Gold loan helps you avail loan against your gold jewellery. You can pledge your gold jewellery with our partners to avail loan against it.
Any person above the age of 21 years with valid photo ID and owns gold jewellery can avail gold loan.
You could use gold loan to meet any cash requirement you have. You can use gold loan to further your business, buy a new vehicle, for child’s education, to buy house or plot, to meet any unexpected expenses or emergency.
Gold loan can be availed for short duration starting from 7 days to 12 months and can be renewed post 12 months.
PayNearby is currently working with 2 partners – Muthoot Finance and Gold Uno.
Muthoot is an RBI registered NBFC which gives gold loans. It is the largest gold loan NBFC in the country.
Gold Uno is an online aggregator for gold loans. You can compare gold loan services from different NBFCs and Banks and choose the best deal among them. Gold Uno has partnered with ICICI Bank, HDFC Bank, CSB bank, Fincare Small Finance bank, AU Small Finance Bank, HDB Financial Services, Mannapuram Finance Limited and IIFL Finance.
The interest rate on gold loan varies from one lender to another and starts as low as 0.83% per month to 2% per month. You can view applicable rate of interest once you enter your details on our Gold Loan service section.
The market value of your gold is calculated according to the per gram market rate of gold on the day of the loan application.
Any kind of gold jewellery of purity over 18 karat can be provided as security to avail a gold loan. Please note, some banks do not offer loan against gold coins and the weight of stones etc. fixed on the ornaments will be deducted for the purpose of valuation.
There are three types of repayment – 1. INTEREST ONLY: Borrower pays only simple interest on the principal amount every month. At the end of the tenure, the borrower pays the principal and closes the loan. 2. EMI: A fixed amount is paid by borrower to a lender at a specified date each calendar month. Equated monthly instalments are used to pay off both interest and principal each month, Over a specified number of years, the loan is paid off in full. 3. BULLET: Bullet is where payment of entire principal and interest is made at the end of the loan term.
Yes. After loan is disbursed, lender will send you timely reminders in a medium of your choosing (SMS, email, call) as per your repayment schedule.
If you fail to repay the loan amount on or before the due date, penal interest is charged on the loan amount. Penal interest will be applicable according to the terms of your gold loan agreement.
In case, you fail to repay your loan then the Bank’s or NBFC’s will auction your gold assets. But, it will happen only after giving you sufficient notice. They will also send auction intimation prior to the auction.
Loan foreclosure charges range from 0%-3% and are applicable on the outstanding amount of your gold loan.
It’s very simple. Repay the loan and get back your gold jewellery.
Documents required are: • Id proof, such as your Driving License, Pan Card, Form 60/61, Passport, and Voter ID card • Address proof, such as House Registration Documents, and Utility Bills. You need to provide address proof, photo identity and signature proof along with three passport size photographs.