You may have an urgent need for funds to meet planned or unplanned expenses, for which you need to take a loan. In such situations, you can opt for a loan against gold jewellery, instead of breaking an investment, or taking out a mortgage against your property:
Benefits of Bajaj Finserv Gold Loan
Here are a few advantages of getting a gold loan to manage your expenses.
Make idle assets work for you
Unlike a fixed deposit, which pays you dividends over time, gold sitting in your locker does not help you in any way. When you take a gold loan, you can put this idle asset to use, and get a high loan amount of up to Rs. 2 crore against it.
When you apply for a gold loan, your jewellery is weighed and valued as per the present day’s gold rates, not the rate at which you purchased it. Since gold is an appreciating asset, the loan amount you are offered is usually higher than the cost of the jewellery.
For example, in March 2010 Supriya purchased a 22-carat gold necklace for Rs. 1 lakh. She wants to get a loan against it in 2022, and applies for the loan in March 2022. When Surpriya’s necklace is evaluated, the gold prices have increased. Hence, the necklace is calculated to be worth Rs. 1,50,000 in March 2022.
In this case, Supriya will be offered a loan of Rs. 1,50,000 against her necklace, instead of Rs. 1 lakh.
Get funds faster
It is very easy to apply for and get a gold loan from Bajaj Finserv. This makes it ideal when you need funds quickly, and do not want to pay the higher interest rates that come with unsecured loans.
To get the gold loan benefits, you simply have to fill out an online application form. After this, we will contact you to set an appointment at our nearest gold loan branch. You will need to take your jewellery there for evaluation. The process of evaluation itself only takes a few minutes.
Once your offer is ready based on the value of your jewellery, the funds are disbursed quickly to your bank account.
Additionally, you do not need to maintain a high credit score or provide proof of income to get this loan. This makes the paperwork process much faster.
Repay at your ease
Bajaj Finserv Gold Loans come with several repayment options, to make the loan affordable for you. You can choose to repay it in regular EMIs that comprise the principal and interest amounts together.
If this is not feasible for you, you can just repay the gold loan interest on a monthly, bimonthly, quarterly, half-yearly, or even annual basis. You will have to pay back the principal as a lump sum at the end of the loan tenure.
Low interest rates
Low interest rates on a gold loan can impact your borrowing experience significantly. With Bajaj Finance, for instance, you can access funds at competitive rates, starting from just 9.50% p.a., making it an affordable solution for your financial needs. This can help you save on interest costs, manage your expenses, and ensure a smooth repayment experience.
Quick disbursal of funds
Since a loan against gold jewellery is secured with tangible gold, it is comparatively easier to get the loan sanctioned with minimal document verification and a shorter processing time. You can get instant money in as little as 24 hours.*
No credit score check
Unlike unsecured loans, gold loans do not need you to have an excellent credit history or a great CIBIL Score. Your gold jewellery acts as security for the loan, making lenders more willing to extend credit despite no credit history or low credit score.
Tax benefits on gold loan
Gold loan not only helps you manage your urgent needs, but also comes with several tax benefits. However, the tax benefits you may get depends on the usage of the funds and the quantum of gold loan utilised. Taking a gold loan can get you Income Tax exemptions for business expenses, purchase of residential property, home improvement, and more.
Minimal paperwork
The eligibility requirements for a Bajaj Finserv Gold Loan are fairly simple. You just need to provide the necessary KYC documents, like your Aadhaar Card, voter ID card, passport, or driver's licence as proof of identity and residency.
Step by step procedure to apply for a gold loan
- Click on ‘APPLY’ to open our online application form
- Enter your 10-digit mobile number and click on ‘GET OTP’
- Submit the OTP to verify your identity
- Select your state and city to find the branch nearest to you
- Enter your full name and date of birth as per your PAN
- Set up your appointment at our branch
Once done, you will receive a call from our representative to confirm your appointment and guide you on the next steps.
