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Why gold loans are a popular choice in India
In India, gold loans are becoming a go-to option for people who need quick cash during financial emergencies. By pledging your gold jewellery, ornaments or coins as collateral, you can easily convert it into funds. The loan amount depends on the current gold rate, so staying updated on gold prices is important. Since gold prices fluctuate, the value of your gold loan can change accordingly. This makes gold loans a flexible and convenient way to access money without selling your precious gold.
The market price of gold is the main factor in determining the loan amount. When you apply for a gold loan, the weight, purity, and the market value of your gold are taken into account. Loan amount is based on eligible LTV, actual purity, and the lower of the previous day’s closing price or 30-day average price as per IBJA or SEBI-regulated commodity exchange. The LTV ratio determines the percentage of your gold's total value that can be borrowed, with most lenders offering a maximum of 85%.
For example, if you pledge gold jewellery with a last 30 days moving average of gold rates (as per IBJA) of Rs. 1 lakh, the maximum loan amount you can get is Rs. 85,000. But, if the gold rate increases by 5%, the value of your gold jewellery will be Rs. 1.05 lakh. In this instance, the 75% LTV ratio would be equal to Rs. 78,750, enabling you to borrow a bigger sum to represent the rising worth of your gold.
Bajaj Finance provides gold loans with competitive gold loan interest rates, easy eligibility criteria, and minimal documentation required. The loan amount for a gold loan can be disbursed within a few hours, ensuring quick access to funds.
To apply for a quick gold loan, follow these simple steps:
- Visit the Bajaj Finance Gold Loan page.
- Open the online application form.
- Enter your 10-digit mobile number to get the OTP.
- Submit the OTP to verify your details.
- Select your state and select the nearest branch.
- Download the In-principle eligibility letter.
A representative from Bajaj Finance will assist you with an appointment at your preferred gold loan branch. Visit the branch at your convenience, and you will have your gold evaluated and the application processed. Your gold will be stored in highly secure vaults and returned to you after you have successfully repaid your loan.
Before you pledge your gold, know your options. Check your gold loan eligibility and choose the right amount and tenure.
Gold loan interest calculation
The interest rate on a gold loan depends on factors like the weight and purity of your gold, the loan amount, and the repayment period. Bajaj Finance offers competitive rates ranging 9.50% to 24% p.a., keeping loans affordable. The loan value is influenced by the gold price, so higher gold prices can help you get a larger loan for the same jewellery. This makes gold loans a transparent, quick, and reliable way to access funds when you need them.
Turn your gold into instant support—handle any expense with ease. Check your gold loan eligibility and access funds when you need them most.
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Gold loan eligibility criteria
Getting a Bajaj Finance Gold Loan using your gold jewellery, ornaments, or coins is easy and hassle-free. The eligibility criteria are simple: you need to be an Indian citizen between 21 to 80 years old and have gold jewellery or ornaments with 18-22 purity to pledge. You can also pledge coins up to 24 karat gold purity. There is no need for a high credit score or piles of paperwork. If you have eligible gold to pledge, you can quickly qualify and get funds without any stress, making it a convenient option when you need money fast.
Check your gold loan eligibility takes just 2 steps. Simply enter your mobile number, and you are all set to explore how much value your gold can unlock through a Bajaj Finance Gold Loan.
How to apply for a gold loan with Bajaj Finance
Applying for a Bajaj Finance Gold Loan is quick and convenient. Just visit the nearest branch with your gold and valid KYC documents. The team will check the purity and weight of your gold, calculate your eligible loan amount, and process it on the spot. Most of the time, the loan amount is disbursed to your account on the same day, so you can walk out with funds ready when you need them. For added convenience, you can also apply online, via the Bajaj Finance App or website.
Ready to unlock the value of your gold? Apply for Bajaj Finance Gold Loan today.
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Disclaimer
Bajaj Finance Limited (BFL) has the sole and absolute discretion, without assigning any reason to accept or reject any application as per BFL policy. *