Standard Chartered Bank Gold Loan Features
Standard Chartered Bank Gold Loan is a British multinational banking and financial services company headquartered in London, England, with more than 1200 branches across 70 countries.
Gold Loan is a secured form of loan which is offered after pledging your gold ornaments and jewelry with the bank as collateral or security. After evaluation of your gold, the loan amount is ascertained by the bank.
The various features of Standard Chartered Bank Gold Loan are:
- Low-interest rates.
- Competitive processing fees.
- No prepayment penalty.
- Interest payable on actual utilization.
- Simple documentation and servicing.
- Minimum 21 years and above to apply.
Standard Chartered Bank Gold Loan Eligibility
|Minimum and Maximum Age||
21 Yrs – 65 Yrs
Note: However, many banks require a minimum age of 23 years
Up to ₹ 2 Cr. Some banks restrict maximum eligibility to ₹ 20 Lakh
Interest rates are lower for a higher loan amount
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.
Standard Chartered Bank Gold Loan Documents Required
|List of Documents|
Passport (Not expired)
Driving license (Not expired)
Voters’ ID Card
Aadhaar Card issued by UIDAI
PAN (Permanent Account Number) Card (along with any of above-mentioned documents) or Form 60
One Passport Size Photograph
Agri Allied Occupation Documentation( in case of bullet repayment for agriculture customers)
Standard Chartered Bank Gold Loan Approval Process
- Visit the nearest branch of your bank.
- Fill out the application and provide all the details to apply for Gold Loan.
- Provide all required documents to the bank.
- Take your gold for its evaluation to the bank.
- Discuss and negotiate loan terms like loan amount, tenure, payment options, fees if any, etc. with the bank’s representative
- After due evaluation of your application, the loan will be granted to you.
FAQs on Standard Chartered Bank Gold Loan Approval Process
✅ What documents are required for Gold Loan?
Basic KYC documents such as your ID proof (like Driving license, PAN Card, Aadhaar,Voter ID card, Passport etc.) and one Residential proof, passport size photographs, etc. are required for applying for a Gold Loan.
✅ What medium should I choose to repay my Gold Loan?
You can repay your loan via cash, cheque, demand draft or online fund transfer.
✅ Is there any penalty for late payment of the loan?
Yes, banks usually levy an annual penalty which ranges from 1% and 6%. This is in addition to the rate of interest that you would be paying to service your loan.