Bank gives loan by keeping gold as security.
Aadhar Card, PAN Card, Voter Card, Photo, Address Proof
Loan is available on the basis of purity, weight and market value of gold.
The tenure of the gold loan depends on the bank and NBFC.
Interest rate from 7% to 15.75%
Banks and NBFCs also charge foreclosure charges, documentation charges
Processing Fee 0.50% to 1% plus GST
One also has to pay for the valuation of the gold
Gold loan is considered as a secured loan