The gold price on the day your gold is assessed decides your loan amount, not the price you originally paid or last month's rate. When gold prices are higher in Chhatarpur, the same piece of gold supports a larger loan. When prices fall, the eligible amount reduces. Checking the gold rate today in Chhatarpur before you apply gives you a clearer picture of how much you can borrow.
What decides your eligible loan amount?
Your gold loan eligibility is calculated based on several factors assessed on the day of application. The gold loan interest rate and the loan amount both depend on how your gold is valued at that time. Only the pure gold content in your jewellery, ornaments or coins are counted stones, enamel, and other decorations are excluded.
- Gold weight: The total weight of your jewellery, excluding non-gold components
- Gold purity: Higher karat gold carries a higher rate per gram, increasing your eligible amount
- Gold rate on assessment day: Lenders use 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
- Loan-to-Value (LTV) ratio: The RBI-mandated LTV ratio determines the maximum loan amount against your gold's assessed value
Please note: We also do not simply use today's headline rate. We 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 protects you from a sudden price spike inflating things unrealistically.
Please note, the maximum LTV eligible for a loan depends on the loan amount and cannot be more than the limits given. To know more, click here.
Gold loan: What you should know before applying
Before applying for a gold loan, check your gold's purity, weight and current market value. The gold rate today in Chhatarpur can help you understand the market value of your gold, but the eligible loan amount also depends on other factors.
With Bajaj Finance, you can borrow from Rs. 5,000 up to Rs. 2 crore against your gold jewellery, ornaments, or gold coins.
Jewellery and ornaments are accepted between 18-22 karat purity, while gold coins are accepted up to 24 karat purity.
- Repay part of your loan and take back a portion of your pledged gold jewellery, ornaments or coins before the loan tenure ends.
- Repay part of your loan in advance or repay the full amount without an additional fee.
- Your pledged gold is covered against theft, burglary, fire at the branch and misplacement while it is in our custody.
Use the gold loan calculator to estimate your eligible loan amount and plan your borrowing with greater clarity.
Your gold may help meet your financial needs. Check your gold loan eligibility with Bajaj Finance.