A low CIBIL score does not necessarily mean you cannot apply for a gold loan. Bajaj Finance considers your overall credit profile, repayment history, gold value and other applicable eligibility criteria. Since a gold loan is secured against eligible gold, the value of your collateral is an important part of the assessment. However, your credit profile and repayment behaviour still matter. Before applying, check your CIBIL report for errors, understand the loan terms and choose an amount you can comfortably repay. Making payments on time can help you maintain a healthier credit history and avoid negatively affecting your CIBIL Score.
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Worried about a low CIBIL Score?
How a Bajaj Finance Gold Loan can help you
A low CIBIL Score does not necessarily mean you cannot access a gold loan. With a Bajaj Finance Gold Loan, you can pledge eligible gold jewellery, ornaments or gold coins as security and access funds for your financial needs. Your application is assessed based on factors such as your credit profile, repayment history, gold’s purity and value, and applicable eligibility criteria.
Gold-backed borrowing
A gold loan is secured against eligible gold, making the value of your pledged gold an important part of the loan assessment. Even with a low CIBIL Score, you can apply, subject to Bajaj Finance’s eligibility and credit assessment criteria.
Minimal documentation
The application process requires limited documentation. You need to provide the required KYC documents and complete the necessary verification. This can make the borrowing process simpler and more convenient.
Multiple repayment options
Bajaj Finance provides multiple repayment options to suit different financial situations. You can choose how frequently to pay the interest, such as monthly, bimonthly, quarterly, half-yearly or annually, as applicable to your loan structure. The principal and any applicable outstanding interest are payable as per the agreed terms.
Low interest rates
A gold loan may offer a secured borrowing option at a low gold loan interest rate. The applicable interest rate depends on factors such as your loan amount, tenure and other applicable terms. You can use the Gold Loan Calculator to estimate your repayment obligations before applying.
Retain ownership of your gold
You do not have to sell your gold to meet a financial requirement. Your eligible gold remains pledged as security during the loan period. Once you repay the outstanding loan and applicable dues, the pledged gold is released to you, subject to the applicable terms and conditions.
Understand your gold's value
The eligible loan amount depends on the assessed value of your gold and applicable LTV. Bajaj Finance considers the lower of the previous day’s closing price or the 30-day average closing price published by IBJA or a SEBI-regulated commodity exchange to evaluate the loan amount against your gold jewellery, ornament or coin.
A low CIBIL Score does not automatically rule out a gold loan. However, your credit profile remains part of the assessment. Before applying, check your eligibility, understand the applicable charges and choose a loan amount that you can comfortably repay.
Get a clear idea of your loan value by checking your gold loan eligibility. Fast approval and convenient repayment options await.
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Gold loan interest rates and charges
The gold loan interest rate represents the cost of borrowing against your gold jewellery, ornaments or coins. With Bajaj Finance, gold loan interest rate starts at just 9.50% to 24.25% per annum. You can stay assured of zero hidden charges with our 100% transparent terms and conditions. Know all about our fees and charges before applying.
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Eligibility criteria and documents required to apply for a gold loan
Any salaried or self-employed individuals or pensioners can apply for this loan. They must be an Indian citizen aged between 21 and 80 years and have 18-22 karat gold jewellery or ornaments to pledge. They can also pledge gold coins up to 24 karat purity. This loan can be used to apply for a gold loan for planned or urgent needs, as long as they meet the gold loan eligibility criteria.
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.
Curious about your loan eligibility? Enter your mobile number to see how much you can get for your gold.
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How to apply for a gold loan
Getting a Bajaj Finance Gold Loan is simple and hassle-free. Just visit your nearest branch with your gold and valid KYC documents. The team will assess your gold’s purity and weight, calculate the eligible loan amount, and process it immediately. In most cases, the funds are disbursed to your account the same day, so you can access your money without delay. For even more convenience, you can also apply online through the Bajaj Finance App or website and get your loan quickly from anywhere.
Have idle gold lying at home? Turn it into instant funds with a Bajaj Finance Gold Loan today! Apply now
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Frequently asked question
Credit Score
How to check the CIBIL score for gold loan?
To obtain a gold loan for low CIBIL score might be feasible as gold serves as collateral, reducing the lender's risk. Gold loans are secured and do not heavily rely on credit scores. However, interest rates may be higher due to the perceived credit risk associated with a low CIBIL score.
How to get a gold loan for a low CIBIL score?
If you have a low CIBIL score, gold loan can be a suitable option for you. As the loan is secured against physical gold jewellery, there is no credit dependency on availing of these loans. To apply for a gold loan, you just need your basic KYC documents and your 18-22 Karats gold jewellery or ornaments, or coins up to 24 karat gold purity. Promptly repay the loan to improve your credit score over time.
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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. *