Are Diamond Jewellery Acceptable for Obtaining a Gold Loan
When faced with urgent financial requirements, exploring various loan options becomes crucial. In such cases, getting a gold loan can be a convenient solution to access funds quickly. If you possess diamond jewellery, you may have wondered whether it can be used as collateral for a gold loan.
However, it is important to understand that the value of the diamonds themselves is not a primary consideration in the gold loan process. Instead, the loan amount is determined based solely on the weight of the gold present in the jewellery.
Understanding gold loans
Gold loans are a great option to get quick access to funds. As the loan is secured against physical gold jewellery, the gold loan rates are usually lower than the other unsecured loans. With easy application process and quick loan disbursal, gold loans provide a great option to finance your urgent needs, making it a cost-effective borrowing option for you. However, it is important to understand that the sanctioned loan amount is based on the gold's weight and purity, and not on the value of any accompanying gemstones.
Diamond jewellery and gold loans
While diamond jewellery holds immense value in terms of aesthetics and sentiment, its worth is not typically considered when obtaining a gold loan. Bajaj Finserv determines the loan amount based on the weight and purity of the gold present in the embedded jewellery. The diamonds, despite their individual value, do not contribute to the final loan amount. Therefore, it is essential to have a clear understanding of this distinction when seeking a gold loan against diamond jewellery.
Loan amount calculation
To know the loan amount you can receive against your diamond-studded gold jewellery, it is important to remember that the value will be based solely on the gold content. Bajaj Finserv has a standardised method to assess the gold's weight and purity, conducted through an appraisal process. The loan amount will then be determined based on the current market price of gold per gram.
Hence, while it is possible to obtain a gold loan using diamond jewellery as collateral, it is important to note that the loan amount will be determined solely by the weight and purity of the gold, not the value of the accompanying diamonds. When considering a gold loan against diamond jewellery, weigh the sentimental value of your diamonds against your immediate financial needs. Take the time to understand the terms and conditions to ensure you make an informed decision. By doing so, you can unlock the potential of your gold-embedded jewellery while preserving the sentimental value of your precious diamonds.
To apply for a gold loan, visit www.bajajfinserv.in/gold-loan.
