Features and benefits of gold loan for women
Here are some of the benefits that gold loans offer to women in India:
- Quick disbursal of funds
Gold loans are easy to avail of, and the disbursement of funds is fast. Since the loan is secured and the asset (gold) pledged by the borrower is valuable, the lender can disburse the loan amount within hours from the time of application. This makes it an attractive option for women who find themselves in urgent need of funds.
- Affordable interest rates
Gold loans come with a lower interest rate as compared to unsecured loans. This is because the collateral, which is the gold, reduces the risk for the lender. And since women usually have gold, they can use it as collateral to avail a loan at an affordable interest rate.
- Flexibility in repayment
Gold loans offer flexibility in repayment options. Lenders allow borrowers to choose the tenure of the loan, and the repayment schedule can be customised according to the borrower's convenience. This helps women to manage their finances better.
- No credit history required
Unlike other types of loans, gold loans do not require the borrower to have a credit history. This makes it easy for women who have not availed any loans before to access funds in times of need.
- Maintains ownership of gold
When women take a gold loan, they are pledging their gold as collateral, but they still retain ownership of it. Once the loan is repaid, the gold is returned to the borrower. This gives a sense of ownership and security to women, as they are not losing or selling their asset, but using it as a financial tool in times of need.
- No restrictions on end-use of funds
Gold loans come with no restrictions on the end-use of funds. Women can use the loan amount for any purpose. Be it to pay for healthcare expenses, to invest in their businesses, or to fund their children's education.
How to apply for a gold loan for women
It is very simple for women to apply for a Bajaj Finserv Gold Loan. Just follow the steps below to get started with your gold loan application:
- Click on the ‘APPLY’ button to access the online application form.
- Enter your 10-digit mobile number and click on ‘GET OTP’.
- Submit the OTP to verify your mobile number.
- Select your state and city to locate the nearest branch.
- Download the loan eligibility letter.
Once that is done, a representative will call you to explain the next steps.
Gold loan interest rate for women
The affordability of a gold loan is primarily influenced by the interest rate applicable. At Bajaj Finance, attractive gold loan interest rates are offered, starting from 9.50% to 24% per annum. The exact rate you receive depends on key factors such as the loan amount, the repayment tenure, and the value of your pledged gold.
Having a clear understanding of the gold interest rate in advance helps you plan your repayments with confidence. Bajaj Finance ensures complete transparency, providing you with a clear repayment schedule and terms—so there are no hidden charges or unexpected costs along the way.
Here is a breakdown of the fees and charges that may apply to your gold loan:
Types of fee
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Applicable charges
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Interest rate
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9.50% to 24% per annum
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Processing fees
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0.15% of the loan amount (inclusive of applicable taxes).
Subject to a minimum Rs. 99 (inclusive of applicable taxes) and maximum of Rs. 600 (inclusive of applicable taxes).
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Stamp duty (as per respective state)
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Payable as per state laws and deducted upfront from loan amount
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Cash handling charges
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%$$Rs. 50 (inclusive of applicable taxes) applicable for cash disbursement only.
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Penal charge
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3% per day on outstanding balance - Penal charge will be over and above the interest rate slab mentioned above which shall be applicable/chargeable in case of default in repayment of the outstanding dues post maturity.
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Convenience fee
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Convenience fee of Rs. 149 (inclusive of applicable taxes) shall be levied for part release of ornament(s) pledged.
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Part-prepayment charges
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NIL
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Foreclosure charges
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Nil, any time post disbursement of loan
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Eligibility criteria for gold loan for women
Before applying for a gold loan, it is essential for women or any other individual to check if they meet the basic eligibility requirements. At Bajaj Finance, the criteria are simple and easy to fulfil:
- Age: You should be between 21 to 70 years old.
- Gold quality: You must have gold jewellery that is 18-22 karats.
- Citizenship: You have to be an Indian citizen to apply for a gold loan.
No high credit score is required, as the loan is secured against gold jewellery. Anyone can avail of funds easily by bringing your gold and valid KYC documents.
Documents required for gold loan for women
To apply for a gold loan, you only need to provide basic KYC documents as proof of identity and address. The documentation process is simple and hassle-free. You can submit any one of the following:
- Aadhaar card
- Voter ID card
- Passport
- Driving licence
- NREGA job card
- Letter issued by the National Population Registration
These documents are sufficient to complete your gold loan application without any additional paperwork.
