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Testimonials

SMC has offices throughout India, so we can reach clients efficiently practically anywhere.
Our personalized service and streamlined documentation gets your product to you faster.

Mr. Arvind Pal

Testimonials
SMC has offices throughout India, so we can reach clients efficiently practically anywhere.
Our personalized service and streamlined documentation gets your product to you faster.
Mr. Arvind Pal
Home > Gold Loan

Gold Loan

In times when financial flexibility is paramount, SMC Finance brings you a hassle-free and swift solution to meet your immediate cash needs. Our gold loan product is designed to empower you with quick access to funds while leveraging the security of your valuable gold assets.

 

  • Maximum Value against your gold jewellery
  • Quick Approval & Instant Disbursal
  • Attractive Rate of Interest with Flexible payment options
  • Get Free Insurance of your gold jewellery
  • Best in class multi-tier security at stroage facility
  • Loan Tenure: The minimum duration of a gold loan from SMC Finance is of 6 months and the maximum gold loan duration is of 12 months for our schemes.  
  • APR (Annualised Percentage Rate) : 10.00% p.a. - 24.00% p.a. (incl. Processing Fees)
  • For more details, visit our exclusive gold loan Branch near you

FEATURES

  • Maximum Loan-to-Value (LTV) ratio
  • Quick Processing – Experience swift approval and disbursal
  • Minimal Documentation- hassle free access to funds
  • Attractive rate of interest
  • Flexible payment options
     

Gold Loan +91-70260 00426

BENEFITS

 
  • Financial empowerment
  • Customer centric approach
  • Free insurance up to 1 Lakh
  • Secure and Transparent
 
 

 

Here is an example, to calculate the total cost of your SMC Gold Loan

Representative Example : If the gold loan amount is Rs 100,000 and the customer selects a scheme with interest rate of 15 % per annum and processing fees of Rs 100/- with one year tenure.

So, Total cost of the loan would be (Interest + Processing fee) = Rs 15,100.

APR (Annualized Percentage Rate) would be 15,100/100,000 = 15.10% p.a.

Minimum period of repayment is 6 months and Maximum period of repayment is 12 months.

Subject to the necessary KYC and verification. T&C apply

 
 
 
For more information
please write to us at
response@smcfinance.com



  • Indian Citizen
  • Individual
  • Age : 21-75 years
  • Max. LTV : 75% of value of Gold
  • Acceptable Jewellery:
    • Min. Loan Amount :Rs 5,000/-
    • Max. Loan Amount :Rs 25,00,000/-

- 18ct-22ct of gold jewellery

- Bangles, Chain, Ear rings, Rings, necklace, etc.

- Jewellery shall be self owned

- No loan granted against gold coins, gold bullion, gold bars etc.

- only gold value will be considered (excluding Stone weight)

  • Min. Loan Amount :Rs 5,000/-
  • Max. Loan Amount :Rs 25,00,000/-
 

02 Sep 2024





  • KYC Documents

- Aadhaar Card

- PAN Card (Mandatory if Loan Amount > ₹ 50,000)

- Nominee Details

- Mobile No. (will be validated using OTP)

- Customer has to be present in the branch

 

  • Bank Details (mandatory, if disbursement is made in bank A/c)
  • Gold Ornaments
  • Loan Kit to be signed at branch
                                                                       AUCTION POLICY
Preamble
The Reserve Bank of India had issued “Guidelines on Fair Practices Code” vide their Circular No: DNBS. CC. PD No: 266/ 03.10.01 /2011-12 wherein NBFCs were advised inter alia to put in place an “Auction Policy”, duly approved by the Board of Directors This policy is drafted on the basis of the guidelines contained in the above referred Circular and replaces all existing policies/instructions regarding auction of articles pledged/hypothecated for the purpose of extinguishing the liability of borrowers who fail to repay their liability on account of loans availed against their security.
 
