KLM Gold Loan Approval Process


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KLM Gold Loan Approval Process

KLM Gold Loan Features

KLM Gold Loan Approval Process

Gold Loan is a very viable option if you have an emergency that causes an inevitable need for funds. Rather than taking a personal loan, it is better to avail of a gold loan as it is easier to secure with lower interest rates. Dialabank can help you know more about the perfect gold loan that you want to avail yourself. Some features of Gold Loans are:

  • Low-interest rates: Gold loans are handed out usually on low interest rates.
  • Comfortable return options and tenures: You can choose from various EMI options.
  • Quick processing: Gold loans are handed out even within hours, making it easier to avail.
  • Easy documentation: Documents are processed quickly.
  • Safe and secure: Your gold remains safely with the bank till you pay back the borrowed amount with interest.

KLM Gold Loan Eligibility

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
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.

KLM 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

KLM Gold Loan Approval Process

KLM Gold Loan Approval Process curtail a few very simple steps that are as follows:

  • You can submit your loan request either online or offline with relevant documents.
  • If you are applying online, you will be called into the nearest branch for the verification process.
  • You will have to carry the gold, as it would have to be valued and handed over in the bank if the loan is approved.
  • Once your application is submitted and documents are verified, the loan amount is processed and handed over.
  • this process can even be completed within an hour if the documentation is perfect.

FAQs on KLM Gold Loan Approval Process

✅ How long does it usually take to process a gold loan?

It usually takes around an hour to disburse the loan if your documents and eligibility are perfect.

Are gold loans based on high interest rates?

Gold loan interest rates are usually nominal and lie somewhere around 9 to 12% usually, but this may depend on various factors.

✅ What are the criteria to be qualified for a gold loan?

To be able to avail of a gold loan, one must be over or of 18 years of age and must have gold to mortgage.