Being ready for unforeseen circumstances and having a solid financial plan to deal with a crisis, big or small, is essential. For instance, you may need immediate money to pay for an unexpected medical expense without dipping into your savings. In such a scenario, you can utilise your investment in gold to raise funds. You can get a loan against your gold quickly by pledging it as security with Bajaj Finance.
So, instead of selling your gold, or any other asset, avail of the Bajaj Finserv Gold Loan to meet your financial requirements while retaining ownership of the gold. To understand it better, look at the answers to some of the common questions you may have.
How does a gold loan work?
In the gold loan process, you bring your gold jewellery and necessary documents to us for verification. Once your jewellery is appraised for your loan amount, you just need any of the following documents for verification- Aadhaar Card, Voter ID card, passport, driving licence, NREGA job card, or a letter from the National Population Registration. Though the PAN card is not a mandatory document, you will be asked to submit it in case your loan amount is more than Rs. 5 lakh. After the necessary documentation is complete your loan amount will be disbursed to you. You can choose to receive the amount in cash or get it credited to your bank account. You can only receive cash for an amount up to Rs. 1,99,999.
Who is eligible to apply for a gold loan?
Bajaj Finance makes it extremely easy for you to apply for this loan. You can apply for a Bajaj Finserv Gold Loan if you are a farmer, trader, self-employed or salaried professional aged between 21 and 70 years.
What documents do I have to submit, and how can I apply?
Once you have checked your gold loan eligibility, you can apply for a loan against gold by submitting your KYC documents. Visit the nearest branch to do so or apply online from the comfort of your home.
How is my gold valued? Is pledging my gold a safe option?
Before issuing the loan, Bajaj Finance will check the purity of your gold using a karat metre and measure the weight. We carry out an in-house evaluation of the jewellery and protect your asset by storing it in world-class gold vaults in 24x7 surveillance for extra safety. This means that you have nothing to worry about when it comes to safety.
What are the terms of repayment with regard to this loan?
With Bajaj Finance, you are free to choose your repayment tenure as per your financial condition. You have the flexibility to pay the interest amount at monthly, bi-monthly, quarterly, half-yearly, or annually, along with the principal amount and pending interest, if any, at the end of your loan tenure.
Do I have to pay any extra fees and charges?
Apart from a low interest rate and a high loan value up to Rs. 2 crore, Bajaj Finance ensures that the cost of borrowing remains low. There are no hidden charges, and you can choose to part-prepay your loan or foreclose it at no extra charge.
Additional read: Gold loan fees and charges
Does a gold loan come with a part-release facility?
If you need access to some of the gold ornaments you have pledged, Bajaj Finance allows partial withdrawal of ornaments during the tenure.
Gold is one asset that most Indians invest in. So, when a need for funds arises, check Bajaj Finance’s pre-approved loan with quick 1-step verification. Then raise the amount that you need as per your convenience, without any stress or hassle.