The most authentic opinion of scholars is that zakat has to be paid for gold even if one is using it. If you have more than 85 grams, you should give 2.5% as zakat

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Yes, you have to pay zakat as long as the gold you possess is 85 grams or over and that a whole year has passed on it.

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I am presuming that the loan is not interest based (riba) as this is a major sin. As for the question, if they have money saved that a whole year passed over it and it is more than 1200 dollars, they have to pay zakat over that.

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If you don’t have anything saved for a whole year that exceeds the value of 595 grams of silver, there is no zakat on you.

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There is no preference in paying zakat in Ramadan.

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