The applicable gold rate can affect the assessed value of your eligible gold and the amount you may be able to borrow. However, the gold rate alone does not decide the final loan amount. Purity, net weight, valuation and the applicable Loan-to-Value (LTV) limit also matter.
If the gold rate is higher, you may be eligible for a higher loan amount. If the rate is lower, the loan amount may also be lower, subject to the applicable LTV and lender policies.
What decides your eligible loan amount?
- Gold weight
- Gold purity
- Applicable gold rate
- Loan-to-Value (LTV) ratio
Only the pure gold content is assessed. Stones, enamel, and other decorations on your jewellery are not counted.
Please note: The final loan amount depends on the eligible LTV, the purity of your gold, and the lower of the previous day's closing price or the 30-day average price published by IBJA or a SEBI-regulated commodity exchange. The applicable LTV must be maintained throughout the loan tenure and may change in line with RBI guidelines and the lender's policies.
The loan amount is determined using the applicable LTV ratio, which varies by loan size. To know more about LTV, click here.
Gold loan: What's worth knowing before you apply
If you are planning to apply for a gold loan in Rampur, here are a few important things to know before you apply.
With Bajaj Finance, you can avail of a gold loan from Rs. 5,000 to Rs. 2 crore by pledging your gold jewellery, ornaments, or gold coins. The gold loan interest rate starts from 9.50% per annum.
Gold jewellery and ornaments with 18-22 karat purity are accepted, while gold coins of up to 24 karat purity are eligible. Your pledged gold is stored securely in insured vaults with insurance cover throughout the loan tenure.
A few things worth knowing before you apply:
- Your eligible loan amount depends on the weight and purity of your pledged gold.
- 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.
- You only need one valid KYC document, such as an Aadhaar card, Voter ID, passport, driving licence, NREGA job card, or a letter issued by the National Population Register (NPR).
- Choose from multiple repayment options. Under bullet repayment, both the principal and interest due are paid at maturity, and under regular repayment, the interest is paid at half-yearly intervals as per the repayment schedule, while the principal is paid at maturity.
- There are no foreclosure charges, so you can repay and close your loan early without any additional cost.
Before applying, use the gold loan calculator to estimate your eligible amount, or check your gold loan eligibility online to understand your borrowing capacity based on today's gold rate in Rampur, gold purity, and weight.
It takes just 2 steps to check your eligibility for a Bajaj Finance Gold Loan. Enter your mobile number now.
