The gold price today in Kurnool affect the amount you may be able to borrow against your gold jewellery, ornaments or coins. When gold prices rise, the assessed value of eligible gold may increase, potentially allowing a higher loan amount. When prices fall, the eligible loan amount may decrease. However, the final amount also depends on gold purity, net weight, the lender’s valuation process and the applicable loan-to-value (LTV) limit.
What decides your eligible loan amount?
Your eligible gold loan amount depends on the value and purity of your gold, along with the applicable loan-to-value (LTV) ratio. Lenders assess the following factors:
- Gold weight: Only the net weight of gold is considered.
- Gold purity: The purity of gold affects its assessed value.
- Applicable gold rate: The valuation 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.
- LTV ratio: This determines the maximum loan amount against the assessed gold value, subject to applicable guidelines.
The LTV limit must be maintained during the loan tenure. Review the gold loan interest rate and charges before applying.
Please note: We also do not simply use today's headline rate. As per RBI guidelines, 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. You can pledge your 18-22 karat gold jewellery or ornaments, or gold coins up to 24 karat purity as collateral for our gold loan offering.
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
With Bajaj Finance, you can borrow from Rs. 5,000 to Rs. 2 crore against eligible gold jewellery, ornaments and gold coins. The gold loan interest rate starts from 9.50% per annum.
Jewellery and ornaments must meet the accepted purity range of 18-22, while gold coins are accepted up to 24 karat purity. Your pledged gold is stored in secure vaults with insurance cover for the entire loan duration.
Before applying for a gold loan in Kurnool, keep these points in mind:
- Loan amount: The eligible amount depends on your gold's net weight, purity and assessed value, not its original purchase price.
- Gold valuation: 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.
- KYC documents: Submit one valid KYC document, such as an Aadhaar card, Voter ID, passport, driving licence, NREGA job card or a letter from the NPR.
- Foreclosure charges: There are no foreclosure charges for closing the loan early.
- Repayment options: Under bullet repayment, you pay the principal and interest at maturity. Under regular repayment, you pay interest half-yearly and the principal at maturity.
Before applying, use the gold loan calculator to estimate your eligible loan amount. Checking the gold price today in Kurnool, along with your gold's purity and weight, can help you plan your borrowing needs.
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