A loan taken against your on gold or jewellery is known as a Gold Loan. When you hand over your gold to the bank in return of a specific amount is classified as a Gold Loan. It is a quick and straightforward process to obtain funds against your gold with minimal documentation at competitive Gold Loan interest rates with flexible tenures.

An Indian Resident between the age of 21 and 60 years who is a businessman, trader, farmer, a salaried or self-employed individual is eligible to apply for a Gold Loan through LoanOnMind.

The list of documents required if you wish to apply for a Loan against Gold with LoanOnMind are:

In the situation of a Gold Loan non-repayment , the bank begins with sending reminders via email and texts to intimate the borrower regarding EMI payment. After a stipulated period certain penal charges or interest rates are levied on the Gold Loan amount. Eventually, if the Gold Loan amount is not paid after repetitive follow-ups over the due course stipulated by the bank, the bank will proceed to sell or auction the gold ornaments and repay the loan amount.