Overview of Gold Loan in Sonipat
Gold loans in Sonipat offer quick financing against gold ornaments, ideal for urgent personal or business needs, with minimal documentation and fast disbursal.
Eligibility Criteria
| Criteria | Details |
|---|---|
| Applicant Type | Individuals (salaried, self-employed, or non-working) |
| Age | 18–70 years |
| Gold Purity | 18–22 carat |
| Loan-to-Value (LTV) | Up to 75% of gold value (per RBI) |
| Credit Score | Not mandatory |
| Collateral | Gold ornaments/jewelry |
Documents Required
- Identity Proof: Aadhaar, PAN Card
- Address Proof: Utility bill, Aadhaar
- Gold Ownership: Declaration or purchase receipt (if available)
- Passport-size Photographs: 2
Benefits of Gold Loan in Sonipat
- Loans up to ₹50 lakh based on gold value
- Low interest rates starting at 7% p.a.
- Flexible tenures up to 3 years
- Instant disbursal within hours
- No credit score requirement
Compare Gold Loan Lenders in Sonipat
| Lender | Interest Rate | Loan Amount | Tenure | Processing Fee |
|---|---|---|---|---|
| Muthoot Finance | 7% p.a. | Up to ₹50 lakh | 3 years | 0.25% |
| Manappuram Finance | 7.5% p.a. | Up to ₹40 lakh | 2 years | 0.5% |
| SBI | 8% p.a. | Up to ₹30 lakh | 2 years | 0.75% |
Frequently Asked Questions
What types of gold can be pledged for a gold loan in Sonipat?
Gold ornaments or jewelry of 18–22 carat purity; coins or bars may not be accepted by all lenders.
How is the loan amount determined?
Based on the weight and purity of gold, up to 75% of its market value (per RBI guidelines).
How quickly can I get a gold loan?
Within hours, often same-day disbursal after gold valuation.
Is my gold safe with the lender?
Yes, stored in secure vaults with insurance; verify lender’s reputation.
Can I prepay my gold loan?
Yes, usually with no or minimal prepayment charges.
What happens if I default on a gold loan?
The lender may auction the gold to recover the loan amount after due notice.
Promotional Offers
- Interest rates starting at 7% p.a. for gold loans in Sonipat
- Waived processing fees for applications before 31st May
- Free gold loan eligibility check via Loanpao