Many people often consider gold as a safe investment option that they can easily convert into money when needed. Whether you need funds to fulfil personal goals or start a new business venture, you may sometimes require immediate access to funds.
Indians have a sentimental attachment to their gold, and they prefer not to part with it easily. However, in times of need, gold can be utilised as collateral to secure a loan. Many leading banks and NBFCs in India understand this sentiment and offer gold loans to cater to these requirements.
Bajaj Finserv, for instance, provides gold loans starting from as low as Rs. 5,000 and going up to Rs. 2 crore. With competitive interest rates starting at just 9.50% per annum, Bajaj Finserv ensures that borrowers can access funds at affordable terms.
If you are applying for a gold loan for the first time, this article provides a checklist to make the gold loan process simpler for you.
- Evaluate your requirements: Determine the amount of funds that you need and how long you will require them. This will help you select the appropriate loan tenure and repayment terms.
- Check eligibility criteria: Understand the eligibility criteria set by the loan provider. Bajaj Finserv has simple eligibility criteria to avail of a gold loan. You just need to be an Indian citizen aged between 21 to 70 years with the necessary KYC documents for identity and address proof.
- Gather required documents: Prepare the necessary documents such as identification proof, address proof. For a Bajaj Finserv Gold Loan, you only need any one of the following documents:
Aadhaar Card
Voter ID card
Passport
Driving licence
NREGA job card
Letter issued by National Population Registration
- Determine loan amount: Assess the value of your gold to determine the loan amount you are eligible for. Bajaj Finserv offers high loan per gram with loan amounts going up to 75% of the gold's market value.
- Loan application process: Visit the lender's website or branch office to fill out the loan application form. Provide accurate information and submit the required documents for verification.
- Gold valuation: The lender will assess the purity and value of the gold you are pledging to determine the loan amount. Before applying for a gold loan, gather the gold jewellery you plan to pledge, such as earrings, necklaces, and more.
- Loan approval and disbursement: Once the verification process is complete, and your gold is evaluated, the loan will be approved. The funds will then be disbursed to your bank account.
Read also - Gold Loans made easy: A beginner's guide to obtaining instant funds
Applying for a Bajaj Finserv Gold Loan is hassle-free and offers two convenient options. You can either visit a nearby Bajaj Finserv branch or apply online through our website in just a few simple steps. Here is how to apply online:
- Go to the Bajaj Finserv Gold Loan page.
- Open the online application form.
- Enter your 10-digit mobile number and receive an OTP.
- Submit the OTP to verify your details.
- Select your state and city to find the nearest branch.
- Enter your full name and date of birth as per your PAN card.
- Schedule an appointment at the nearest branch.