Auction of Gold Jewellery
Gold Loans are sanctioned as Demand Loans against pledge of gold jewellery as collateral security. Loans are generally granted for a maximum tenure of 12 months or for any other periods as specified in the scheme under which the loan is availed.
As per the terms and conditions of sanction, the loan should be closed on or before the due date as per the maximum tenure specified by repaying the principal along with interest due up-to-date and other charges if any. The ornaments are liable to be auctioned for realization of the dues, in case of non-redemption of the ornaments by the borrower by paying the dues on or before the due date as per the sanctioned tenure mentioned in the pledge letter.
Notwithstanding anything stated herein, the MWFSPL reserves its right to call up the loan and auction the gold without waiting for expiry of the sanctioned period stipulated above in case of eventualities leading to probable loss on account of shortfall in the value of security due to fluctuations in Gold Price or any other reasons or any other contingencies, after giving a minimum of 14 days’ notice to the borrower.
However, the MWFSPL shall make earnest efforts to reduce the number of auctions by sending periodic communications to Customers for persuading them to pay interest periodically and release the jewellery by paying the dues before the due date or renew the loan by paying the interest up-to-date and the differential in eligible loan amount as per the then prevailing LTV.
In tune with the above guiding principles, the auction policy and procedure for conducting the auction shall be as follows:
 
1. Identification of Auction Pledges /Auction Triggers
The following situations shall trigger an auction process:
a) Loan Account is moved to SMA 2 category (i.e. DPD status is 60+ Days) from loan maturity
b) In case of EMI loans, all loans where there is default of 3 EMIs
c) LTV breach due to following reasons and customer has not rectified the position within 7 working days from the date communication to customer:
              a. Depletion in Security Value due to gold price
              b. Low quality and spurious ornament identified during audit process
              c. Accrued Interest
d) Any other reasons where probable loss is anticipated vis-a- vis the realizable value of security.
 
2. Auction Process
    2.1. Demand and Auction Notice: A demand notice shall be sent on to all “Auctionable” pledges requesting the                     borrower to pay the shortfall amount within 14 calendar days from the demand notice date, failing which the                     security would be liable to be put on auction, without further notice, for recovery of the dues.
    2.2. Auction Notice in Newspaper: If the borrower fails to repay the shortfall amount within 14 calendar days from               the date of issuance of demand notice, public auction notice shall be published in two newspapers within 7                       calendar days from the expiration of the deadline stated in the demand notice. This notice shall be published one             in the local newspaper in vernacular language and another in a national daily newspaper.
    2.3. Final Auction Notice: MWFSPL will inform the borrower about the commencement of auction proceedings on                 the very next working day following the publication of the auction notice in the newspaper. Copy of auction                       advertisement must be displayed on the notice board of the respective branches If the borrower pays the                         recovery amount after the auction process has started, he/she will be required to pay the auction process costs               incurred by MWFSPL.
    2.4. Submission of KYC documents: The interested bidders are required to submit the KYC documents and same               shall be suitably verified by MWFSPL (for one time empanelment of Bidder):
 
            • Authority letter (if bidder is a non-individual or if bidder is an individual but represented by any other individual),
            • PAN Card & Aadhar Card of the authorised representative
            • PAN Card of Bidder Entity
            • GST registration certificate of Bidder
            • Address Proof of Bidder Entity
 
