You may have an emergency fund set aside as part of your financial planning to protect yourself in the event of a crisis. For many people, such funds are kept in fixed deposits or other investment forms that can be liquidated quickly.
While such assets are handy, liquidating them means losing out on years of investment growth, and a direct hit to your savings. So how can you handle an emergency, while not sacrificing your funds?
A gold loan is the solution. Gold jewellery is an asset that usually sits in your wardrobe or your bank locker, without benefiting you in any way. Pledging it in return for dispensable cash is a smart move, especially if there is financial urgency.
Read on to know how our gold loan can help you deal with any financial emergency.
High loan sanction
If you use the potential of your gold ornaments correctly, they can be well utilised to cover your emergency cash needs. When you apply for a gold loan, your jewellery is weighed and given a value based on the current price of gold, not the price you paid for it. Since gold is an asset that goes up in value, the loan amount is usually more than what the jewellery is worth.
With the Bajaj Finserv Gold Loan, you can get up to 75% of your gold’s worth as a secured loan of up to Rs. 2 crores.
Easy to apply for
By virtue of it being a secured loan, the Bajaj Finserv Gold Loan does not need you to tick mark any special criteria. You do not need a strong CIBIL score for getting the loan approved, nor do you need to provide financial statements and proof of employment and income.
You only need the worth of your gold to decide how much money you can borrow. The overall process of checking the authenticity and worth of your valued gold commodity is transparent and at par with industry standards.
To get this loan, you simply need to complete an online application form. Following that, we will contact you to schedule an appointment at our nearest gold loan branch. You must bring your jewellery there for evaluation. This process only takes a few minutes.
Once your offer is ready based on the value of your jewellery, the funds are transferred to your bank account as soon as possible.
Our gold loan comes with several repayment options, to make it affordable for you in an emergency. You can choose to repay it in regular EMIs that comprise the principal and interest amounts together.
If your funds are tied up in other urgent needs, you can just repay the interest on a monthly, bimonthly, quarterly, half-yearly, or even annual basis. You will have to pay back the principal as a lump sum at the end of the loan term.
Once the emergency passes, you can release a portion of your pledged gold by paying back its value. The part-release and easy foreclosure facilities ensure that you can get your prized possessions back to you with utmost ease.