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Understanding gold loan in Shillong
A gold loan in Shillong allows you to use eligible gold jewellery, ornaments or coins as collateral to access funds without selling your gold. You continue to own the gold while it remains securely stored with the lender during the loan tenure.
The loan amount depends on your gold’s purity, net weight, assessed value and applicable LTV limit. Your gold is assessed in your presence, and the application includes KYC, documentation and required credit checks.
Features and benefits of a Gold Loan in Shillong
With a gold loan, you can use the value of eligible gold for your financial needs while retaining ownership. Key gold loan features include:
- Loan amount from Rs. 5,000 to Rs. 2 crore: Your eligible amount depends on the assessed value of your gold, eligibility and applicable LTV limits.
- Transparent evaluation: Your gold is assessed for purity and net weight. The valuation uses the lower of the previous day’s closing price or the 30-day average closing price for the relevant purity, published by IBJA or a SEBI-regulated commodity exchange.
- Free insurance of gold: Your pledged gold is insured against theft, burglary, fire at the branch and misplacement while it is in our custody.
- Multiple repayment options: Under bullet repayment, principal and interest due are paid at maturity. Under regular repayment, interest due is paid at half-yearly intervals according to the repayment schedule, while principal is paid at maturity.
- Part-release facility: With our gold loan part release facility, you can repay part of your loan and release a portion of your pledged gold before maturity, as per the part-release process.
- No additional part-prepayment or foreclosure charges: You can make part-prepayments or foreclose the loan without additional charges.
- Easy application: Apply online or visit a gold loan branch in Shillong for assistance.
- 1900 branches and growing: We have just opened 60 new branches and are adding more all over India. Additionally, we are opening new branches in the cities where we already have operations
With an expanding network of branches across India, including new locations in key cities, Bajaj Finance Gold Loan ensures Shillong residents can access funds conveniently and securely, supporting their financial stability with ease.
How is the value of gold determined for a gold loan in Shillong?
The value of your eligible gold depends on its purity, net weight and the applicable gold price benchmark.
Your gold is assessed in your presence for purity and net weight. The valuation considers the lower of the previous day’s closing price or the 30-day average closing price for the relevant purity, as published by IBJA or a SEBI-regulated commodity exchange. Only intrinsic gold value is considered, while stones, gems and embellishments are excluded.
Please note, the maximum LTV eligible for a loan depends on the loan amount and cannot be more than the limits given. To know more, click here.
Quick tip: Know how much you can borrow on your gold jewellery—check your gold loan eligibility instantly for a smooth and transparent process.
How to calculate gold loan amount for your gold in Shillong?
The gold loan calculator can help you estimate the amount you may borrow against your eligible gold.
- Enter your requirement: Add the amount you want to borrow.
- Add gold details: Enter the approximate purity and weight of your gold and select the required tenure.
- View the estimate: Check the indicative loan amount.
- Review repayment information: Check the estimated interest and repayment details.
The calculator provides an estimate. The final loan amount is determined after physical evaluation of your gold, applicable valuation, eligibility checks and LTV limits.
Repayment options for gold loans in Shillong
The repayment structure applicable to your loan determines when you need to pay the interest and principal.
- Bullet repayment: Principal and interest due will be paid at maturity.
- Regular repayment: Interest due is paid at half-yearly intervals as per the repayment schedule, while principal is paid at maturity.
- Part-prepayment: You can make part-prepayments without additional charges.
- Foreclosure: You can foreclose the loan without additional charges.
For residents of Shillong, this tool simplifies the loan process, allowing you to make well-informed financial decisions without any guesswork. Whether you are securing funds for planned expenses or unplanned need, using the calculator ensures that you choose the best loan option that fits your repayment capacity.
Safety and security of gold collateral in Shillong
Your pledged gold remains in the lender’s custody during the loan tenure and is stored in secure vaults with 24x7 surveillance. Bajaj Finance provides free insurance against theft, burglary, fire at the branch and misplacement while the gold is in our custody.
Your gold is assessed in your presence, and its purity and net weight are recorded during the valuation. If collateral release is delayed due to the lender’s fault, compensation of Rs. 5,000 per day applies as per the applicable process.
Why choose Bajaj Finance to avail a gold loan in Shillong?
Bajaj Finance Gold Loan can help you access funds against eligible gold while retaining ownership.