    2.5. Gold Inspection: The Auction Committee shall determine the inspection date and time. This inspection can                      occur anytime up to the auction date (preferably at least 1 working day prior to auction date) and shall be                          communicated to interested bidders. Gold inspection is subject to:
           • Payment of EMD amount (as specified in the auction notice in newspapers). Prospective bidders must pay an                 Earnest Money Deposit (EMD) through RTGS/NEFT/IMPS/DD.
           • KYC documentation as described in the point above.
    2.6. Fixation of Bid Price / Reserve Price: Minimum Bid price / reserve price shall be higher of:
           • Latest market price of gold on the date of auction minus upto 5%.
           • Minimum bid price shall not be <85% of the previous 30 days average closing price of 22 carat gold as                             declared  by The Bombay Bullion Association Ltd.
    2.7. Auction Procedure
           • The auction should be conducted in MWFSPL branch / HO which is located in the same town or taluka in which                the branch that has extended the loan.
           •  Auction may take place physically or through E-auction / Online mode.
           •  Ornaments identified for auction shall be put up for sale in appropriate/convenient lots through a public auction                procedure wherein the prospective bidders participating in the auction / E-auction shall quote their prices over                  and above the minimum fixed bid price.
           •  Interested Bidders must accept the terms and conditions of the auction before starting the bidding process
           •  An auction will be carried out provided minimum 3 bidders are available as participants.
           •  The bidder shall not amend/ modify bid to lower amount or withdraw its bid once it is received by MWFSPL.                       MWFSPL shall be entitled to forfeit the EMD if the bidder amends / modifies bid to lower amount or withdraw                   the original bid without the consent of MWFSPL. Bidder is allowed to modify the bid to a higher price during                     the bidding period.
           •   MWFSPL has the right to reject the bid at any time without assigning any reason.
           •   In case the auction could not be conducted at the branch on the scheduled auction date due to any reasons                     like lack of minimum number of bidders etc. then the auction centre shall display on the notice board, the                         address of the location where the next auction will be carried out subsequently with date of subsequent                             auction.
           •   In case of Physical auction:
                   o Appointment of an independent / professional auctioneer is optional, if appointed, same shall be approved                        by the Board of directors
                   o The auction will be conducted through an:
               ▪ Open bidding process OR
               ▪ Submitting Bid form OR
               ▪ Any other method of physical auction as decided by the Auction Committee from time to time and                                     communicated to interest bidders in advance.
                   o The final rate quoted by each bidder shall be recorded in the bid register.
                   o  The bidder who has quoted the highest rate (H1) will be declared as the successful bidder
                   o  The acceptance of the bid will be communicated to the successful bidder via an email by the MWFSPL                             employee.
 
         • In case of E-Auction / Online:
                  o For every new E-auctioneer, approval from the board of the directors shall be required.
                  o E-Auctioneer shall display the details of the gold ornaments on their auction portal.
                  o Prospective bidders to bid online via e-auctioneer portal.
                  o Auction Committee to record the final valid bids received in the bid register by the Auction Committee.
                  o The acceptance of the bid shall be communicated to the successful bidder via an email by an E-auctioneer                       or by the MWFSPL employee
     2.8.Realization of payment & handover of Auction items to Winning Bidder:
           • MWFSPL shall not accept cash payment towards the sale consideration.
           • The bid amount to be paid by the successful bidder before the time & date communicated by MWFSPL.
           • Any extension of time for payment of balance bid amount shall be approved by the Auction Committee
           • If the balance bid amount is not paid within the date & time as communicated by MWFSPL, MWFSPL shall be                 entitled to forfeit the EMD amount of such bidder. In such case, the Auction Committee may decide to cancel                   the sale or consider and accept the payment from the next highest bidder.
           • On realization of full auction amount, MWFSPL shall generate invoice and handover the auction items (lot) to                    the bidder. Remittance of auction amount shall be received through banking mode only. Third party payments                  shall not be allowed.
           • A confirmation from winning bidder (H1) regarding handover of auction items (lot) shall also be maintained in                   physical register and on email for records.
           • The proper Invoice along with GST shall be issued in favour of the successful Bidder.
    2.9.Refund of EMD Amount: If a bidder's bid is unsuccessful or if the auction is cancelled, the Earnest Money                      Deposit (EMD) amount shall be refunded once successful bidding /auction occurs and the auction proceeds are              received from the successful bidder.
   2.10.Post Auction actions: Surplus if any available in the auction sale proceeds over and above the dues shall be                 refunded to the respective customers within 7 working days after receipt of the full auction proceeds. A rightful                 lien will also be retained against such surplus subject to proper notice to the customer in case the borrower has               other unsettled liabilities to the Company and surplus shall be refunded to the borrower after adjusting such dues             if any. In case of shortfall, customers shall be demanded to remit the shortfall. MWFSPL shall provide all details               to customers such as principal outstanding, interest outstanding, charges, amount realized from auction and any             adjustments to other live pledges of the customer
3. Revisions or Deviations in the Auction Policy
    Proposed deviation to any process specified in this policy based on proper justification can be approved by MD &            CEO/ Business Head.

