TATA Capital Gold Loan Approval Process


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    TATA Capital Gold Loan Approval Process

    TATA Capital Gold Loan Features

    Know details about TATA Capital Gold Loan Approval Process. Tata Capital Limited is a financial and investment company in India. The company has its headquarters in Mumbai and has more than 100 branches across India. The company offers consumer loans, wealth management, commercial finance, infrastructure finance, and several other financial services.

    1. TATA Capital Gold Loan Approval ProcessThe gold loan tenure is up to 3 years.
    2. The lender immediately sanctions gold loans.
    3. The borrower has to pledge their gold ornament or jewellery as collateral.
    4. Prepayment penalties are not charged.
    5. Borrowers are offered several repayment options – equated monthly instalments, advance interest payments, interest payment at regular intervals, and bullet payments.
    6. Generally, banks and financial institutions charge no or nominal processing fees.
    7. The interest rate is low and attractive.
    8. The eligibility criteria are simple to meet, and minimum documentation is required.
    9. The borrower’s gold is stored securely by the borrower.

    TATA Capital 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
    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.

    TATA Capital 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

    TATA Capital Gold Loan Approval Process

    TATA Capital Gold Loan Approval Process is instant and hassle-free –

    1. Visit the financial institution’s official website or open their netbanking app.
    2. Under the loans menu, click on ‘gold loan’.
    3. Then, fill the application form and read all documents carefully.
    4. The financial institution’s representative will get in touch with you.
    5. Next, submit your documents for verification purposes.
    6. Then, submit your gold that would be evaluated before being enlisted as security.
    7. Once all procedures are completed, if all the eligibility criteria are met, the loan is approved.
    8. On approval, the loan amount is deposited in the borrower’s account within 24 hours.

    A borrower can also visit the bank’s branch office and apply for a gold loan offline too. The borrower can opt for online or offline way, based on their convenience.

    FAQs on TATA Capital Gold Loan Approval Process

    ✅ Can I repledge the same asset multiple times?

    Yes, a borrower can repledge the same gold ornament or jewellery to obtain a gold loan in the future. There is no limitation on it.

    ✅ As per the RBI guidelines, what is the maximum LTV?

    Banks can issue a gold loan up to 75% of the gold’s value as per the RBI’s norms. Visit Dialabank for more information.

    ✅ What is the minimum age limit to apply for a gold loan?

    Generally, a borrower must be above the age of 21 years for TATA Capital Gold Loan Approval Process. However, the age criteria can vary from lender to lender.