Gold loan: What are the ornaments or coins that I can pledge to get a gold loan?

According to the Kotak Mahindra Bank, “Only acceptable gold ornaments from 18 to 22 karat and only bank minted coins (24 Karat) up to 50 gms per customer can be funded. Non funded items / articles such as Hair pins, Cufflinks, Gold watch, Gold strap, Gold idols, Gold utensils, jewellery with more than 50% deduction, Thread mangalsutra, White gold, Diamond jewellery, Imitation jewellery, Ginni, Gold bars cannot be accepted.”
As per the IDFC FIRST Bank, ‘Gold Loans are available for ornaments with a purity of 18-22 karats. Bank-issued gold coins weighing up to 50 grams per customer are also eligible. Gold Loans are not available against bullion, broken ornaments, gold idols, bars, watches, cutlery, or other gold products that are excluded from time to time under our policy.’

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ITR need to be submitted if availing gold loan of Rs.25 lakhs and above. PAN is a must, if the annual income exceeds Rs.5 lakhs as per Regulatory guidelines

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Minimum and maximum loan tenures varies with each bank. Here is what IDFC FIRST Bank website states;

Rs. 10,000 is the minimum Gold Loan amount for the Bullet and Monthly Interest Servicing schemes.

The minimum Gold Loan amount for the EMI Scheme is Rs 2,00,000.

The maximum amount of Gold Loan for the Bullet Scheme is Rs 10,00,000.

The maximum Gold Loan amount under the Monthly Interest Servicing Scheme and the EMI Scheme is Rs 50,00,000.

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Minimum loan amount is Rs. 20,000. Maximum loan amount of Rs. 1,50,00,000/- can be availed by a single customer/Family/Group at any point of time at the discretion of the Bank.

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In general, a gold loan can be approved in 90 to 120 minutes, depending on the customer’s ability to submit the necessary KYC documentation and bank rules. If a consumer fails to provide the necessary documentation for a loan, there may be a delay, and if they are a first-time customer, it may take longer to start a savings bank account. Please take notice that if the loan amount is Rs. 25 lakhs or more, the customer must provide an ITR, and if the yearly income exceeds Rs. 5 lakhs, they must have a PAN.

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