What is a gold loan?

A gold loan is a loan obtained after pledging gold jewellery as collateral to a gold loan bank. The loan amount is calculated on the basis of the quantity and purity of gold.

 

Can I release a part of my gold?

Yes, you can. Once you have paid the amount based on the value of the gold, you can partly release your gold.

 

Where can I repay my loan amount?

You can pay your SMC gold loan through the app , or through UPI payment or visit your branch to pay the amount in cash. As a regulatory requirement we cannot accept third party payments.

 

How much time does it take for loan approval and what is the gold loan interest rate?

Maximum processing time to disburse SMC Gold Loan is max. 30 mins. You can get the best attractive interest rate with SMC Gold Loan based on the Gold loan scheme suitable to your requirement.

 

How will the value of my gold be calculated?

The value of the gold is calculated in accordance with the per gram rate in the market. Therefore, the amount will be gold loan per gram of gold jewellery to be pledged with SMC Gold Loan. While evaluating the weight of the jewellery, only the gold parts are calculated and the stones and other metals are not considered.

 

What is the kind of security against which I can avail the loan?

You can avail the loan against the pledge of your household ornaments. The loan offered shall depend upon the purity level of your ornaments and the net weight of gold content.

 

Can I avail loan against my gold bullion (coins, gold bars, gold biscuits etc)?

As per regulatory guidelines, we are not permitted to finance against the pledge of your gold bullion, bars, biscuits, coins or raw gold. For more information on the type of ornaments that can be accepted as pledged for gold loan purposes please visit your nearest branch of SMC Gold Loan

 

How do I know that my gold is safe with you?

Our staff follows strict operating guidelines while handling  customer ornaments. This avoids ornament breakage and loss. The ornaments are kept in safe custody (safe rooms or strong rooms) with adequate security measures in the branch. There is 24 X 7 surveillance of the branch with help of our security partners.

 

Is there any maximum and minimum limit for availing Gold Loan? What about the tenure of the loan, lock-in period?

SMC Gold loans can be availed for any amount between Rs. 5,000/- to a maximum of Rs. 25,00,000/-. Loans can be availed for a period of min 6 months to max 12 months. Our gold loans have a minimum lock period of 7 day.

 


 
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For more information
please write to us at
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Home > Gold Loan    
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Gold Loan

In times when financial flexibility is paramount, SMC Finance brings you a hassle-free and swift solution to meet your immediate cash needs. Our gold loan product is designed to empower you with quick access to funds while leveraging the security of your valuable gold assets.

 

Testimonials

SMC has offices throughout India, so we can reach clients efficiently practically anywhere.
Our personalized service and streamlined documentation gets your product to you faster.

Mr. Arvind Pal

Testimonials
SMC has offices throughout India, so we can reach clients efficiently practically anywhere.
Our personalized service and streamlined documentation gets your product to you faster.
Mr. Arvind Pal
FEATURES
  • Maximum Loan-to-Value (LTV) ratio
  • Quick Processing – Experience swift approval and disbursal
  • Minimal Documentation- hassle free access to funds
  • Attractive rate of interest
  • Flexible payment options
     

Gold Loan +91-70260 00426

Benefits
 
  • Financial empowerment
  • Customer centric approach
  • Free insurance up to 1 Lakh
  • Secure and Transparent
 
 

 

 

 

ELIGIBILITY

  • Indian Citizen
  • Individual
  • Age : 21-75 years
  • Max. LTV : 75% of value of Gold
  • Acceptable Jewellery:
    • Min. Loan Amount :Rs 5,000/-
    • Max. Loan Amount :Rs 25,00,000/-

- 18ct-22ct of gold jewellery

- Bangles, Chain, Ear rings, Rings, necklace, etc.

