Apart from offering gold loans at attractive rates of interest, Bajaj Finance also offers you the option to complete a loan balance transfer.
Balance transfer is the process of switching the loan provider – you may do it for a better rate of interest, a higher loan amount, or better customer service.
When you switch lenders, the new lender pays off the remaining balance of the previous loan. You are now expected to make payments to the new lender on the agreed terms.
Why should you opt for a gold loan balance transfer?
Like we said before, a common reason for opting for gold loan balance transfer is to get a better deal. If the market rates for gold have increased since you took your original loan, you can get a higher loan amount from your new lender. Bajaj Finance offers gold loans starting from Rs. 5,000 up to Rs. 2 crore at interest starting from 9.50% per annum.
Other benefits also include lower interest rates, multiple repayment options, part-release facility, and more. You can also opt for a balance transfer to consolidate multiple gold loans into a single loan, making it easier to manage and potentially reduce the overall cost of borrowing.
You can use our online gold loan calculator to calculate your interest based on the weight of your gold jewellery, or loan amount.
Eligibility for gold loan transfer
To be eligible for a gold loan transfer, you need to be aged between 21 and 70 years. Additionally, you should have paid between 6-12 instalments, or 1%-5% a percentage of the outstanding principal on your existing gold loan. Lastly, the gold you are offering as collateral should be of a purity level of 18-22 karat.
How to transfer your gold loan to Bajaj Finance?
To transfer your current gold loan to Bajaj Finance, follow these simple steps:
- Check if you meet all the eligibility criteria for a balance transfer.
- Request your current lender for a gold loan foreclosure.
- Fill up a simple application form to apply for a gold loan transfer to Bajaj Finance.
- Submit the minimum required gold loan documents to complete the paperwork.
- Retrieve your pledged gold from your previous lender and deposit it with Bajaj Finance.
- Obtain a new loan agreement that features low gold loan interest rate and other favourable terms.
After receiving the loan, you can start repayment as per the agreed-upon schedule.
