Top 5 reasons to choose a Gold Loan for medical emergency

Manage your medical expenses with an instant gold loan starting from Rs. 5,000 up to Rs. 2 crore.
Top 5 reasons to choose a Gold Loan for medical emergency
2 min read
21 May 2023

During medical emergencies, the last thing you need is the added stress of financial burdens. A medical emergency can deplete your savings overnight, as health insurance often does not cover all the treatment costs. In times like these, gold loan for medical emergency offers a practical solution to help you deal with unexpected expenses with ease.

You can get a gold loan from Bajaj Finance starting from Rs. 5,000 up to Rs. 2 crore. As this loan is secured against physical gold jewellery, the interest rates are usually lower than the other unsecured loans. By leveraging your gold assets, you can avail the required funds quickly and easily, offering peace of mind during challenging medical situations.

Here are top 6 reasons that make gold loan a wise choice for you to manage any unexpected medical emergency.

1. Instant liquidity

Medical emergencies can arise unexpectedly, leaving you with limited time to arrange the required funds. With a gold loan, you can unlock the value of your gold jewellery quickly and efficiently. By pledging your gold as collateral, you can receive instant liquidity, ensuring that you can afford the medical treatments and expenses without any delay. The quick disbursal process of a gold loan ensures that you have the financial support you need during critical moments.

2. Hassle-free approval

Dealing with a medical emergency is stressful enough, and the last thing you need is a complicated loan application process. Bajaj Finserv Gold Loans provide a hassle-free approval process, where your gold jewellery acts as a security for the loan. Unlike traditional loans that require extensive documentation and credit checks, gold loans have a minimal eligibility criteria and simple documentation process.

As long as you are an Indian citizen aged between 21 and 70 years, you can easily avail the loan without any unnecessary delays. All you need is your basic KYC documents and 18-22 karat gold jewellery.

3. Flexible repayment options

Dealing with a medical emergency can result in unexpected financial burdens. Gold loans offer flexible repayment options that cater to your unique situation. You have the freedom to choose a repayment schedule that suits your financial capabilities. Whether it's opting for regular monthly instalments or repaying the loan in a lump sum at the end of the loan tenure, the flexibility allows you to manage your finances efficiently during challenging times. You can conveniently choose to repay your loan monthly, bi-monthly, quarterly, half-yearly, or annually.

4. CIBIL Score or credit history not required

Since a gold loan is secured against your gold assets, your credit history or CIBIL Score is not a deciding factor for loan approval. This ensures that you can avail the required funds without worrying about your credit score or adding additional burden to your financial profile.

5. Lower interest rates

As the loan is secured against physical gold jewellery, gold loans have a comparatively lower rate of interest. Lower gold loan interest rates make it a cost-effective financing option, resulting in reduced overall borrowing costs and greater savings in the long run. With Bajaj Finance, you can get a gold loan with interest rates starting from just 9.50% p.a. You can also calculate the interest payable against the loan using the free online gold loan calculator from Bajaj Finance.

6. Maintaining ownership of your gold

One of the significant advantages of a gold loan is that you retain ownership of your gold jewellery. Once you repay the loan, your gold is returned to you in its original form. This unique feature of a gold loan enables you to address the pressing medical situation while safeguarding your precious belongings, offering both financial support and peace of mind during challenging times.

Why consider a gold loan to fund your medical emergency?

Opting for a gold loan to finance your medical emergency presents a reliable and practical choice. With its advantages such as the ability to retain ownership of your gold jewellery and lower interest rates compared to unsecured loans, a gold loan offers a secure and accessible means to obtain the necessary funds. By leveraging your gold assets, you can address the urgent medical situation while safeguarding your valuable possessions for future use.

Choosing a gold loan ensures that you receive timely financial support during challenging times, providing peace of mind and the ability to focus on the most important aspect – your health and well-being.

Apply now for a quick loan against gold.

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