If you plan to pledge gold, checking the today's gold rate in Varanasi can give you an idea of its market value. The loan amount is assessed using factors such as the gold's weight, purity and the applicable gold value used for valuation. A higher gold value may increase the amount you can borrow, while a lower value may reduce the eligible loan amount.
What decides your eligible loan amount?
Your gold loan eligibility depends on:
- Weight of your gold
- Purity of your gold
- Applicable gold price
- Loan-to-Value (LTV) ratio
Only the actual gold content is considered during valuation. Stones, enamel work, and other decorative parts are not included.
Lenders use whichever is lower between the previous day's closing price or the 30-day average closing price published by IBJA or a SEBI-regulated commodity exchange. This follows RBI guidelines and ensures fair valuation.
Please note that the maximum LTV depends on the loan amount and cannot exceed the prescribed regulatory limits. To know more, click here.
Gold loan: What you should know before applying
If you are planning to apply for a gold loan in Varanasi, understanding today's gold rate in Varanasi can help you estimate how much you may be eligible to borrow, as the loan amount depends on the prevailing gold price along with the purity and weight of your pledged gold.
With Bajaj Finance, you can borrow from Rs. 5,000 to Rs. 2 crore against eligible gold jewellery, ornaments, or gold coins. The gold loan interest rates start from 9.50% per annum. You can pledge gold jewellery and ornaments with 18-22 purity, while gold coins with purity up to 24 karat are also eligible. The pledged gold is kept in secure vaults and stays insured for the duration of the loan.
Before applying, keep these points in mind:
- Your loan amount depends on the weight and purity of your gold, not its purchase price.
- Bajaj Finance uses 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.
- Only one valid KYC document is required, such as Aadhaar Card, Voter ID, Passport, Driving Licence, NREGA Job Card, or an NPR letter.
- You can choose from multiple repayment options, including monthly, bi-monthly, quarterly, half-yearly, or annual interest payments.
- There are no foreclosure charges if you wish to repay the loan before the end of the tenure.
Before applying, you can use the gold loan calculator to estimate your eligible loan amount.
Need a loan against your gold jewellery, ornaments or coins? Apply for a Bajaj Finance Gold Loan and complete the required steps.
