Frequently Asked Questions

  • General
  • Service

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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 a gold loan.

You will need these documents for getting the loan approved:

• ID proof such as Driving License, Pan Card, Form 60/61, Passport, Voter ID card.

• Address proof such as House Registration Documents and Utility Bills.

In addition to the above, you need to provide three passport size photographs.

A gold loan helps you avail loan against your gold jewellery. You can pledge your gold jewellery with our partners to avail loan against it.

You could use a gold loan to further your business, buy a new vehicle, your child’s education, buy a house or plot, or meet any unexpected expenses.

Gold loan can be availed for a 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.

The interest rate on the gold loan varies between 0.83% per month to 2% per month depending upon the lender. You can view the applicable rate of interest once you enter your details in 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, according to the terms of your gold loan agreement. If you fail to repay your loan after being given sufficient notice after the due date, the Banks or NBFCs will auction your gold assets. 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.

The gold against the loan can be reclaimed by repaying the loan.

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