- Retain ownership: Pledge eligible jewellery, ornaments or coins without selling your gold.
- Understand the assessment: Your gold is assessed in your presence for purity and net weight.
- Access an amount based on valuation: Your eligible loan amount is determined using assessed value and applicable LTV limits.
- Know your repayment structure: Under bullet repayment, principal and interest are paid at maturity. Under regular repayment, interest is paid at half-yearly intervals and principal at maturity.
- Release part of your gold: Use the part-release facility after making the required repayment.
- Keep pledged gold protected: Your gold is securely stored and insured against theft, burglary, fire at the branch and misplacement while in our custody.
- Apply online or visit a branch: Start your application online or get assistance at a gold loan branch.
Discover your borrowing potential by checking your gold loan eligibility. It takes just a few clicks and no waiting.
Know more about gold loan in Indian states and Union Territories
Know more about gold loan in other cities
Gold loan interest rates and charges in Shillong
Gold loan affordability in Shillong is largely influenced by interest rates. Bajaj Finance offers low gold loan interest rate starting from 9.50% to 24.25% per annum depending on the loan amount and tenure. Lower interest rates make gold loans more accessible to borrowers, allowing them to address financial emergencies without a heavy burden.
With complete transparency, you receive clear details about your repayment schedule, ensuring there are no hidden charges. Regular updates on gold rates help you choose the best loan plan that suits your needs. By opting for a Bajaj Finance Gold Loan, you can access funds at low interest rates while keeping your gold safe.
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Eligibility criteria and documents required to apply for gold loans in Shillong
Bajaj Finance Gold Loan offers a simple and accessible borrowing option for Indian citizens within the age bracket of 21 and 80 years, with 18-22 karat gold jewellery or ornaments to pledge, can apply for a gold loan. You can also pledge gold coins up to 24 karat purity.
The minimal gold loan eligibility criteria makes it a convenient financial solution for a wide range of borrowers in Shillong.
You also need to submit any one of the following KYC documents for gold loan to complete your application process:
- Aadhaar card
- Voter ID card
- Passport
- Driving licence
- NREGA job card
- Letter issued by National Population Registration
Though the PAN card is not a mandatory requirement, if you apply for a gold loan of Rs. 5 lakh or above you will be asked to submit your PAN card as well.
Wondering how much you can borrow on your gold? Just check your gold loan eligibility—it takes seconds and minimal paperwork!
How to apply for a gold loan in Shillong?
Applying for a gold loan in Shillong is a hassle-free way to access quick funds, especially with Bajaj Finance. With a simple process, minimal documentation, and swift disbursal, Bajaj Finance Gold Loan provides a reliable financial solution when you need it the most. To get started, visit the nearest Bajaj Finance gold loan branch with your gold and KYC documents. A representative will evaluate your gold based on purity and weight to determine the eligible loan amount. Once the valuation is complete, and basic KYC verification is done, your loan is approved, and the funds are quickly credited to your account. You can also apply online via the Bajaj Finance App or website.
Get the value your gold deserves. Check your gold loan eligibility and see how much you can avail based on purity and weight.
Frequently asked question
About Gold Loan
You can apply for a gold loan in Shillong with Bajaj Finance and benefit from attractive interest rates and quick processing. Check your eligibility for gold loan and apply online or visit the nearest Bajaj Finance Gold Loan branch. With minimal documentation and hassle-free approval, Bajaj Finance ensures a smooth loan application experience.
Yes, a gold loan is one of the fastest loan options available in Shillong. Our simplified process and minimal documentation ensure swift approvals and same-day disbursals. With advanced gold valuation techniques and a dedicated customer support team, Bajaj Finance provides a seamless borrowing experience, making it an ideal solution for those in need of immediate financial assistance in Shillong.
Bajaj Finance offers competitive interest rates all across the year. Use our gold loan calculator to determine your repayment amount, interest rate and eligible loan amount. Check your gold loan eligibility today and unlock quick funds to meet your needs in time.
Yes, gold loan amounts may differ between banks and NBFCs in Shillong. Each lender considers gold purity, net weight, assessed value, applicable LTV limits, eligibility and internal policies. Compare loan terms, interest rates, processing fees and repayment options before selecting a lender.
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Disclaimer
Bajaj Finance Limited (BFL) has the sole and absolute discretion, without assigning any reason to accept or reject any application as per BFL policy. *