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What is the part-release option in a gold loan?
The part-release option in a gold loan is a flexible feature that allows borrowers to release a portion of their pledged gold jewellery by repaying the equivalent amount of the loan. This facility is especially useful when only a part of the pledged gold is needed back before the full repayment is made. The part release facility gives you greater control over your gold assets while still enjoying the benefits of an ongoing loan. With this option, you do not need to wait until the entire loan is cleared to retrieve some of your jewellery. It ensures that you have timely access to funds while managing your gold in a way that suits your changing financial needs. Bajaj Finserv Gold Loan offers this facility to help you stay financially flexible and in control.
Understanding how the part release facility works can help you use your gold more efficiently and confidently.
Understanding the gold loan part-release facility
The gold loan part-release facility allows you to release a portion of your pledged gold jewellery by repaying the corresponding amount. This facility comes in handy when you require funds for specific purposes without having to completely close the gold loan. It offers you the flexibility to unlock the value of your gold gradually, ensuring that you have access to funds as and when required, while keeping the remaining gold as security.
How does gold loan part-release facility work?
When you opt for the part-release facility, we assess the value of your gold jewellery based on its weight and purity. After the evaluation, you can request a specific amount of the total value to be released. We calculate the loan amount based on the portion of gold being released and provide you with the funds accordingly. However, you will need to pay back the value of the jewellery as set at the time of taking the loan.
For instance, let's say you have pledged 100 grams of gold as collateral for a gold loan. If you opt for a part-release of 50 grams, we will calculate the loan amount based on the value of the 50 grams being released, while the remaining 50 grams will continue to be held as security. This way, you can access funds against the released portion without closing the entire loan.
Tip: Turn your gold into instant support—handle any expense with ease. Check your gold loan eligibility and access funds when you need them most.
Advantages of the gold loan part-release facility
- Financial flexibility: The part-release facility offers you the advantage of accessing funds while keeping a portion of your gold collateral intact. It allows you to meet specific financial requirements without closing the entire loan or having to pledge additional gold assets.
- Cost-effective: Since you only pay interest on the amount released, the part-release facility can be a cost-effective solution compared to closing the entire loan and applying for a new one. It saves you from incurring additional gold loan processing fees or paying interest on the full loan amount.
- Quick access to funds: By opting for the part-release facility, you can quickly access funds without going through the entire loan application process again. It eliminates the need for extensive paperwork and evaluation, saving you valuable time.
- Retaining ownership of your gold: With the part-release facility, you retain ownership of the remaining gold, ensuring its safety and security with the lender. This way, you can enjoy the benefits of financial liquidity while keeping your precious assets protected.
The gold loan part-release facility is a valuable feature that provides you with enhanced financial flexibility. It allows you to unlock the value of your gold collateral gradually, ensuring you have access to funds while keeping the remaining gold assets secure with the lender. Whether you need funds for emergencies, planned expenses, or any other specific purpose, the part-release facility enables you to meet your financial needs without closing the entire gold loan. Consider this feature when exploring gold loan options and make the most of your gold assets while maintaining the convenience and control over your financial journey.
It takes just 2 steps to check your eligibility for a Bajaj Finserv Gold Loan. Enter your mobile number now.
Gold loan interest rates and charges
A gold loan with Bajaj Finance is quick and easy. Just pledge your gold jewellery and get instant funds with minimal documents, flexible repayment, and complete safety. You can borrow a loan against gold from Rs. 5,000 to Rs. 2 crore at competitive interest rates, with an easy part-release facility, making it a convenient solution for quick funds without selling your gold.
Here is the list of other fees ad charges applicable on gold loans:
Types of fee | Applicable charges |
Interest rate | 9.50% to 24% per annum |
Processing fees | 0.15% of the loan amount (inclusive of applicable taxes). Subject to a minimum Rs. 99 (inclusive of applicable taxes) and maximum of Rs. 600 (inclusive of applicable taxes). |
Stamp duty (as per respective state) | Payable as per state laws and deducted upfront from loan amount |
Cash handling charges | %$$Rs. 50 (inclusive of applicable taxes) applicable for cash disbursement only. |
Penal charge | 3% per annum on outstanding balance. Penal charge will be over and above the interest rate which shall be applicable/chargeable in case of default in repayment of the outstanding dues post-maturity. |
Convenience fee | Convenience fee of Rs. 149 (inclusive of applicable taxes) shall be levied for part release of ornament(s) pledged. |
Part-prepayment charges | NIL |
Foreclosure charges | Nil, any time post disbursement of loan |
Gold loan eligibility criteria
To apply for a gold loan from Bajaj Finance, you need to:
- Be an Indian citizen
- Be aged between 21 to 70 years.
- Own 18-22 karat gold jewellery to pledge.
Curious about your loan eligibility? Enter your mobile number to see how much you can get for your gold.
Gold loan application process
Applying for a gold loan with Bajaj Finance is quick and hassle-free. You simply pledge your gold jewellery as collateral, submit minimal KYC documents like Aadhaar, Voter ID, Passport, or Driving Licence, and choose your loan amount based on the weight and purity of your gold. There is no need for a high credit score or lengthy paperwork. The process is designed to be fast, so you can get funds in your account within the same day at most branches. With Bajaj Finance, the application process is transparent, simple, and convenient, making it an ideal option for urgent or planned financial needs.
Ready to unlock the value of your gold? Apply for Bajaj Finserv Gold Loan today.
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Disclaimer
Bajaj Finance Limited has the sole and absolute discretion, without assigning any reason to accept or reject any application. Terms and conditions apply*.