When the gold price today in Muzaffarnagar goes up, your gold becomes more valuable, so you can borrow more against it. The same 10 grams of jewellery can fetch a higher loan on a day when prices are high than on a day when they're low.
How is gold loan eligibility calculated?
Your eligible loan amount for a gold loan in Muzaffarnagar depends on:
- Gold weight
- Gold purity
- Applicable gold rate on the day of assessment
- Loan-to-Value (LTV) ratio
Only the actual gold content is assessed. Stones, enamel, and other decorations are not included in the valuation.
The final loan amount depends on the eligible LTV, actual gold purity, and the lower of either the previous day's closing price or the 30-day average closing price published by IBJA or a SEBI-regulated commodity exchange. The LTV ratio must be maintained throughout the loan tenure and may be revised as per RBI guidelines and lender policies. The loan amount is determined using the applicable LTV ratio, which varies by loan size. To know more, click here.
Want to find out how much you can borrow based on the gold rate today in Muzaffarnagar? Check your gold loan eligibility online.
Gold loan basics: what you should know before applying
With Bajaj Finance, you can borrow from Rs. 5,000 up to Rs. 2 crore against your gold jewellery, ornaments, or gold coins. The gold loan interest rate starts from 9.50% per annum. Your gold is kept safe in secured vaults with insurance cover for the full duration of the loan.
Jewellery and ornaments are accepted between 18-22 karat purity. Gold coins are accepted up to 24 karat purity.
A few things worth knowing before you apply:
- Your loan amount depends on your gold's weight and purity, not what you paid for it originally
- Bajaj Finance uses the lower of the previous day's IBJA closing price or the 30-day average closing price to value your gold
- Only one valid KYC document is needed: Aadhaar card, Voter ID, passport, driving licence, NREGA job card, or a letter from the NPR
- You need to be an Indian citizen between 21 to 80 years of age to qualify
- There are no foreclosure charges; you can close the loan whenever you are ready, without paying any extra fee
Before you visit a branch, use the gold loan calculator to estimate how much you can borrow, or check your gold loan eligibility online in just a few minutes.
Why let your gold sit idle when it can power your financial goals? Apply for a Bajaj Finsance Gold Loan now!
