Gold loan eligibility criteria

  • Work status

    Work status

    Salaried, self-employed, business people, traders, farmers and others

  • Age

    Age

    21 to 70 years

Availing of a gold loan or a loan against gold is one of the easiest and fastest ways to raise funds and fulfil any personal or business requirements. This secured financing option is available against competitive interest rates and simplified terms, making it convenient and hassle-free to get one.

You only need to pledge your gold ornaments and fulfil the simple gold loan eligibility criteria to avail of this loan. Since the funds are available against the value of the gold pledged, gold loans do not impose any stringent eligibility requirements.

The funds under this financing option can be availed even by those who fail to maintain a high CIBIL score. Owing to the high equity of the asset pledged, you can get simplified borrowing terms and finance your requirements instantly.

The amount you can avail of also depends on the loan to value (LTV) ratio offered. The RBI has set a 75% cap on the LTV for gold loans. On meeting these eligibility requirements, you can get the maximum LTV against the value of your gold.

The gold loan eligibility requirements are as follows:

  • Salaried individuals/self-employed professionals/businessman/traders/farmers can avail of the advance
  • They should be aged between 21 years and 70 years

The amount an individual can avail of also depends on the loan to value ratio offered. The RBI has set a 75% cap on the LTV for gold loans. On meeting these eligibility requirements, individuals can get the maximum LTV against the value of their gold.

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Documents required for gold loan

Apply for a gold loan from Bajaj Finserv by submitting only identity and address proof. These include:
Officially Valid Document (OVDs)

Proof of Identity

  • Aadhaar Card
  • Valid Passport
  • Valid Driving Licence
  • Voter ID Card
  • NREGA job Card

Proof of Address

  • Aadhaar Card
  • Valid Passport
  • Valid Driving Licence
  • Voter ID Card
  • Letter issued by National Population Register
  • NREGA Job Card

If the submitted OVDs do not have the updated address, the following documents may be considered as OVDs* only as a proof of address:

  • Utility bill (for the current or previous month)
  • Property or municipal tax receipt
  • Pension or family pension document
  • Letter of allotment of accommodation from employer such as those issued by SG/ CG or statutory/ regulatory bodies, PSUs, SCBs, FIs and listed co. and LL agreements with such employees allotting official accommodation

*The customer will need to submit the OVD updated with the current address within a period of three months of submission of deemed OVDs.

Check your gold loan eligibility

The process to check gold loan eligibility is hassle-free and straightforward. Irrespective of work status, you can qualify for this loan if you possess sufficient gold assets to seek an advance against them.

Besides eligibility criteria and documentation, consider the purity of gold before applying. We accept gold jewellery of 22 carat after measuring the weight. Individuals can use a gold loan eligibility calculator to calculate the amount they can avail of before applying.

Note: This loan is available only against gold jewellery. Gold bars or coins are not accepted as viable collaterals for loan disbursal.

Frequently asked questions

Can you get a gold loan without a bill or invoice for the gold jewellery?

Yes, you can get a gold loan without producing the bill or invoice for the gold jewellery. Every lender usually has its procedure of accessing the value of the gold pledged; this involves a combination of human expertise and technological intervention.

Is a PAN card required to apply for a gold loan?

A PAN card is not a mandatory document to apply for a gold loan. Although, you need to ensure that you have the following documents when you go to the nearest Bajaj Finserv branch to apply for a Gold Loan:

  • An Aadhaar card
  • Identity proof document (any 1)- Passport, Driving License, Voter's ID
  • Address proof document (any 1)- Passport, Driving License, Electricity bill
Can anyone avail of a gold loan?

Yes, anybody aged between 21 years and 70 years can avail of a gold loan. Unlike other loan types, secured or unsecured, applicants do not need to fulfil stringent eligibility requirements to avail of this loan.

I am a farmer. Can I apply for a gold loan?

Yes, you can apply for a gold loan. However, check the gold loan eligibility criteria and the documents required before applying.

How can I repay my gold loan?

The Bajaj Finserv Gold Loan comes with flexible repayment options. You can choose to pay the gold loan interest monthly, bi-monthly, quarterly, half yearly or yearly and repay the principal amount at the end of the tenor. Or, you can pay the total interest at the onset of the loan tenor and repay the principal later. Alternatively, you can also repay the loan in regular EMIs, comprising of both interest and principal.

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