Gold Loan Renewal Process

Understand the steps involved and seamlessly renew your gold loan to unlock continued financial support with Bajaj Finance.
Gold Loan
2 mins
27 May 2025

What is gold loan renewal?

Renewing a gold loan is a smart and hassle-free way to continue using your gold as security without having to go through the entire loan process again. With Bajaj Finserv Gold Loan, renewal allows you to extend your existing loan tenure or even get a top-up loan, depending on the current loan-to-value (LTV) ratio and your eligibility. This is especially useful when you need additional funds or more time to repay the loan. The process is simple and usually involves a fresh appraisal of your gold, without the need for new documentation or credit score checks. It gives you the freedom to manage personal or unexpected expenses while your gold remains safely stored. Renewal helps retain ownership of your gold ornaments while keeping the financial support going. Whether it is for personal, educational, or emergency needs, gold loan renewal offers a flexible and reliable option for continuing access to funds.

Why is gold loan renewal important?

Gold loan renewal is important because it lets you extend your existing gold loan without having to repay the full amount or release your pledged gold. This option gives you more time to repay while keeping your gold secure. If you are unable to clear the loan by the due date, renewing it helps avoid penalties and the risk of losing your gold. It offers financial flexibility, especially during difficult times when managing cash flow becomes challenging. Bajaj Finance makes the process simple, with minimal paperwork and quick evaluation, so you can continue accessing funds with ease. Choosing gold loan renewal is a smart way to retain ownership of your jewellery while still meeting your financial needs.

Why should you renew your gold loan?

Renewing your gold loan is a smart and practical decision when you need continued access to funds. It helps you avoid the risk of your gold being liquidated by the lender, which may result in losses due to deductions or wastage. Renewal also offers a chance to renegotiate the interest rate, especially if rates have come down, helping reduce your repayment burden. Additionally, it gives you more time to arrange finances without stress. Bajaj Finserv allows easy gold loan renewal with minimal paperwork, ensuring financial flexibility and uninterrupted access to funds without losing your precious gold assets.

Benefits of gold loan renewal

Listed below are the benefits of gold loan renewal:

  1. Extended loan tenure: Renewing a gold loan not only extends the loan period but also allows borrowers more time to improve their financial situation without the pressure of a looming repayment deadline.
  2. Retain ownership: By renewing a gold loan, borrowers can continue to leverage the financial worth of their gold without having to part with it, ensuring they don't lose a valuable asset that may appreciate over time.
  3. Competitive interest rates: With renewed gold loans often coming with reduced gold loan interest rates, borrowers can benefit from lower repayment amounts compared to initial terms or other high-interest borrowing options.
  4. Quick and minimal documentation: The streamlined process for renewing a gold loan eliminates the hassle and time consumption usually associated with loan applications, making it an ideal option for those needing immediate financial assistance.
  5. Access to funds: A renewed gold loan can be especially beneficial in providing an immediate liquidity boost, allowing borrowers to address urgent financial needs or seize unexpected opportunities without delay.

Gold loan renewals offer practical benefits, making them an attractive financial solution for individuals seeking flexibility and convenience in borrowing against their gold assets.

Step-by-step process for renewing your gold loan

  1. Application submission: Begin by submitting a renewal application on the Bajaj Finserv app or website.
  2. Sign-in to ‘My Account’ with your mobile number.
  3. Enter the OTP and submit.
  4. Now, enter your date of birth and proceed.
  5. Under ‘My Relations,’ tap on ‘View All’ and select ‘Gold Loan’
  6. Then under ‘Quick Actions’ tap on ‘Renew Loan’
  7. After verifying the details, tick all the boxes and accept the terms and conditions.
  8. Select the ‘purpose of loan’ and tap on ‘Proceed.’

