“While the Reserve Bank of India (RBI) has made it mandatory to consider an individual’s credit score to avail a loan. However, with gold loans, the gold asset itself operates as a security and protection for the banks and NBFCs. Hence, consumers, including self-employed, salaried, businessmen, professionals, farmers, or traders can apply for a gold loan. All loan applicants should have a valid KYC (know your customer) document like address proof and identity proof. This is considered the best financing option for people with low or nil credit scores. We offer loan to value, as per the directives of RBI,” says George Alexander Muthoot, managing director of Muthoot Finance, an NBFC dealing with gold loans.