Aditya Birla Gold Loan Eligibility

Aditya Birla Basic Eligibility Criteria

Nature of Employment:

Should have some kind of income so that the lender can trust that the borrower can pay him back. A self-employed, salaried, trader, businessman, or farmer is eligible to apply for this loan.

Age Limit:

The borrower has to come in the age group of 21 years to 60 years, they are then legally allowed to apply for a gold loan.

The Commodity:

The gold commodity that you bring in as a pledge for the bank to keep in exchange for the loan should be at least 10 grams in weight and anywhere between 18 carats to 22 carats.

Factors that Lenders Consider at the Time of Sanctioning a Gold Loan Amount:

  • Gross weight:  Weight of the gold as measured on the gold scale.
  • Net Weight: The total weight of the gold after removing the weight of the other metals.Aditya Birla Gold Loan Eligibility
  • LTV: It is the per gram weight offered for the loan.
  • Gold Loan Purity: The higher the purity of the gold ornament you give, the higher the loan will be.
  • You should have a KYC that doubles up as identity proof and address proof.

Detailed Process to Evaluate Your Gold Loan Eligibility

Understand the Per Gram Rate and LTV

Before committing to a gold loan check the gold per gram value in the market and decide accordingly. Since you know the rate you can easily calculate the loan to value ratio.

LTV is the maximum amount of loan given to the person after the value has been decided. Banks will give you anything around 75% to 80% of the value calculated as the loan, as per RBI rules.

The Process to Calculate the Gold Loan

Gold Loan Amount=Net Weight x Per Gram Rate x Purity

Net weight= The total weight of the jewelry minus the weight of other metals other than gold.

Per Gram Rate= The market value of gold per gram.

Purity= Purity factor of gold.

Choose the Right Place for Taking a Gold Loan

LTV isn’t the only thing that decides the value of your jewelry and decides the amount of loan you receive.

To be in the most advantageous position when taking the gold loan you have to consider processing fee, pre-closure, gold loan tenure, and interest rate – not just the LTV.

Aditya Birla Gold Loan Eligibility Calculator

Minimum and Maximum Age
21 Yrs – 60 Yrs
Note: However, many banks require a minimum age of 23 years
Loan Amount
Up to ₹ 2 Cr. Some banks restrict maximum eligibility to ₹ 20 Lakh
Interest rates are lower for a higher loan amount
Employment Type
Salaried and self-employed both are eligible
Businessmen are increasingly taking gold loans to meet their working capital requirements.
In fact, housewives, senior citizens who are not eligible for other loans because they have no income proofs can easily avail of gold loans.
Quality of Gold
Gold ornaments should range in between 18 to 24 Carats
An average gold price of 22-carat gold for the preceding 30 days is adjusted down for purity. So, the price of 20 Carat jewellery can be estimated by multiplying the price of 22 Carat jewellery by a factor of 20/22
CIBIL Score
Banks do not check CIBIL score for granting a gold loan
However, your repayment track record for a gold loan is counted towards your CIBIL score and hence, can be instrumental in building your CIBIL score
Gold ornaments that can be used for availing loan
Gold bars and coins
Gold with 18-24 carat purity
Employment track record and income proofs
Banks do not check your job stability or business stability to sanction you a gold loan. Gold loans are granted without income proofs. You only need to submit your basic KYC documents such as address proof, identity proof, and an Aadhaar card to avail of this loan.

Aditya Birla Gold Loan Calculator

Aditya Birla Gold Loan Documents Required

At the time of application the following documents are required:

  • Proof of the citizenship of India
  • Duly filled application form
  • 2 passport-sized photographs
  • Applicant’s KYC documents to establish Identity and Address
  • Salary/ Income Proof
  • Witness Letter in case of illiterate borrowers
  • In the case of Agriculture Loan of more than Rs. 1 lac, land proof
  • Certificate by the Jewel Appraiser (Bank will arrange)

At the time of disbursement the following documents are required:

  • Demand Promissory Note & Demand Promissory Note Take Delivery Letter
  • Gold Ornaments Take Delivery Letter
  • Arrangement Letter

Types of Aditya Birla Gold loans

Aditya birla Group Ac Gold Loan

the purpose of the gold loan is to get quick financial help by putting their gold commodity as a pledge for low-interest rate and quick disbursement.

Eligibility

  • At least 18 yrs of age.
  • Should have a gold commodity to be mortgaged.
  • Should have a regular income (optional).
  • Should have a personal or savings ac with the bank (optional).

The Loan Amount

Usually, according to RBI rules, it will be around 70% of the valued amount, but if the borrower is ready to pay higher interests then even 90% of the valued amount can be allowed.

Security

The gold jewelry or coin or any kind of commodity is kept as security since in case the group doesn’t pay up the amount – the commodity cab=n be easily liquidated. This is why these gold loans are easily provided with low-interest rates and quickly.

Gold loan tenure

The RBI rules say that the tenure for the repayment of the gold loan has to be 1year if it isn’t agricultural.

Aditya Birla Agricultural Gold Loan

It has all the similar criteria as that of the normal gold loan, except for the fact that this has a longer Gold Loan tenure.

Aditya Birla Gold Loan Eligibility FAQ’s

How can I check my loan status?

Al you have to do is go to the ‘personal loans’ option and click the option ‘track your application’. You can use your application reference number, name, mobile number, and email id.

What is Aditya Birla FL?

Aditya Birla Finance Limited (ABFL) is amongst the leading financial advisor companies that offer end-to-end lending services and wealth management services.

How can I close my Aditya Birla loan?

The customer can choose to close the loan via cheque or Demand Draft (DD). The bank will provide an acknowledgment letter about the foreclosure of the loan. Followed by a confirmation message from Aditya Birla Finance about the foreclosure.

What does Aditya Birla Capital do?

ABCL is the holding company for all financial service-related companies.

How many companies are there under Aditya Birla Group?

Aditya Birla Group has successfully has its foot planted in 14 different industries.