Features and benefits of gold loans in Vellore
Gold loans in Vellore offer various beneficial features tailored to meet different financial needs. The gold loan features and benefits make them an attractive financial product for residents of Vellore. If you are looking for fast access to funds, the Bajaj Finserv Gold Loan offers a hassle-free solution. You can borrow from Rs. 5,000 to Rs. 2 crore with interest rates starting from just 9.50% per annum. Here’s a look at the key features offered under our gold loan:
- Part-release facility: With ourpart release facility, you can repay a part of your loan and take part of your gold jewellery back before the end of your loan tenure.
- No part-prepayment or foreclosure fee*: Repay a part of your loan in advance or pay the entire amount at no extra cost.
- Transparent evaluation: To ensure you get the best value for your gold, we use top-quality karat metres in all our branches.
- Free insurance of gold: Our free insurance covers against theft or loss of your gold jewellery while it is in our custody.
- Convenient repayment options: We offer multiple repayment options where you may choose to pay interest on a monthly, bi-monthly, quarterly, half-yearly, or annual basis as per your convenience.Please note that the principal amount and pending interest, if any, will be due for payment at the time of loan maturity.
- Easy application process: Apply for a gold loan online. Our customer representative will help you with your application when you visit ourGold Loan branchin your city.
- Gold loan of up to Rs. 2 crore: We offerquick gold loansstarting fromRs. 5,000 up to Rs. 2 crore.You can choose the amount that suits you best from the offer extended to you.
- 800 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.
These features and benefits make gold loans an efficient and advantageous financial solution for residents of Vellore, ensuring they receive quick access to funds with minimal inconvenience.
Eligibility criteria for gold loans in Vellore
Bajaj Finance has kept the eligibility criteria for gold loans in Vellore simple and inclusive, making this financing option accessible to a wide range of residents. Anyone who is an Indian citizen aged between 21 to 70 years can apply for a gold loan. Bajaj Finance does not require a high credit score or income proof, making gold loans accessible to a wide range of borrowers. You just have to own 18-22 karat worth of gold jewellery to pledge as collateral. There are no specific restrictions based on employment status, so salaried individuals, business owners, and even self-employed persons can apply. Since the gold serves as security, lenders do not place a heavy emphasis on the borrower’s credit score or income level. This simplicity makes gold loans a viable option for people from various economic backgrounds in Vellore, particularly those who may not qualify for other types of loans.
Documents required for gold loan application in Vellore
Applying for a gold loan with Bajaj Finance in Vellore requires minimal documentation, ensuring a smooth and efficient process. To simplify the gold loan process, Bajaj Finance in Vellore requires only essential documentation, making it accessible to a broad range of applicants.
To apply, you need to provide one of the following listed KYC documents for gold loan:
- Aadhaar Card
- Voter ID Card
- Passport
- Driving Licence
- NREGA Job Card
- Letter Issued by National Population Registration
Though PAN card is not a mandatory document, in loans ₹ 5 lakh you are required to share the PAN card details. This streamlined approach makes gold loans easily attainable for Vellore’s residents, even for those without extensive financial paperwork, encouraging broader financial inclusion and support for urgent funding requirements.
Best interest rates for gold loans in Vellore
Securing the best interest rates on gold loans in Vellore is crucial for affordable borrowing. Gold loans typically offer more competitive interest rates compared to unsecured loans, making them a more cost-effective choice. Bajaj Finance, in Vellore, provides attractive interest rates, making borrowing accessible for individuals across different income groups. The interest rate offered depends on factors such as the loan amount, tenure, and the purity of the gold being pledged, giving borrowers the flexibility to make well-informed choices. With transparent terms and manageable interest rates, Bajaj Finance ensures that residents can access quick funds without placing an undue financial strain on their budgets, making gold loans a practical and affordable option for liquidity in Vellore. Bajaj Finserv Gold Loan offers competitive rates, starting from as low as 9.50% to 24% per annum, depending on factors like the loan-to-value (LTV) ratio, repayment tenure, and your financial profile.
