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Gold Loan Eligibility for NRIs in Urgent Need of Funds
Non-resident Indians can apply for a variety of loans in case they need financial assistance. However, the process of applying for such loans can be a bit complicated. Not only that; even if you do get a loan, it will most likely be at higher interest rates. On the other hand, if you are an NRI and seeking a loan, then make the smart choice and get a gold loan in India instead.
Gold Loan Eligibility for NRIs
The main difference between the gold loan eligibility criteria for residents and non-residents is that an NRI needs a co-applicant when applying for a gold loan. Additionally, the documents required for a gold loan are quite less in comparison to other types of loans.
Here are the eligibility criteria:
- The minimum applicant age is 18, and the maximum age limit is 60.
- The applicant can be salaried, self-employed, business owners, etc.
- Documents required Pan Card, Aadhar card, passport, driving license, etc.
How Do Gold Loans Work?
The process of disbursing gold loans is by assessing the gold you pledge. Lenders check the quality of the gold and after doing so, they prepare an agreement which includes gold loan terms and conditions such as the rate of interest and the time period required to repay the loan. Once the formalities are completed, the loan amount is immediately transferred to the NRI account. The gold is returned to the owner after they have paid the loan amount in full. In case the owner fails to pay the complete amount within the given time period, the lender can auction the gold to recover the loan amount.
Why are Gold Loans Better for NRIs?
Most NRIs prefer gold loans in comparison to other types of loans since they are easy to get and require very little documentation. A big positive is that the process of applying for a gold loan for NRI in India is much simpler and therefore, it is one of the most preferred options for getting a loan for NRIs.
Furthermore, since gold loans are secured loans, NRIs do not have to worry about having a high credit score for availing the same. The fact of the matter is that it’s difficult to build your credit score as an NRI since you are not a permanent resident. Gold loans negate that as well which is why they are so highly preferred.
If you are looking for a gold loan in India, then put your trust in a Muthoot Finance gold loan. We have the largest gold loan portfolio in the country, a number of gold loan schemes, the assurance of in-house gold evaluation and secure storage, quick loan disbursal and a lot more.