Question 1

What is a gold loan?

Accepted Answer

A gold loan is a secured loan where eligible gold jewellery is pledged with a lending institution against the sanctioned loan amount. The jewellery is held in safe custody by the lender and released once the loan is repaid in full.

Question 2

Who actually provides the gold loan?

Accepted Answer

The loan is provided by the relevant lending institution or partner, subject to its own eligibility criteria, policies and approvals. MG Gold Finance Solutions LLP is not the lender.

Question 3

What does MG Gold Finance do?

Accepted Answer

MG Gold Finance acts as a Business Correspondent. We provide customer sourcing and operational support to eligible lending partners, subject to applicable agreements and regulations. Our work covers four areas: gold loans, microfinance, NPA management, and training and super audit for branch teams.

Question 4

Does MG Gold Finance sanction the loan?

Accepted Answer

No. Loan sanction and disbursement are subject to the lending partner's policies, assessment and approval process. We support the journey around that decision; we do not make it.

Question 5

What is a gold loan balance transfer?

Accepted Answer

A balance transfer allows an eligible customer to close an existing gold loan and take a new gold loan from another eligible lending institution, usually to obtain a more suitable interest rate or set of terms. It is subject to approval by the new lender.

Question 6

Can I transfer my existing gold loan?

Accepted Answer

You may be eligible depending on your existing loan, the gold valuation, the outstanding amount, your repayment history and the new lender's policies. Share your details with us and we will carry out a first-level eligibility check.

Question 7

What documents are required?

Accepted Answer

Documents vary by lending partner and product. Identity, address and other KYC documents are typically required. Our field team will share the exact checklist applicable to your case before you visit.

Question 8

How much loan can I get against my gold?

Accepted Answer

The amount depends on the lender's policy, the purity and weight of the gold, the valuation arrived at, and the applicable regulatory loan-to-value requirements. No amount can be confirmed before valuation.

Question 9

How is the gold valued?

Accepted Answer

Gold valuation is carried out by the lending institution according to its approved process and applicable policies, usually by a designated appraiser. MG Gold Finance coordinates the process but does not determine the final valuation.

Question 10

How long does the process take?

Accepted Answer

Turnaround time varies with documentation, gold valuation, eligibility and the lending partner's internal process. Having complete KYC ready is the single biggest factor in a faster outcome.

Question 11

Is my gold safe?

Accepted Answer

The pledged jewellery is held in the custody of the lending institution under its own security and insurance arrangements. The custody terms are set out in the loan agreement you sign with that institution.

Question 12

What happens if I cannot repay on time?

Accepted Answer

The consequences of non-payment, including any additional interest and the lender's recovery rights over the pledged gold, are governed by your loan agreement with the lending institution. Speak to us or to the lender early - options such as renewal may be available to eligible customers.

Question 13

Does MG Gold Finance charge customers a fee?

Accepted Answer

Any charges applicable to your loan are those levied by the lending institution and disclosed to you in the loan documents. Customers should never pay cash to any individual against an unofficial receipt. If in doubt, call us on the number published on this website.

Question 14

Which areas do you operate in?

Accepted Answer

Our current operations are centred on Marathwada, with a registered office in Pune and planned expansion across Mumbai, Western Maharashtra, North Maharashtra and Vidarbha.

Question 15

How can a credit co-operative society work with MG Gold Finance?

Accepted Answer

We work with credit co-operative societies and other eligible lending institutions under a written business correspondent or business partner arrangement. Get in touch through the Partner With Us form and our team will take you through the operating model, scope and commercials.

Question 16

How do I raise a complaint?

Accepted Answer

Write to our grievance officer using the details on our Grievance Redressal page, or call the number published on this website. Complaints relating to a sanctioned loan may also be raised directly with the lending institution concerned.

Straight answers about gold loans and what we do

Everything customers and partners ask us

Still have a question?

Straight answers about gold loans and what we do

Everything customers and partners ask us

01What is a gold loan?

02Who actually provides the gold loan?

03What does MG Gold Finance do?

04Does MG Gold Finance sanction the loan?

05What is a gold loan balance transfer?

06Can I transfer my existing gold loan?

07What documents are required?

08How much loan can I get against my gold?

09How is the gold valued?

10How long does the process take?

11Is my gold safe?

12What happens if I cannot repay on time?

13Does MG Gold Finance charge customers a fee?

14Which areas do you operate in?

15How can a credit co-operative society work with MG Gold Finance?

16How do I raise a complaint?

Still have a question?