Gold loan eligibility
Gold loans have low interest rates as they are secured loans. The loan amount is disbursed quickly, often within a day. Benefits include minimal paperwork, no restrictions on how you use the funds, and flexible repayment options. You just need to meet the basic gold loan eligibility criteria.
Bajaj Finance offers loan amounts ranging from Rs. 5,000 to Rs. 2 crore at competitive interest rates. Check our gold loan calculator now to determine your repayment schedule!
Eligibility criteria and documents required for gold loan
Anyone can apply for our gold loan, as long as they meet the basic gold loan eligibility criteria mentioned here. They will be asked to submit a few basic documents to complete their application process.
Eligibility criteria for gold loan
- Nationality: Indian
- Age: 21 to 70 years
- Gold purity: 18-22 karat
Documents required for gold loan
Any one of the following:
- Aadhaar card
- Voter ID card
- Passport
- Driving licence
- NREGA job card
- Letter issued by National Population Registration
PAN card is not required. However, if you apply for a gold loan of Rs. 5 lakh or above you will be asked to submit your PAN card.
What is the gold loan process?
- Fill out the online application form: Visit our website and complete the form with your details.
- Book an appointment: Schedule a visit to your nearest gold loan branch for the physical evaluation of your gold.
- Verify your KYC documents: On the appointment day, bring your gold jewellery and KYC documents for gold loan verification.
- Jewellery assessment: The branch will evaluate your gold jewellery’s purity and weight. Based on the evaluation, your loan amount will be determined.
Once the evaluation is complete, the loan amount is transferred to your bank account in as little as 48 hours*. This streamlined gold loan procedure ensures quick and efficient access to funds.
Calculate your gold loan amount
You can use our online gold loan calculator to estimate the loan amount you can avail based on your gold’s weight, purity, and the current market rate. This tool also helps you determine the interest payable by factoring in the loan tenure and interest rate, ensuring better financial planning.
To secure a loan, you must meet the gold loan eligibility criteria, which generally include age requirements, ownership of gold jewellery, and identity verification. Meeting these criteria ensures quick approval and hassle-free disbursement. Use our gold loan calculator to plan your loan efficiently and check your gold loan eligibility before applying.
Things to consider before applying for a gold loan
Before you start the gold loan process, it's essential to consider a few key factors. First, check the gold purity and value, as this directly impacts the loan amount you can secure. Next, check the gold loan interest rates and tenure options to determine the best fit for your needs using our gold loan calculator. Understand the loan-to-value (LTV) ratio to gauge how much you can borrow against your gold jewellery. Lastly, ensure your gold loan documents are in order. Planning your financial choices beforehand ensures a successful gold loan journey.
Gold quality and purity criteria for loan approval
To avail quick approval on gold loan, keep a check on the following parameters:
- Purity: The pledged gold should be 18-22 karats to qualify for the loan.
- Gold price: It is advisable to check the latest gold price in India to get the maximum value for your gold jewellery.
- LTV Ratio: The LTV ratio, capped at 75% by the RBI, determines the loan amount you can secure based on your gold's market value.
Features that make the gold loan process quick and easy
The gold loan process is quick and easy due to several factors:
- Minimal documentation: You just need to provide your basic KYC documents, primarily focusing on verifying your identity and assessing the purity and weight of the gold you are pledging.
- Secured nature: Since gold loans are backed by the gold you provide as collateral, lenders can process your loan faster, knowing they have security against the borrowed amount.
- Quick disbursement: With minimal documentation and the security of your gold, lenders can swiftly approve and disburse the loan amount to you, often within a few hours of application.
- No credit check: Gold loans typically do not require a credit check. This means your credit history won't slow down the process, making it faster and more accessible for you to get the funds you need.
Who is eligible for a gold loan?
You can qualify for a gold loan easily, as long as you are within the eligible range, and you have 18-22 karat gold jewellery. You do not need to have a high CIBIL Score to apply for this loan, as you are providing your gold jewellery as collateral.
You can only submit gold jewellery as security against this loan. We do not currently accept gold coins, bars, idols, utensils, or any other items as collateral.
To be eligible for a gold loan, you must meet some basic requirements set by lenders, ensuring you can secure the loan with minimal hassle. Here’s a quick overview of the general eligibility criteria:
- Age: Most lenders require borrowers to be between 21 and 70 years.
- Ownership: You must own the gold you’re pledging.
