Gold loan is one of the easiest loans to avail and this is because it doesn’t require too much documentation.

Additionally, unlike other loans, it doesn’t even ask for your proof of income.

The documents required for availing a gold loan are:

· Driving license

· Passport

· Voter’s ID

· Ration card

Any of the above documents can be submitted to prove your identity. Other than this, you only need a proof of residence.

Thus, as you can see, there’s very little documentation required for applying for a gold loan. Gold loans also carry lower rate of interest, requires minimal documentation and therefore, takes less time for processing.

Unlike other types of loans, a gold loan does not require one to provide any income or salary proof.

In fact, it has a comparatively lower rate of interest, requires minimal documentation, and is therefore, processed in lesser time.

Large gold loan providers in India now offer discounted rates in addition to other benefits.

One can avail of a maximum gold loan of Rs. 1 crore in India.