- Jewellery shall be self owned

- No loan granted against gold coins, gold bullion, gold bars etc.

- only gold value will be considered (excluding Stone weight)

  • Min. Loan Amount :Rs 5,000/-
  • Max. Loan Amount :Rs 25,00,000/-
 

SERVICE CHARGES

02 Sep 2024

DOCUMENTATION

  • KYC Documents

- Aadhaar Card

- PAN Card (Mandatory if Loan Amount > ₹ 50,000)

- Nominee Details

- Mobile No. (will be validated using OTP)

- Customer has to be present in the branch

 

  • Bank Details (mandatory, if disbursement is made in bank A/c)
  • Gold Ornaments
  • Loan Kit to be signed at branch

Gold Loan Auction Process

 AUCTION POLICY
Preamble
The Reserve Bank of India had issued “Guidelines on Fair Practices Code” vide their Circular No: DNBS. CC. PD No: 266/ 03.10.01 /2011-12 wherein NBFCs were advised inter alia to put in place an “Auction Policy”, duly approved by the Board of Directors This policy is drafted on the basis of the guidelines contained in the above referred Circular and replaces all existing policies/instructions regarding auction of articles pledged/hypothecated for the purpose of extinguishing the liability of borrowers who fail to repay their liability on account of loans availed against their security.
 
Auction of Gold Jewellery
Gold Loans are sanctioned as Demand Loans against pledge of gold jewellery as collateral security. Loans are generally granted for a maximum tenure of 12 months or for any other periods as specified in the scheme under which the loan is availed.
As per the terms and conditions of sanction, the loan should be closed on or before the due date as per the maximum tenure specified by repaying the principal along with interest due up-to-date and other charges if any. The ornaments are liable to be auctioned for realization of the dues, in case of non-redemption of the ornaments by the borrower by paying the dues on or before the due date as per the sanctioned tenure mentioned in the pledge letter.
Notwithstanding anything stated herein, the MWFSPL reserves its right to call up the loan and auction the gold without waiting for expiry of the sanctioned period stipulated above in case of eventualities leading to probable loss on account of shortfall in the value of security due to fluctuations in Gold Price or any other reasons or any other contingencies, after giving a minimum of 14 days’ notice to the borrower.
However, the MWFSPL shall make earnest efforts to reduce the number of auctions by sending periodic communications to Customers for persuading them to pay interest periodically and release the jewellery by paying the dues before the due date or renew the loan by paying the interest up-to-date and the differential in eligible loan amount as per the then prevailing LTV.
In tune with the above guiding principles, the auction policy and procedure for conducting the auction shall be as follows:
 
1. Identification of Auction Pledges /Auction Triggers
The following situations shall trigger an auction process:
a) Loan Account is moved to SMA 2 category (i.e. DPD status is 60+ Days) from loan maturity
b) In case of EMI loans, all loans where there is default of 3 EMIs
c) LTV breach due to following reasons and customer has not rectified the position within 7 working days from the date communication to customer:
              a. Depletion in Security Value due to gold price
              b. Low quality and spurious ornament identified during audit process
              c. Accrued Interest
d) Any other reasons where probable loss is anticipated vis-a- vis the realizable value of security.
 
2. Auction Process
    2.1. Demand and Auction Notice: A demand notice shall be sent on to all “Auctionable” pledges requesting the                     borrower to pay the shortfall amount within 14 calendar days from the demand notice date, failing which the                     security would be liable to be put on auction, without further notice, for recovery of the dues.
    2.2. Auction Notice in Newspaper: If the borrower fails to repay the shortfall amount within 14 calendar days from               the date of issuance of demand notice, public auction notice shall be published in two newspapers within 7                       calendar days from the expiration of the deadline stated in the demand notice. This notice shall be published one             in the local newspaper in vernacular language and another in a national daily newspaper.
    2.3. Final Auction Notice: MWFSPL will inform the borrower about the commencement of auction proceedings on                 the very next working day following the publication of the auction notice in the newspaper. Copy of auction                       advertisement must be displayed on the notice board of the respective branches If the borrower pays the                         recovery amount after the auction process has started, he/she will be required to pay the auction process costs               incurred by MWFSPL.
    2.4. Submission of KYC documents: The interested bidders are required to submit the KYC documents and same               shall be suitably verified by MWFSPL (for one time empanelment of Bidder):
 