- Gold purity: Typically, only gold jewellery with 18-22 karats is accepted.
- Income proof: Generally not required, making it accessible to various income groups.
Gold loans are open to salaried individuals, business owners, farmers, and even students.
Tips for Faster Gold Loan Processing and Approval
Getting a gold loan approved quickly requires careful preparation. Here are some essential tips to speed up the process:
- Choose a reputed lender – Opt for established financial institutions with quick processing times and minimal documentation requirements.
- Keep documents ready – Ensure you have identity proof, address proof, and recent photographs to avoid delays.
- Pledge high-purity gold – Lenders offer better loan amounts and faster approvals for gold of 22 carats or higher.
- Apply online – Using a lender’s official website or mobile app can streamline the process and save time.
- Maintain a good financial record – While gold loans do not require a credit check, a clean financial history can help with smooth processing.
By following these tips, borrowers can ensure hassle-free approval and quick access to funds when needed.
Frequently asked questions
Yes, you can get a gold loan without producing the bill or invoice for the gold jewellery. Every lender usually has its procedure of accessing the value of the gold pledged; this involves a combination of human expertise and technological intervention.
A PAN card is not a mandatory document to apply for a gold loan. Although, you need to ensure that you have any one of the following documents when you visit the nearest Bajaj Finance Gold Loan branch:
- Aadhaar card
- Voter ID card
- Passport
- Driving licence
- NREGA job card
- Letter issued by National Population Registration
However, it is important to note that if you apply for a gold loan above Rs. 5 lakh, you will have to submit your PAN card.
Yes, anybody aged between 21 years and 70 years can avail of a gold loan. Unlike other loan types, secured or unsecured, applicants do not need to fulfil stringent eligibility requirements to avail of this loan.
When you opt for a gold loan, the amount you can borrow against your jewellery depends on the rate of gold on that particular day. However, you need to meet the basic gold loan criteria and ensure you possess pure gold jewellery made of 18 karat gold to avail of the loan. You can use our online gold loan calculator to get an estimation on the amount of gold you need to submit to get the desired gold amount, and vice-versa.
Anyone can apply for a Bajaj Finserv Gold Loan – you can be a salaried person, self-employed business owner, homemaker, or a pension-holder. If you are an Indian citizen, aged between 21 and 70 years, you can easily apply for a gold loan. You only need your basic KYC documents as identity and address proof to meet the basic eligibility for gold loan avail of the loan amount.
To complete your gold loan process, you can simply visit your nearest Bajaj Finance branch or apply online. Once you have completed the online application, a Bajaj Finance representative will help you schedule an appointment. You can visit us at your convenience with your gold jewellery, and our staff will evaluate its purity and process your application.
Gold loan processing is usually quick, often completed within a few hours. After you submit your gold for evaluation and provide necessary documents (such as ID proof and address verification), the lender assesses the gold’s weight and purity to determine the loan amount based on the current rate. If everything is in order, funds are disbursed promptly, sometimes on the same day, making gold loans a popular choice for those needing fast access to funds.
Gold loans have straightforward requirements: you must be at least 18 years old and pledge gold you own, typically jewellery of 18-24 carats. Lenders assess the loan amount based on the gold's value, with most offering up to 75% of the gold's market value, known as the loan-to-value (LTV) ratio. Repayment terms vary, with options like monthly interest payments or bullet repayments at the end of the term, ensuring flexibility for borrowers’ needs.
Gold loan eligibility is determined based on factors such as the weight and purity of the gold, the lender’s loan-to-value (LTV) ratio, and the current market price of gold. You can use our gold loan calculator to estimate the loan amount by entering the gold’s purity, weight, and tenure. You can also visit our nearest gold loan branch for details.
No, income proof is not a mandatory document required for a gold loan. Unlike other loans that consider credit score and financial history, a gold loan eligibility assessment is based on the pledged gold’s value. Since gold acts as collateral, lenders do not require salary slips, bank statements, or tax returns. This makes gold loans accessible to a wider audience, including self-employed individuals and those without formal income proof.
Yes, Bajaj Finance offers a gold loan only against 18-22
karats gold purity. The loan amount is determined based on the gold’s weight, purity, and market value. A gold loan calculator helps estimate the eligible loan amount by factoring in these parameters. Since only gold jewellery is accepted as collateral, we do not consider gold coins or bars. Borrowers should ensure their gold meets the purity criteria to secure the maximum loan value.
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