All You Need to Know About Transferring Your Gold Loan to Bajaj Finance

Understanding gold loan balance transfer with Bajaj Finance

If you currently hold a gold loan with a lender and are seeking better interest rates, multiple repayment options, or better customer service, transferring your gold loan to Bajaj Finance can be a great option.

When you switch your loan, the outstanding balance with your existing lender is settled and the loan is transferred to us. You will be asked to make payments to us as per the agreed terms.

A key reason why one may choose to switch their loan is for the opportunity to secure a better deal. If the market rates for gold have risen since you initially obtained your loan, you can receive a higher loan amount from your new lender. Bajaj Finance offers gold loans ranging from Rs. 5,000 up to Rs. 2 crore, with interest rates starting at 9.50% to 24% per annum.

Additional benefits of a balance transfer may include lower interest rates, part-release facility, the possibility of consolidating multiple gold loans into one, and the potential to reduce overall borrowing costs.

To be eligible for a gold loan transfer, you should be aged between 21 and 80 years and possess gold jewellery or ornaments of at least 18-22 karat purity to offer as collateral. You can also pledge gold coins up to 24 karat gold purity. 

Bajaj Finance considers lower of the previous day’s closing price or the 30-day average closing price published by IBJA or a SEBI-regulated commodity exchange to evaluate the loan amount against your gold.

To transfer your gold loan to Bajaj Finance, follow these easy steps:

• Check if you meet the eligibility criteria for a balance transfer.
• Request loan foreclosure from your current lender.
• Fill out a simple application form to apply for a gold loan to Bajaj Finance.
• Submit the necessary documents to complete the paperwork.
• Retrieve the pledged gold from your previous lender and deposit it with Bajaj Finance.

Once you receive the loan, start repaying it as per the agreed terms. Click on the ‘Apply’ button on our app or our website to initiate the transfer of your existing loan.