It is a secured loan. Therefore, there is no requirement of a good credit history to avail a gold loan.

You have an option to pay only the interest component and the principle can be paid as a lump sum amount at the end of the loan tenure.

For those of you involved in agriculture, gold loan schemes can be availed at a reduced rate of interest.

Since your gold is the collateral, which is deposited with the lender, the paper work involved is bare minimum. All you require is your personal id and address proof.