Who is eligible for a gold loan?
A gold loan is one of the most accessible financial products, designed to cater to a wide range of borrowers. Any salaried or self-employed individuals, orpensioners can apply for our gold loan, as long as they meet the basic gold loan eligibility criteria.
Applicants typically need to meet basic criteria, such as being an Indian resident and falling within the age bracket of 21 to 80 years. Minimal documentation further simplifies the process, making it suitable for anyone looking for a quick financial solution. Explore the range of gold loan options available to meet your unique financial needs.
Thinking of applying for a gold loan? Start with a simple step—check your gold loan eligibility today.
Documents required for a gold loan application
Applying for a gold loan involves minimal documentation, ensuring a quick and hassle-free process. With Bajaj Finance, you’ll only need any one of the following documents to get started. These include:
- Aadhaar card
- Voter ID card
- Passport
- Driving licence
- NREGA job card
- Letter issued by National Population Registration
*PAN card is not required. However, if you apply for a gold loan of Rs. 5 lakh or above you will be asked to submit your PAN card.
These documents are verified during the application process, after which your gold is evaluated. Once the assessment is complete, and the loan terms are agreed upon, you can receive the funds in some time. This straightforward process ensures that a gold loan is one of the fastest ways to secure funds.
How does gold loan work?
Owning gold provides people with financial security because of its rising market value. Its underlying asset value can command a high price when sold or traded. Fortunately, you do not have to give up your gold in order to raise money today. Instead, you could opt for a gold loan. The loan amount offered is based on the gold loan per gram rate followed by the lender. You can get a maximum loan of up to 85% of the value of your gold. Loan amount is based on eligible LTV, actual purity, and the lower of the previous day’s closing price or 30-day average closing price (published by IBJA or SEBI-regulated exchange).
Features and benefits of our gold loan
Here are the key benefits of a gold loan:
High loan amount
Be it unprecedented medical costs or an important home renovation project. Get up to 85% of the value of your gold and pay for these hefty expenses without any hassle.
Transparent gold assessment
Your offered loan amount is decided based on the gold’s worth and purity. Your gold jewellery, ornaments and coins is assessed using our professional-grade carat metres to ensure its authenticity and purity, and give you the best offer possible.
Easy repayment solutions
You get a range of gold loan repayment options. You may choose to pay interest on a monthly, bi-monthly, quarterly, half-yearly, or annually basis as per your convenience. Please note that the principal amount and pending interest, if any, will be due for payment at the time of loan maturity.
Industry-best safety protocols
We know that your gold is not just a precious commodity. There are sentiments attached to these valued items. Therefore, we take the security of your heirlooms very seriously. Your gold valuables are kept in top-of-the-line vaults, with best-in-class security protocols to keep them safe.
Part-release facility
You do not need to wait for your complete loan to be paid off before releasing your valuables. You can release a portion of the jewellery, ornaments or coins that was pledged by paying back the equivalent amount.
Complementary gold insurance
Nobody wants to suffer an unforeseen loss of their valuables. To ensure this, our gold loan comes with complementary gold insurance. Under this policy, your assets are covered against burglary, theft , fire at branch and misplacement.
Additional read: Today’s gold rate in India
Pro tip: Before you pledge your gold, know your options. Check your gold loan eligibility and choose the right amount and tenure.