            • Authority letter (if bidder is a non-individual or if bidder is an individual but represented by any other individual),
            • PAN Card & Aadhar Card of the authorised representative
            • PAN Card of Bidder Entity
            • GST registration certificate of Bidder
            • Address Proof of Bidder Entity
 
    2.5. Gold Inspection: The Auction Committee shall determine the inspection date and time. This inspection can                      occur anytime up to the auction date (preferably at least 1 working day prior to auction date) and shall be                          communicated to interested bidders. Gold inspection is subject to:
           • Payment of EMD amount (as specified in the auction notice in newspapers). Prospective bidders must pay an                 Earnest Money Deposit (EMD) through RTGS/NEFT/IMPS/DD.
           • KYC documentation as described in the point above.
    2.6. Fixation of Bid Price / Reserve Price: Minimum Bid price / reserve price shall be higher of:
           • Latest market price of gold on the date of auction minus upto 5%.
           • Minimum bid price shall not be <85% of the previous 30 days average closing price of 22 carat gold as                             declared  by The Bombay Bullion Association Ltd.
    2.7. Auction Procedure
           • The auction should be conducted in MWFSPL branch / HO which is located in the same town or taluka in which                the branch that has extended the loan.
           •  Auction may take place physically or through E-auction / Online mode.
           •  Ornaments identified for auction shall be put up for sale in appropriate/convenient lots through a public auction                procedure wherein the prospective bidders participating in the auction / E-auction shall quote their prices over                  and above the minimum fixed bid price.
           •  Interested Bidders must accept the terms and conditions of the auction before starting the bidding process
           •  An auction will be carried out provided minimum 3 bidders are available as participants.
           •  The bidder shall not amend/ modify bid to lower amount or withdraw its bid once it is received by MWFSPL.                       MWFSPL shall be entitled to forfeit the EMD if the bidder amends / modifies bid to lower amount or withdraw                   the original bid without the consent of MWFSPL. Bidder is allowed to modify the bid to a higher price during                     the bidding period.
           •   MWFSPL has the right to reject the bid at any time without assigning any reason.
           •   In case the auction could not be conducted at the branch on the scheduled auction date due to any reasons                     like lack of minimum number of bidders etc. then the auction centre shall display on the notice board, the                         address of the location where the next auction will be carried out subsequently with date of subsequent                             auction.
           •   In case of Physical auction:
                   o Appointment of an independent / professional auctioneer is optional, if appointed, same shall be approved                        by the Board of directors
                   o The auction will be conducted through an:
               ▪ Open bidding process OR
               ▪ Submitting Bid form OR
               ▪ Any other method of physical auction as decided by the Auction Committee from time to time and                                     communicated to interest bidders in advance.
                   o The final rate quoted by each bidder shall be recorded in the bid register.
                   o  The bidder who has quoted the highest rate (H1) will be declared as the successful bidder
                   o  The acceptance of the bid will be communicated to the successful bidder via an email by the MWFSPL                             employee.
 
