I DON’T HAVE A PAN CARD. CAN I STILL GET A GOLD LOAN?Posted by KushiBL on March 24th, 2020 Introduction A loan against gold or gold loan is a type of secured loan in which an individual, the customer, pledges their gold ornaments as collateral with a gold loan company or organization. In turn, the company gives a loan amount, as per the market value of the gold submitted, to the customer. Availing a loan through loan aggregators can suffice your financial needs with your gold. Loan aggregators meet the right bill with the borrower's profile. Buddy Loan offers flexible tenure for repayment. When compared to other personal loans, the procedure for availing a gold loan is considered as a pretty easy and quick way of fulfilling one’s financial needs. The alternative to mortgage is gold ornaments or jewellery in this case. The process for availing a gold loan is quite a hassle-free experience when compared to the other types of personal loans. It also requires minimal paperwork. Also, gold loans don’t require minimal documentation and no validation for income or salary of the individual availing the same. Thus, if someone has gold ornaments, even if they are unemployed or unsalaried, they can avail of a gold loan. The reason for this being that one is pledging gold, a very valuable asset, in return for the loaned amount. Documents required for availing a gold loan Mannapuram and Muthoot have been carrying on the gold loan business in India for a long time. It is only in recent years that most of the banks have started to participate in this field actively. Gold loans are one of the simplest and quickest ways to monetize one’s gold and get money accordingly, as it involves minimal paperwork and requires no validation regarding one’s employment status. However, there is a complete assessment done by the financer or bank on the submitted gold. They accept gold measure 19 - 24-carat pure gold. To verify the identity of the customer, the bank or financer requires one to have any of the following:
Verification of the customer’s Aadhar card with UIDAI and fingerprint can be done online.
Can one get a gold loan if he/she doesn’t have a PAN card? NO! One has to obey the government rules to avail a PAN card to avail gold loan. The mandatory requirements for this are an identity proof and address proof. Thus any government-issued identity and address proof should be used for this. Also, ID cards issued by companies for working professionals will be additional benefit in availing a gold loan. Like it? Share it! More by this author |