Need quick funds? A gold loan lets you unlock instant cash by pledging your gold ornaments-fast, simple, and secure. Poonawalla Fincorp stands out with low interest rates, minimal paperwork, and flexible repayment options. Here's why it's a top choice for hassle-free gold loans.
What is a Gold Loan?
A gold loan is a secured loan where you pledge gold jewellery or coins to get instant funds. The loan amount depends on the current gold value, and your gold is returned once the loan is repaid with interest. It’s quick, requires minimal documentation, and is easy to access.
Read Also: 7 Benefits of Taking a Gold Loan
Why Choose Poonawalla Fincorp for Your Gold Loan?
Here are some of the main reasons why you should choose Poonawalla Fincorp for a gold loan:
1. Instant Loan Amounts up to ₹50 Lakh
Poonawalla Fincorp offers Gold Loan amounts up to ₹50 Lakh. With this loan, you can easily fulfil your small and big financial needs, be it medical expenses, education fees, business needs, or personal emergencies.
2. Affordable Interest Rates
Interest rates play an important role in choosing a gold loan, as they directly impact the total cost of borrowing. The interest rates for gold loans at Poonawalla Fincorp are highly competitive, starting as low as 11% p.a., making it an affordable option for quick financing.
3. Repayment Tenure Flexibility
With Poonawalla Fincorp, you can get a repayment tenure of up to 12 months on your gold loans. The flexibility allows you to repay your loan comfortably, at your own pace, without any financial stress.
4. Instant Approval and Disbursal
The most significant advantage of availing a Gold Loan from Poonawalla Fincorp is the quick approval. There is minimal documentation and a convenient process, and funds are released without any delay so that you can address urgent financial requirements as soon as possible.
5. Easy Documentation and Simple Eligibility
The eligibility parameters for a Gold Loan from Poonawalla Fincorp are extremely lenient and straightforward; here they are:
- Age: 21-65 years
- Citizenship: Indian
- Gold purity: 18-22 karat
Also, there is only a requirement for KYC (Know Your Customer) documents without the need for income proof or any other extensive paperwork.
6. High Loan-to-Value Ratio (LTV)
Poonawalla Fincorp offers the best LTV (Loan-to-Value) ratio in the industry. You can obtain a loan of up to 75% of the value of the gold. This enables you to get the maximum value for your jewellery, while keeping it secure with the lender.
7. Zero Hidden Charges
Transparency is one of the important pillars of Poonawalla Fincorp gold loans. There are no hidden charges in our Gold Loan procedure. All the charges that are imposed, such as processing fee, foreclosure fee, and custody fee, are well-informed beforehand.
8. Well-Distributed Network
Poonawalla Fincorp is growing rapidly and aims to increase the number of branches in Tier-2 and Tier-3 cities so that its gold loan product is more widely available outside of major cities.
Gold Loan Charges at Poonawalla Fincorp
Poonawalla Fincorp has very minimal charges and fees on gold loans. Here's what you can expect to pay:
- Processing Charges: Applicable as per the scheme, with a maximum limit of 1% of the loan value
- Stamp Duty: As per the state laws
- Default Charges: 6% p.a. on overdue amount
- Notice Charges: ₹200 + applicable taxes per notice
- Foreclosure Charges: Up to 1% of the loan + taxes if foreclosed within 30 days.
- Part Release Charges: ₹150 + applicable taxes per transaction
- Auction Charges: ₹1500 + applicable taxes
- Safe Custody Charges: ₹5 per gram of net weight per month (payable at closure/foreclosure or renewal)
Compared to many other lenders in the market, Poonawalla Fincorp offers a Gold Loan with zero hidden charges, making it more affordable and ensuring you know exactly what you pay.
Who Should Consider a Gold Loan?
A gold loan is the best option for individuals in need of quick access to funds without having to go through lengthy sanction procedures. Also, it’s an ideal choice for individuals who want to unlock the true value of gold jewellery without worrying about extra costs.
Gold loans are extremely useful in scenarios such as:
- Medical emergencies
- Paying education fees
- Covering wedding costs
- Expanding business
- Covering agricultural/ farming expenses
Why Should You Trust Poonawalla Fincorp With Your Jewellery?
Leaving your jewellery with a lender requires complete trust. With Poonawalla Fincorp, you can be confident that your gold is in safe hands.
- Your gold is safeguarded with utmost security in secure vaults.
- We maintain complete transparency in assessment and charges.
- Our gold loan process is designed with customer preferences as the top-most priority.
Trust is essential when working with something as valuable as gold, and Poonawalla Fincorp provides trust you can genuinely rely on.
How to Apply for a Gold Loan With Poonawalla Fincorp?
Applying for a gold loan with Poonawalla Fincorp is easy and convenient:
- First, visit our Gold Loan page or visit our nearest Poonawalla Fincorp branch.
- Click on the “Apply Now” button and submit your gold loan application with the relevant documents.
- Submit your gold jewellery as collateral.
- After the experts assess and value your gold, you will be provided with a loan amount.
- You will receive the funds quickly after approval.
Conclusion
Gold loans offer fast, hassle-free access to funds. Choosing the right lender is key. Poonawalla Fincorp provides low interest rates, flexible repayment options, and a transparent process, ensuring your gold remains safe while you access the funds you need. Whether your requirement is big or small, it’s a smart, secure choice.
Ready to unlock the full potential of your gold? Apply for a Gold Loan with Poonawalla Fincorp today and get instant funds!
FAQs
Can I get a gold loan if my jewellery is 18 karat?
Yes, you can avail a gold loan at Poonawalla Fincorp, which accepts gold jewellery with purity between 18 and 22 karats.
How soon will I receive the loan amount after pledging my gold?
Once your gold purity is evaluated and documents are verified, the loan is disbursed within a few hours.
Can I commit more than one piece of gold to Poonawalla Fincorp for a single loan?
Yes, to maximise the loan amount and protect your jewellery, Poonawalla Fincorp enables you to combine various gold items into a single loan.
What happens if I miss my repayment due date?
If you miss the repayment, a default charge of 6% p.a. on the overdue loan amount will apply.
We take utmost care to provide information based on internal data and reliable sources. However, this article and associated web pages provide generic information for reference purposes only. Readers must make an informed decision by reviewing the products offered and the terms and conditions. Loan disbursal is at the sole discretion of Poonawalla Fincorp.
*Terms and Conditions apply