Think of your gold as more than just something you wear on special occasions. Today, many people like you are realising that it can also be a quick source of funds when money is urgently needed. Instead of letting your gold sit idle, you can use it to meet unexpected expenses without selling something precious.
When you choose a gold loan, you avoid complicated procedures and long waiting periods. You benefit from lower interest rates, minimal paperwork since your gold acts as security, and fast disbursal that puts money in your hands quickly.
The amount you can borrow depends on the weight and purity of your gold, along with the gold price. As gold prices change, your loan value changes too. When gold prices rise, the value of your pledged gold increases, which may help you secure a higher loan amount or better terms.
Bajaj Finance considers lower of the previous day’s closing price or the 30-day average closing price published by IBJA or a SEBI-regulated commodity exchange to evaluate the loan amount against your gold.
You just have to be an Indian citizen between 21 and 80 years of age and have 18-22 karat gold jewellery or ornament to pledge as collateral. You can also pledge gold coins up to 24 karat gold purity.
