Eligibility criteria for senior citizens to avail a Gold Loan

Gold Loans are a popular financial solution for individuals seeking quick access to funds. As a senior citizen, you can benefit from this form of secured loan by leveraging your gold assets to meet various financial needs. Understanding the Gold Loan eligibility criteria for senior citizens is crucial.

What is a Gold Loan?

A Gold Loan is a secured loan using gold jewellery, coins or bars as collateral. The lender provides a percentage of the gold’s market value as a loan, which you must repay with interest. A Gold Loan provides relatively low interest rates and quick processing time compared to unsecured loans. Axis Bank offers Gold Loans tailored to senior citizens' needs. It provides loan amounts up to ₹40 lakh, with repayment tenures ranging from 6 to 36 months.

Gold Loan eligibility criteria for senior citizens

To avail of a Gold Loan, senior citizens must meet certain Gold Loan eligibility criteria set by Axis Bank:

Age
You must be aged between 60 and 75 years

Gold purity and valuation
The gold ornaments pledged must be of a minimum purity of 18 karats.

Repayment capacity
While the loan is secured against gold, you need to demonstrate your ability to repay the loan through pension slips, bank statements, or any other proof of regular income.

Ownership proof
The gold being pledged must be owned by you. This is to ensure that the collateral provided is legally and rightfully possessed by the borrower.

Benefits of Gold Loans for senior citizens

Quick processing: Gold Loans are processed quickly, often within a few hours, providing immediate financial relief.
Flexible repayment options: You can choose from various repayment plans, including EMI options or overdraft facilities.
Lower interest rates: Gold Loans typically have lower interest rates compared to Personal Loans, making them an affordable option.

Also Read: Benefits of taking a Gold Loan

Conclusion

Gold Loans offer an accessible and efficient way to meet your financial needs without liquidating your assets. By understanding the eligibility criteria for senior citizens to avail of a Gold Loan, you can confidently navigate the process and secure favourable terms. If you are a senior citizen considering a Gold Loan, Axis Bank’s streamlined process and favourable terms make it a compelling choice. Avail of this opportunity to secure your financial future with ease and confidence.

Disclaimer: This article is for information purpose only. The views expressed in this article are personal and do not necessarily constitute the views of Axis Bank Ltd. and its employees. Axis Bank Ltd. and/or the author shall not be responsible for any direct / indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information. Please consult your financial advisor before making any financial decision.