Gold prices in Nagpur can influence the value of gold pledged for a gold loan. However, the loan amount is not based only on the current market rate. Bajaj Finance considers the gold’s purity, applicable LTV and 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 while determining your gold loan amount.
What decides your eligible loan amount?
If you are planning to take a gold loan in Nagpur, the amount you may be eligible for depends on several factors:
- Weight of the gold
- Purity of the gold
- Applicable gold rate on the day of assessment
- Loan-to-Value (LTV) ratio
Only the actual gold content is considered during valuation. Stones, beads, enamel and other non-gold parts are excluded.
The total borrowing cost will also depend on the applicable gold loan interest rate and charges.
Please note, the maximum LTV depends on the loan amount and cannot exceed the prescribed limits. To know more, click here.
Gold loan basics: What you should know before applying
If you are considering a gold loan in Nagpur, it helps to understand the loan amount, gold purity requirements and valuation process before applying. You can also check today's gold rate in Nagpur to understand the current market value of your gold before estimating your potential loan amount.
With Bajaj Finance, you can borrow from Rs. 5,000 to Rs. 2 crore by pledging eligible gold collaterals. The gold loan interest rate starts from 9.50% per annum.
Gold jewellery and ornaments between 18-22 purity are accepted, while gold coins of up to 24 karat purity are eligible. Your pledged gold is also covered by insurance while it is held with Bajaj Finance.
Before applying for a gold loan in Nagpur, keep these points in mind:
- Your eligible loan amount depends on the weight and purity of the gold, along with the applicable LTV ratio.
- You can submit an accepted KYC document such as Aadhaar, Voter ID, passport, driving licence, NREGA job card or an NPR letter.
- The final loan amount is based on eligible gold value and applicable LTV limits, rather than the original purchase price of the gold.
- Bajaj Finance does not charge a foreclosure fee if you choose to close your gold loan early.
Before applying, you can use the gold loan calculator to estimate your interest repayment based on the loan amount, tenure and applicable interest rate.
Ready to unlock the value of your gold? Apply for Bajaj Finance Gold Loan today.