If you are planning to apply for a gold loan, the gold rate in Thanjavur today plays an important role. The value of your gold is assessed using the applicable gold rate at the time of evaluation, not the price you paid when you purchased the gold jewellery, coins or ornaments.
When gold prices are higher, the value of your gold may increase, which can result in a higher eligible loan amount. Similarly, if gold prices are lower, the amount you can borrow may also be lower.
What determines your gold loan eligibility?
Your eligible loan amount depends on:
- The weight of your gold
- The purity of the gold
- The applicable gold price
- The Loan-to-Value (LTV) ratio
Only the actual gold content in your jewellery is considered during valuation. Any stones, gems, enamel work, or decorative elements are not included in the assessment.
As per RBI, to calculate the gold value, we 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. This approach helps ensure fair and consistent valuation.
Please note that the maximum LTV available depends on the loan amount and applicable regulations. To learn more, check LTV ratio for gold loan.
Gold loan essentials to know before applying
Before applying for a gold loan, it is important to understand how the process works and what factors can affect your borrowing amount.
With Bajaj Finance Gold Loan, you can get a loan ranging from Rs. 5,000 up to Rs. 2 crore against your gold jewellery, coins and ornaments. The gold loan interest rate starts from 9.50% per annum.
Gold jewellery and ornaments between 18-22 karat purity are accepted. You can also pledge gold coins up to 24 karat purity. Your pledged gold is stored in secure vaults and remains insured throughout the loan tenure.
Here are a few important things to know:
- Your loan amount is based on the purity and weight of your gold.
- The applicable valuation is linked to recognised benchmark gold prices.
- Only one valid KYC document is required for the application process.
- Choose from multiple repayment options. Under bullet repayment, principal and interest are paid at maturity, while under regular repayment, interest is paid half-yearly and principal at maturity.
- There are no foreclosure charges, allowing you to repay the loan early without additional fees.
Before applying, you can use the gold loan calculator to estimate your loan amount. You can also check your gold loan eligibility online based on the gold rate in Thanjavur today, the purity of your gold, and its weight.
Apply in minutes. Money in account instantly with a Bajaj Finance Gold Loan*