With Bajaj Finance, borrowers can enjoy several benefits, including multiple repayment tenures ranging up to 12 months and a high LTV ratio of up to 75%, which maximises the loan amount based on your gold's value. The quick disbursal process ensures that funds are available promptly, supporting immediate financial needs.
How to apply for a gold loan in Vellore?
Applying for a gold loan in Vellore with Bajaj Finance is a convenient and efficient process. Customers can choose to visit a nearby Bajaj Finance branch or apply online through the official website or App. Borrowers need to visit the nearest gold loan branch with their gold jewellery and required documents. The representative will evaluate the gold based on its purity and prevailing gold rate to determine the loan amount. After the valuation, basic KYC verification is done, and once approved, the borrower receives the loan amount.
By following the steps below and understanding the benefits and requirements, you can apply for a gold loan in Vellore online to meet your financial needs.
- Click on ‘APPLY’ to open our online application form.
- Enter your 10-digit mobile number and click on ‘GET OTP.’
- Submit the OTP to verify your identity.
- Select your state and city to find the branch nearest to you.
- Enter your full name and date of birth as per your PAN.
- Set up your appointment at our branch.
Once done, you will receive a call from our representative to confirm your appointment and guide you on the next steps.
This convenience and efficiency make gold loans an accessible financial product in Vellore.
How to calculate gold loan in Vellore?
A gold loan calculator is a simple online tool that helps you estimate the loan amount you can avail against your gold jewellery. It takes into account key factors like the weight of gold, gold purity (in carats), and the current market rate to determine your loan eligibility. Bajaj Finance offers a dependable gold loan calculator that helps you plan better and make informed financial choices.
Using this calculator is easy and efficient. Just follow these steps:
- Loan amount: Enter the amount you wish to borrow by pledging your gold jewellery.
- Interest rate: Input the applicable annual interest rate provided by the lender.
- Repayment frequency: Select your desired repayment frequency—monthly, quarterly, or otherwise.
- Result: The calculator will show the estimated total annual interest and the approximate gold weight required, based on your inputs and the current gold rate.
This tool is especially useful for those considering a gold loan in Vellore, offering transparency and helping save time.
Repayment options for gold loans in Vellore
Bajaj Finance offers Vellore residents flexible gold loan repayment options to meet diverse financial preferences and needs:
- Repayment schedules – You can choose from monthly, bi-monthly, quarterly, half-yearly, or annual interest repayment cycles. This flexibility enables better alignment with your cash flow, making repayment easier. However, the principal and any outstanding interest will be due at the time of loan maturity.
- Maturity-based settlement – Borrowers in Vellore can opt to pay only interest during the loan term and repay the principal and any remaining interest at the end. This option suits those expecting a future lump-sum inflow.
- No foreclosure charges – Bajaj Finance allows you to prepay or foreclose your gold loan in Vellore without incurring extra fees. This reduces your total interest outgo and promotes early settlement.
- Better financial planning – These repayment options give you control over your finances, helping avoid default and keeping your gold loan in Vellore affordable and stress-free.
Safety and security of gold collateral in Vellore
The security of pledged gold is a top priority. Bajaj Finance ensures that borrowers' gold jewellery is stored safely, providing peace of mind throughout the loan period.
- Gold is kept in high-security vaults with advanced surveillance.
- Complementary insurance policies protect against theft or loss.
- Privacy protocols ensure customer information remains confidential.
- Detailed documentation assures borrowers of their gold's safety.
Why choose Bajaj Finance to avail a gold loan in Vellore?
With Bajaj Finserv Gold Loan, you can get a loan starting from Rs. 5,000 to Rs. 2 crore, competitive interest rates, quick processing, free insurance of gold and much more. We offer a high loan-to-value ratio, ensuring that you can get the maximise value as loan to manage your expenses easily. The loan comes with an easy application process, minimal documentation and easy eligibility criteria. You can choose to repay your loan interest on monthly, bi-monthly, quarterly, half-yearly or annual basis, as per your financial situation. With free insurance cover for the pledged gold jewellery and secure storage facilities, you can rest assured that your gold is safe. Additionally, we ensure the safety of gold collateral through secure storage facilities, making them a trustworthy choice for availing a gold loan in Vellore.
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