Gold Loan

Q. What is a Gold Loan?

A. Gold loans are secured loans where customers pledge gold ornaments (purity over 18 carats) as collateral for short-term financial needs.

Q. Who can apply for a gold loan?

A. Applicants must be at least 18 years of age and possess gold ornaments in order to qualify for a gold loan.

Q. What is the maximum limit that can be granted under the gold loan scheme?

A. The maximum limit offered for gold loan by Shivalik range from ₹10,000 to ₹1,00,00,000, depending on the type of scheme (such as Bullet loan, Demand Loan, Overdraft loan, or Term loan) and eligibility criteria provided by the bank.

Q. What are the interest rates for gold loan?

A. The interest rate for Shivalik Gold Loan ranges from 12% to 24% per annum. The rates will, however, differ depending on the type of scheme, considering the current market conditions.

Q. What are the Penal charges, if any?

A.Overdue charges can be up to 12% per annum on the overdue amount, non-compounded on certain product variants. No overdue charges apply for loans up to ₹25,000.

Q. What is the maximum tenure of the gold loan from Shivalik Bank?

A.The maximum tenure is up to 12 months for Demand Loans, Bullet loans, and Overdraft loans, while for Term loans, it can go up to 60 months.

Q. What are the documents that I need to submit?

• One passport size photograph.
• ID Proof.
• Address Proof.
• For all the allied agriculture activities, supporting documents (Eg land holding documents) are required if loan is above ₹2,00,000.
• For all the MSME activities, Udyam certificate is required.

Q.Can I renew my gold loan after the tenure ends?

A.A borrower can renew their gold loan up to 2 times. Renewal involves paying off the outstanding balance and interest to extend the loan with the same pledged gold as collateral. Bank reassess the gold's value based on market conditions.

Q. Can I partially repay the gold loan amount, and are there any charges for making part payments?

A.Yes, a borrower can partially repay the gold loan without any charges.

Q. How fast can I get Loan against Gold from Shivalik Bank?

A.The disbursement of loans by the bank branch occurs on the same day once your application, along with all the necessary supporting documents and gold jewellery as collateral, has been received and verified.

Q. How do I apply for a loan?

• Go to the nearest Shivalik Bank gold loan branch.
• Bring a photo ID, address proof, and the gold jewellery you wish to use as collateral (18-22 karat only).
• The Bank branch-valuer will assess the weight and purity of the jewellery and the branch staff will inform you of the maximum eligible loan amount.
• Once confirmation receive from the customer on eligible loan amount, the bank branch staff will proceed for further process.

Q. Do I need to pay any fees or charges for availing Gold loan from Shivalik Bank?

A.Processing fee maximum upto 1% of the loan amount basis the scheme type.

Q. What are the different repayment options of Loan against Gold?

A.You can repay the loan by cash deposit in the Bank Branch, Cheque or through fund transfer.

Q. How do I approach Shivalik bank for a gold loan?.

A.You can visit any Shivalik bank branch or contact us 24/7 on our toll-free number 1800-202-5333 (excluding National Holidays). Alternatively, you can email us at customercare@shivalikbank.com.