What is the procedure for gold loan repayment?
Gold loans have gained popularity due to their easy availability and straightforward eligibility criteria. You can now use your unused gold assets to secure quick funding when needed. Repaying a Bajaj Finserv Gold Loan is also uncomplicated, with multiple interest repayment options available.
Gain a comprehensive perspective on gold loan through a better understanding of how repayment happens and the available options to go for.
Read Also: How can a gold loan help you start a small business
What is gold loan repayment?
Repaying a gold loan is a simple process. It involves returning the borrowed amount along with the accrued interest to the lending institution. Since gold loans are backed by collateral, you have the flexibility to select a repayment plan that suits your convenience. Once the repayment is complete, you regain possession of your pledged gold jewellery.
Gold loan repayment options
With Bajaj Finserv Gold Loan, you can choose from multiple repayment options. You can choose to pay interest on a monthly, bi-monthly, quarterly, half-yearly, or annual basis, depending on your convenience. However, it is important to note that the principal amount and pending interest, if any, will be due for payment at the time of loan maturity.
How to apply for an instant gold loan
Gold loans are highly favoured for their quick fund disbursement, making them an excellent choice during unexpected financial emergencies. By pledging your 18-22 gold jewellery as collateral, you can easily get a gold loan starting from Rs. 5,000 up to Rs. 2 crore. With Bajaj Finance you can get an instant gold loan in as little as 15 minutes* with interest rates starting at just 9.50%* per annum.
Meeting the eligibility requirements for a gold loan is straightforward. As an Indian citizen aged between 21 and 70 years, you can apply by providing your KYC documents, which typically include a voter ID card, Aadhaar Card, passport, driver's licence, NREGA job card or a letter from National Population Registration.
To apply, you have the option of visiting a nearby Bajaj Finance branch or applying online through the Bajaj Finance website. Here are the simple steps to follow:
- Visit the Gold Loan section of the website
- Click on the online application form
- Enter your 10-digit mobile number and click on ‘GET OTP’
- Enter OTP to verify your details
- Select your state and city to locate your nearest branch
- Enter your full name and date of birth as per your PAN
- Set up your appointment at the nearest branch in your city
Apply now and manage your expenses with an instant gold loan from Bajaj Finance.
Read also: How does the gold rate affect your gold loan
Frequently asked questions
Our gold loans come with a convenient repayment period of up to 12 months. Once this period is over, you can renew the loan for another tenure of the same maximum duration.
You can complete your gold loan repayment in equated instalments every month, which are designed to spread the entire payment out over a tenure of up to 12 months.
Bullet repayment in a gold loan is an option where you pay the interest throughout the loan tenure and the principal amount in a lump sum at the end. This option provides flexibility and is beneficial if you want to minimise regular repayments and settle the entire loan amount at once.
