What is Gold Loan?
Gold loan is a type of secured loan. It is a new and trending concept in Indian loan sector. Many people in India own gold as it is considered as a symbol of success and fortune. Often people do not use gold ornaments regularly and they are kept at home or in bank lockers for safety. But instead of keeping the gold ornaments there, you can mortgage them to a bank or an NBFC and get a loan against it with tempting interest rates. Keeping your gold ornaments as collateral for loan is known as ‘Gold Loan’. It is the fastest way to get loan and is also very easy as it does not require a plethora of documents. Along with ornaments you can also keep gold coins as collateral. These gold loans are usually taken for short tenures as per the applicant’s needs. The lenders design the repayment process and EMI’s according to the borrower’s needs. Gold loans are popular in urban as well as rural areas equally.
Why to Choose an HDFC Gold Loan?
HDFC offers gold loan under their ‘Sampoorna Bharosa Gold Loan’ scheme where the tenure is decided on the quality of gold and the amount disbursed. Tenure of HDFC gold loan ranges from 6 months to 4 years.

To avail HDFC gold loan you need minimum documents.

HDFC gold loan interest rate starts from 9.70% and goes up to 20.18%. These are the lowest interest rate available. But commonly the HDFC gold loan interest rate fall from 12% to 13%.

HDFC offers extremely flexible and many times customized repayment options. Borrower can start by paying interest rate and pay the principal amount at the end of the tenure. Also the borrower can make pre-payments in a few installments.

HDFC gold loans are approved and disburse quickly. They can be approved within an hour and the borrower can get the loan money quickly. Thus those who require funds quickly, gold loans are saviors for them.
What are the features of HDFC Gold Loan?
Gold loans are available to multiple number of people at the same time as they do not need many documents, eligibility criteria is minimum and even the process is easy & quick.

People from rural area are offered special lower interest rate if they opt for gold loan.

In gold loan, gold itself is kept as collateral.

Disbursement in gold loan often happens as fast as a few hours.

HDFC offers minimum of Rs. 50,000 loan amount against gold.

HDFC gold loan amount is decided on the gold’s purity, market price of gold and its karats.

If the gold ornaments you are keeping as collateral, contain precious stones, the loan amount is still determined on only gold not the precious stones.
HDFC offers in house gold evaluation.

Rejection in gold loan happens only if the borrower’s CIBIL score is not strong enough.