         • In case of E-Auction / Online:
                  o For every new E-auctioneer, approval from the board of the directors shall be required.
                  o E-Auctioneer shall display the details of the gold ornaments on their auction portal.
                  o Prospective bidders to bid online via e-auctioneer portal.
                  o Auction Committee to record the final valid bids received in the bid register by the Auction Committee.
                  o The acceptance of the bid shall be communicated to the successful bidder via an email by an E-auctioneer                       or by the MWFSPL employee
     2.8.Realization of payment & handover of Auction items to Winning Bidder:
           • MWFSPL shall not accept cash payment towards the sale consideration.
           • The bid amount to be paid by the successful bidder before the time & date communicated by MWFSPL.
           • Any extension of time for payment of balance bid amount shall be approved by the Auction Committee
           • If the balance bid amount is not paid within the date & time as communicated by MWFSPL, MWFSPL shall be                 entitled to forfeit the EMD amount of such bidder. In such case, the Auction Committee may decide to cancel                   the sale or consider and accept the payment from the next highest bidder.
           • On realization of full auction amount, MWFSPL shall generate invoice and handover the auction items (lot) to                    the bidder. Remittance of auction amount shall be received through banking mode only. Third party payments                  shall not be allowed.
           • A confirmation from winning bidder (H1) regarding handover of auction items (lot) shall also be maintained in                   physical register and on email for records.
           • The proper Invoice along with GST shall be issued in favour of the successful Bidder.
    2.9.Refund of EMD Amount: If a bidder's bid is unsuccessful or if the auction is cancelled, the Earnest Money                      Deposit (EMD) amount shall be refunded once successful bidding /auction occurs and the auction proceeds are              received from the successful bidder.
   2.10.Post Auction actions: Surplus if any available in the auction sale proceeds over and above the dues shall be                 refunded to the respective customers within 7 working days after receipt of the full auction proceeds. A rightful                 lien will also be retained against such surplus subject to proper notice to the customer in case the borrower has               other unsettled liabilities to the Company and surplus shall be refunded to the borrower after adjusting such dues             if any. In case of shortfall, customers shall be demanded to remit the shortfall. MWFSPL shall provide all details               to customers such as principal outstanding, interest outstanding, charges, amount realized from auction and any             adjustments to other live pledges of the customer
3. Revisions or Deviations in the Auction Policy
    Proposed deviation to any process specified in this policy based on proper justification can be approved by MD &            CEO/ Business Head.

FAQS

What is a gold loan?

A gold loan is a loan obtained after pledging gold jewellery as collateral to a gold loan bank. The loan amount is calculated on the basis of the quantity and purity of gold.

 

Can I release a part of my gold?

Yes, you can. Once you have paid the amount based on the value of the gold, you can partly release your gold.

 

Where can I repay my loan amount?

You can pay your SMC gold loan through the app , or through UPI payment or visit your branch to pay the amount in cash. As a regulatory requirement we cannot accept third party payments.

 

How much time does it take for loan approval and what is the gold loan interest rate?

Maximum processing time to disburse SMC Gold Loan is max. 30 mins. You can get the best attractive interest rate with SMC Gold Loan based on the Gold loan scheme suitable to your requirement.

 

How will the value of my gold be calculated?

The value of the gold is calculated in accordance with the per gram rate in the market. Therefore, the amount will be gold loan per gram of gold jewellery to be pledged with SMC Gold Loan. While evaluating the weight of the jewellery, only the gold parts are calculated and the stones and other metals are not considered.

 

What is the kind of security against which I can avail the loan?

You can avail the loan against the pledge of your household ornaments. The loan offered shall depend upon the purity level of your ornaments and the net weight of gold content.

 

Can I avail loan against my gold bullion (coins, gold bars, gold biscuits etc)?

As per regulatory guidelines, we are not permitted to finance against the pledge of your gold bullion, bars, biscuits, coins or raw gold. For more information on the type of ornaments that can be accepted as pledged for gold loan purposes please visit your nearest branch of SMC Gold Loan

 

How do I know that my gold is safe with you?

Our staff follows strict operating guidelines while handling  customer ornaments. This avoids ornament breakage and loss. The ornaments are kept in safe custody (safe rooms or strong rooms) with adequate security measures in the branch. There is 24 X 7 surveillance of the branch with help of our security partners.

 

Is there any maximum and minimum limit for availing Gold Loan? What about the tenure of the loan, lock-in period?

SMC Gold loans can be availed for any amount between Rs. 5,000/- to a maximum of Rs. 25,00,000/-. Loans can be availed for a period of min 6 months to max 12 months. Our gold loans have a minimum lock period of 7 day.

 

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