You can now secure a gold loan without visiting a bank branch. Doorstep cash for gold-loan services brings the entire process to your home or office. This eliminates the risk of transporting valuable gold items to a physical location.
What is a Doorstep Gold Loan?
A doorstep gold loan allows you to pledge your gold jewellery as collateral. The lender sends an authorised representative to your chosen location. The representative evaluates your gold and completes all formalities at your doorstep. You receive cash or funds directly in your bank account within hours.
The Complete Application Process
Step 1: Submit Your Online Application
Visit the lender’s website or mobile application. Fill in your name, mobile number, date of birth, residential address, and email. Provide your PIN code to verify your eligibility for the service.
Step 2: Book a Convenient Time Slot
After you submit your application, a loan representative will contact you. You can choose a suitable date and time for their visit to your home or office.
Step 3: Gold Assessment at Your Location
The lender’s executive arrives with specialised evaluation equipment at your chosen location. They examine the Bureau of Indian Standards (BIS) hallmark and purity level (must be between 18 and 24 karats) of your gold. They weigh your gold items in your presence for complete transparency. You can typically borrow up to 75% of your gold’s market value.
Step 4: Complete the Documentation
The representative guides you through the required paperwork at your home. You must provide Know Your Customer (KYC) documents for identity verification. The lender follows Reserve Bank of India (RBI) guidelines during this process. Basic documents are sufficient for completing this step.
Step 5: Receive Loan Approval and Funds
The lender approves your loan after you confirm the loan terms. The loan amount gets credited to your bank account within 30 minutes. Some lenders offer cash for gold disbursement options as well. The entire approval process typically takes only a few hours.
Step 6: Secure Storage of Your Gold
The executive transports your gold articles to the lender’s branch after approval. Your gold is stored in highly secure vaults with continuous monitoring. This ensures the safety of your pledged jewellery throughout the loan tenure.
Note: The steps may vary depending on the lender’s processes.
Eligibility Requirements You Must Meet
You must be an Indian citizen to apply for this loan. Your age should be between 18 and 70 years. You can be a salaried employee, self-employed person, trader, entrepreneur, or farmer. Your gold jewellery must have a purity level of at least 18 karats.
Documents Required for Application
You need to submit one identity proof document from the following options. Aadhaar card, passport, driving licence, Voter ID card, PAN card, or NREGA job card. You must provide one address proof document as well. Utility bills, Aadhaar card, passport, or driving licence are acceptable options. You should also submit passport-size photographs for the application. A gold weight and purity certificate helps expedite the process if available.
Benefits of This Service
You avoid the risk of carrying valuable gold items to a branch. The entire process happens at your home or office at your chosen time. You do not need to provide any income proof or salary slips. The cash for gold loan is secured against your gold collateral. This makes income documentation unnecessary for accessing funds.
You receive funds within hours, making this suitable for urgent financial needs. Your credit history or CIBIL score does not affect loan approval. The lender bases the approval solely on your gold’s assessed value. You only need basic KYC documents without extensive paperwork requirements.
This cash for gold service provides access to formal funding solutions for everyone. Individuals in remote areas or those with mobility challenges benefit significantly. Platforms like Bajaj Markets offer doorstep gold loan services across multiple cities.
Interest Rates and Associated Charges
Interest rates typically range from 8.88% to 11.88% per annum across lenders. Processing fees for the Cash for Gold service generally cost 0.15% of the loan amount you borrow. The minimum processing fee is ₹60, whilst the maximum is ₹600. You may need to pay documentation fees and insurance charges separately. Many lenders provide free insurance coverage on your pledged gold items.
Note – Rates are subject to changes based on lender’s discretion.
Service Availability Across India
Banks and non-banking financial companies (NBFCs) offer doorstep gold loans throughout India. You can access quick funds against your gold jewellery without leaving home. This service combines convenience with the security of formal lending institutions.
Disclaimer: This article is for informational purposes only. Interest rates, charges, and terms vary across lenders. You should verify current rates and conditions with your chosen lender. Loan approval depends on gold valuation and lender policies. You must repay the loan as per agreed terms to reclaim your pledged gold.
