The purchase of gold jewellery has long been a cherished tradition in Indian households. Apart from acquiring jewellery for weddings, Indians also buy gold during auspicious events. It is believed that owning gold brings prosperity to the family. Similar to real estate and fixed deposits, gold is an asset that Indians prefer to acquire, as it can be used as collateral to secure loans during times of financial difficulty.
Acquiring a loan against gold is not only a simple process but also more cost-effective. The interest rate on a gold loan is lower compared to personal loans or loans against credit cards, primarily due to its secured nature. Gold loans provide quick access to funds.
Additionally, you have the advantage of multiple repayment options. Here's everything you need to know about gold loans.
Rate of interest
With Bajaj Finserv, you can get low gold loan interest rates, starting from 9.50% per annum.
Whether you need funds for personal expenses, business requirements, or any other financial need, Bajaj Finserv offers flexible loan options to suit your specific borrowing requirements. The loan amount can be disbursed quickly, ensuring you have access to the necessary funds without any delay.
Processing fees
When availing a gold loan from Bajaj Finserv, the processing fee is calculated at 0.12% of the loan amount, including applicable taxes. The processing fee is set at a minimum of Rs. 99 (inclusive of taxes), and capped at a maximum of Rs. 600 (inclusive of taxes), ensuring affordability.
Repayment options
Bajaj Finserv offers customers a wide range of repayment choices, allowing for greater flexibility. As a borrower, you have the freedom to decide how and when you want to repay your loan. You can select a monthly, bimonthly, quarterly, half-yearly, or annual payment schedule for the interest. However, please keep in mind that the principal amount and any outstanding interest must be settled upon the maturity of your loan.
Part-prepayment or foreclosure fee
When it comes to Bajaj Finserv gold loans, you have the freedom to manage your repayments without any additional charges.
