A loan against gold is a secured loan you get by pledging your gold jewellery as collateral. Gold loans are helpful if you need quick access to cash for international education, marriage expenses, covering medical emergencies, or any other personal use. Borrowers need to submit identity proof and residential proof as part of the gold loan documents.
Identity Proof Documents
- PAN Card: PAN stands for Permanent Account Number. It is used to identify eligible individuals to apply for income tax returns or to file their income tax returns.
- Voter ID: Voter cards are a powerful tool that can help in ensuring voter turnout during elections. You can get a voter card from any of the government offices.
- Aadhaar Card: The Aadhar card was introduced by The Aadhaar Act of 2016, which has replaced the earlier National Population Register (NPR) system. It is required for many governmental services that require proof of identity and residence.
- Driving license: It's a document that proves your identity and authority to drive on public roads.
- Passport: It is a travel document. It can be used for any country without filling out any visa application.
Residential Proof Documents
- Bank statement
- Aadhaar Card
- Ration Card
- Voter ID
- Passport
- Recent electricity or telephone bill
The process of getting a loan has been simplified and made faster with these requirements in place. Loan application forms are now accessible for borrowers to complete, providing better chances of approval. It is always recommended to go through the list of gold loan documents carefully. The list varies across institutions based on their policies. Do consult the gold loan interest with your lender.
You can borrow gold using a gold loan with the help of events like these. To ensure there are no doubts about your pledge, you need to provide some gold loan documents.