Eligibility criteria for gold loan renewal

To renew your gold loan, certain eligibility criteria must be met to ensure a smooth process. The key requirements are simple, making it an accessible option for many. Here's what you need to know:

  • Outstanding loan repayment: Ensure that you have repaid a certain percentage of the original loan amount or have paid the minimum due instalments.
  • Gold evaluation: The gold you pledged must still meet the lender's valuation standards. If the value of your gold has decreased, you may need to adjust the loan amount accordingly.
  • Age: Applicants must be within the lender’s age requirements, usually between 21 and 70 years.
  • Valid documentation: You should provide valid identification and address proof, as well as any necessary documents for loan renewal.

Gold loan renewal is a quick and convenient option for those looking to extend their loan tenure. For more detailed information, check the gold loan eligibility criteria and ensure you meet all necessary requirements before proceeding with your renewal.

Documents required for gold loan renewal

To apply for a gold loan through the Bajaj Finserv Gold Loan App, you will need:

  • Aadhaar card
  • Voter ID card
  • Passport
  • Driving licence
  • NREGA job card
  • Letter issued by National Population Registration

PAN card is not required. However, if you apply for a gold loan of Rs. 5 lakh or above you will be asked to submit your PAN card.

Ensure all required documents are up-to-date and accurately submitted for a smooth gold loan renewal process.

Disclaimer

1. Bajaj Finance Limited (“BFL”) is a Non-Banking Finance Company (NBFC) and Prepaid Payment Instrument Issuer offering financial services viz., loans, deposits, Bajaj Pay Wallet, Bajaj Pay UPI, bill payments and third-party wealth management products. The details mentioned in the respective product/ service document shall prevail in case of any inconsistency with respect to the information referring to BFL products and services on this page.

2. All other information, such as, the images, facts, statistics etc. (“information”) that are in addition to the details mentioned in the BFL’s product/ service document and which are being displayed on this page only depicts the summary of the information sourced from the public domain. The said information is neither owned by BFL nor it is to the exclusive knowledge of BFL. There may be inadvertent inaccuracies or typographical errors or delays in updating the said information. Hence, users are advised to independently exercise diligence by verifying complete information, including by consulting experts, if any. Users shall be the sole owner of the decision taken, if any, about suitability of the same.

Frequently asked questions

What is a loan renewal fee?

A loan renewal fee is a charge levied by lenders when extending the tenure or revising the terms of an existing loan.

What is the difference between review and renewal of loan?

A gold loan review assesses the loan's performance, while renewal extends the gold loan tenure or revises terms.

How does gold loan renewal work?

Gold loan renewal involves extending the loan tenure by paying outstanding interest and charges.

How do I check my gold loan status?

You can check your gold loan status by logging into the lender's website or contacting customer service.

Can I renew my gold loan online?

Yes, you can renew your gold loan online with Bajaj Finance. The online process makes it quick and convenient to extend your loan tenure. You can access your loan account through the Bajaj Finance website or app, where you can submit the required details and complete the renewal process. The process usually involves minimal documentation, and the renewed loan amount will be based on the current value of your gold. You can also check the gold loan eligibility criteria online to ensure you meet all necessary conditions for renewal.

How many times can I renew my gold loan?

The number of times you can renew your gold loan depends on the terms set by the lender, but there’s generally no limit as long as you continue to meet the repayment requirements and the pledged gold's value remains sufficient to cover the loan amount. Renewing the loan allows you to maintain access to funds while keeping your gold as collateral. However, frequent renewals could affect your loan terms, so it's essential to stay informed about your gold loan eligibility criteria for the best outcomes.

Is there any processing fee for renewing my gold loan?

Yes, Bajaj Finance may charge a small processing fee when you renew your gold loan. The fee amount depends on your loan terms and is shared with you at the time of renewal.

What do I need to do to renew my gold loan?

To renew your gold loan with Bajaj Finance, visit the branch where you took the loan or visit the Bajaj Finserv App or website.

What is the fee for gold loan renewal?

The renewal fee for a gold loan with Bajaj Finance varies as per the loan amount and policy. It is usually a small charge, and the exact fee is explained to you during the renewal process. This fee covers the cost of reassessing the gold and updating your loan agreement.

Show More Show Less