes based on calculation of 60% loan to value of the ornament cost as per RBI guidelines.

ü     We are allowing renewals on current schemes only.

ü     Gold valuation as per carat value loan to value funding available for all customers

ü     No lending against Gold coins /bars / bullion as per RBI guidelines

ü     Stone weight deduction to happen on actual

ü     No lending against ornament having more than 50% of weight in stone

ü     No funding to Jewelers profile only funding allowed for Mortgage Loan & Home Loan

ü     Lending against 18-19 caret gold jewelery only in combination and not more than 40% of the Gross Weight of the gold items pledged

Credit Checks for Gold Loan Scheme

Checks about Gold Loan Scheme

Up to  2 Lacs

Above 2 Lacs

Credit CIBIL  Score  test

No

Yes

Normal TVR

Yes

Yes

Internal Data Check

Yes

Yes

Contact point Verification

No

Yes

Actual Income Documents

No

Yes

Undated Cheque of Principal & Loan Amt

No

Yes

Bank Statements

No

Yes for above 5 Lacs

Gold Loan’s Restricted Items

  • All kinds of Mangalsutras to be accepted only if borrower is a female. For male borrowers the same needs to be confirmed over  telephonic  verification from family members or if Mangalsutra is one of the collateral along with other ornaments.
  • Gold plated watches
  • Gold items used as religious symbols like pooja.
  • Human waist Belt greater than 100 grams

You can check everything about other loans on DealsofLoan .

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