How To Avail Gold Loan Without A Jewellery Bill?

Don’t have a jewellery bill? No worries! Our guide shows you how to avail a gold loan without one. Get the funds you need with our hassle-free loan approval process.”

25 Jun,2023 18:18 IST 2064 Views
How To Avail Gold Loan Without A Jewellery Bill?

For generations, gold has been a sign of prosperity; the legacy continues today. It is regarded as one of the assets invested in to keep a hedge against inflation and a means for portfolio diversification. Besides these, it is a crucial cushion against many financial crisis. Exchanging gold for cash was and is a common practice, but now this can be done with even more security, assurance and ease. How? Through gold loans.

Whether to fund a vacation or a short-term financial need for self or business, the gold loan becomes a feasible finance option due to benefits like quick access to funds, comparatively low interest rates and flexibility in repayment modes. But what is a gold loan, and how does it exactly work?

What Is A Gold Loan?

A gold loan is a secured loan that enables you to borrow funds from a bank or an NBFC (Non-Banking Financial Company) against gold. Here, the amount you receive is a percentage of the gold item's total value. This percentage has a cap of 75% which is set by RBI (Reserve Bank of India) for all gold loan providers.

Apart from getting a comparatively higher loan amount, the advantages of opting for a gold loan include-

1. Comparatively lower interest rates than most unsecured loans
2. No rule specifying a higher credit score
3. Minimal paperwork required
4. Flexible repayment options include-
a. EMI- fixed monthly installment
b. Bullet payment- where the amount of loan we get is after deducting the interest component; this will be repaid with the principal at the end of the loan tenure
c. Interest now, Principal later- where the interest component is paid in EMIs, and the principal is repaid at the end of loan tenure; however, every financial institute does not offer this option.
5. Security of the pledged gold, as the lender stores it in secured vaults, keeps it insured under an insurance policy taken by the lender against theft.
6. No restrictions on the end use of the gold loan amount.
7. Quick approval and disbursal

All the benefits can be availed of provided your age is between 18 to 70 years, and your gold item has a purity of 18-22 carats for jewellery. So now that you can use the gifted gold jewellery to finance a vacation as well. But wait, since it was a gift, will it be possible to get a gold loan without an invoice?

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Can I Get A Gold Loan Without An Invoice?

Certain lenders verify the invoice of pledged gold for ownership history. However, you can still apply for the gold loan. In this case, lenders hire an independent assayer to evaluate and report on the gold. So, the process of getting a gold loan change to the following procedure-

1. Fill the gold loan online application form or apply offline at the bank branch or NBFC you wish to borrow from.
2. Submit the documents along with the completed form. Documents include-
a. Identity proof- either an Aadhar card, PAN Card, Passport, Driving License or Voter ID Card
b. Address proof- either Aadhar card, Passport, Ration card, Electricity bill, Voter ID Card or Driving license.
3. Submit your gold to the lender for evaluation
4. The lender gets it evaluated from an independent expert who then gives a report. This will be the basis to decide the loan amount.
5. You are required to accept the report and declare that the real ownership is yours and the said item is not defective in any manner.
6. After the acceptance and necessary verifications, the loan amount is sanctioned and disbursed in your account.

Valuation In Gold Loan Without Invoice:

For evaluation, the item is classified into soldered and solid gold jewellery. Soldered jewellery includes gold jewellery with gemstones or intricate designs. The valuation of solid gold is as per the per-gram rate. In the case of soldered jewelry, the value is based on the market value of the gold and not the rate of the precious stones.


While having a jewellery bill may simplify the gold loan process, it is a manageable barrier to availing of a gold loan. However, while applying for it, prefer a reputable lender with transparent procedures, like IIFL Gold Loan services. Connect with us to ensure a fair evaluation and hassle-free gold loan experience. Apply for a gold loan and fund your requirements safely.

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Disclaimer: The information contained in this post is for general information purposes only. IIFL Finance Limited (including its associates and affiliates) ("the Company") assumes no liability or responsibility for any errors or omissions in the contents of this post and under no circumstances shall the Company be liable for any damage, loss, injury or disappointment etc. suffered by any reader. All information in this post is provided "as is", with no guarantee of completeness, accuracy, timeliness or of the results etc. obtained from the use of this information, and without warranty of any kind, express or implied, including, but not limited to warranties of performance, merchantability and fitness for a particular purpose. Given the changing nature of laws, rules and regulations, there may be delays, omissions or inaccuracies in the information contained in this post. The information on this post is provided with the understanding that the Company is not herein engaged in rendering legal, accounting, tax, or other professional advice and services. As such, it should not be used as a substitute for consultation with professional accounting, tax, legal or other competent advisers. This post may contain views and opinions which are those of the authors and do not necessarily reflect the official policy or position of any other agency or organization. This post may also contain links to external websites that are not provided or maintained by or in any way affiliated with the Company and the Company does not guarantee the accuracy, relevance, timeliness, or completeness of any information on these external websites. Any/ all (Gold/ Personal/ Business) loan product specifications and information that maybe stated in this post are subject to change from time to time, readers are advised to reach out to the Company for current specifications of the said (Gold/ Personal/ Business) loan.

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