Gold Loan Eligibility Process

Your gold jewellery can help you fulfil your business needs on your own when you need funds instantly when you need funds in an emergency. However, you need to ensure you are eligible for the loan before applying for one. Here are five things you need to know about the Gold Loan eligibility process.

Age of the applicant
To be eligible for a Gold Loan, you should be 18 to 65 years old.

Loan repayment tenure
Gold Loan eligibility criteria also involve the loan repayment tenure. Typically, Gold Loans are offered for minimum and maximum tenures of 6 and 24 months, respectively, and you should be able to repay the loan within this tenure.

Your occupation
Another essential aspect of Gold Loan eligibility is your occupation. You can be a salaried professional, a self-employed individual, a business owner, an entrepreneur, a student, a senior citizen, a pensioner, or a housemaker to be eligible for the loan.

Type of gold accepted
While speaking of Gold Loan eligibility, it is essential to mention the type of gold Banks accept. Most banks accept only gold jewellery, with the purity of the gold between 18K and 22K.

Maximum loan-to-value ratio (LTV Ratio)
When you check Gold Loan eligibility, you will find that the right bank will offer a high loan-to-value ratio. You can get a maximum LTV of 75% of the gold's worth provided as collateral.

• Step 1: Navigate to the HDFC Bank official website.
• Step 2: Under the 'Borrow' section, select 'Gold Loan.'
• Step 3: Click on ‘Apply Online.'
• Step 4: Enter your personal and financial details.
• Step 5: Click ‘Submit’ to finalise your request.
• Step 6: An HDFC Bank representative will reach out to you.

Ensure you have a passport-sized photograph and valid ID (such as PAN, Aadhaar, Voter’s ID, Passport, or Driving Licence). The loan is typically processed swiftly, often within 45 minutes. Note that the funds cannot be used to purchase gold or jewellery.
Before you apply for a Gold Loan, make sure you use a Gold Loan eligibility calculator. Click here to apply for a Gold Loan from HDFC Bank.