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How to manage your gold loan with part-prepayment and part-release options
You can manage your gold loan more flexibly with part-prepayment and part-release options. Part-prepayment lets you reduce your outstanding loan by paying a portion before maturity. Part-release allows you to take back some pledged gold after repaying the amount linked to it. These options can help you manage your gold loan repayment based on your financial needs.
Options to customise your gold loan repayment
You can manage your gold loan in a way that suits your financial needs, whether it is by releasing a portion of your gold or making early payments to reduce your loan burden.
Part-release facility
If you find yourself in need of some funds but do not want to close your entire gold loan, you can opt for our part-release facility. This means you can release a portion of the gold you have pledged as collateral and receive the corresponding loan amount. It is a useful feature when you require money for specific purposes without disturbing the entire loan.
To initiate a part-release, follow these simple steps:
- Visit the nearest Bajaj Finance branch.
- Discuss your requirement for a part-release and provide the necessary details.
- Bajaj Finance will evaluate the released gold and provide you with the loan amount accordingly.
- Once the amount is disbursed, you can use it for your specific needs, while the remaining loan continues as before.
Part-prepayment option
Making part-payments towards your gold loan can help you reduce your outstanding loan amount and overall interest burden. It allows you to repay a portion of the loan before the tenure ends, shortening the loan duration and potentially lowering the interest charges. Here is how you can make a part-prepayment:
On the Bajaj Finance app
- Step 1: Download the app and log in using your registered mobile number
- Step 2: Once logged in, go to the 'Account Information' section
- Step 3: Select your gold loan account, and click on 'Online Payment’
- Step 4: Choose the part-prepayment option.
- Step 5: Enter the required details and select a preferred payment gateway and complete this transaction
On the Bajaj Finance website
- Step 1: Visit the Bajaj Finance customer portal - My Account
- Step 2: Enter your registered mobile number and the OTP.
- Step 3: Verify yourself with your date of birth and proceed.
- Step 4: Select your gold loan account from the ‘My Relations’ section.
- Step 5: Click on ‘Make Payments’ within the ‘Quick Actions’ section.
- Step 6: Choose the part-prepayment option.
- Step 7: Enter the required details and proceed to pay using our secured payment getaway.
Once the part-payment is made, the outstanding loan amount will be reduced, and your revised repayment schedule will be provided.
Ready to unlock the value of your gold? Apply for Bajaj Finance Gold Loan today.
Gold loan interest rates and charges
The gold loan interest rate is the cost of borrowing against your jewellery, ornaments or coins. With Bajaj Finance, rates start from 9.50% to 24.25% per annum, with no hidden charges. Factors like market conditions, gold rates, and repayment frequency can affect your loan amount and interest. Understanding these helps you make informed borrowing decisions while accessing funds quickly.
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Eligibility criteria and documents required to apply for gold loans
If you are an Indian citizen, you can easily apply for a gold loan to meet your planned or urgent expenses, provided you meet the gold loan eligibility criteria. All salaried individuals, self-employed professionals and pensioners can apply.
You just need to be aged between 21 and 80 years and own 18-22 karat gold jewellery or ornaments to pledge for a gold loan. You can also pledge gold coins up to 24 karat purity. To complete your application, you must submit any one of the following KYC documents for gold loan:
- Aadhaar card
- Voter ID card
- Passport
- Driving licence
- NREGA job card
- Letter issued by National Population Registration
While a PAN card is not mandatory, it is required if you apply for a gold loan of Rs. 5 lakh or above.
Why let your gold sit idle when it can power your financial goals? Apply for a Bajaj Finance Gold Loan now!
How to apply for a gold loan
Getting a Bajaj Finance Gold Loan is quick and hassle-free. Simply visit your nearest branch with your gold and valid KYC documents. The team will assess your gold’s purity and weight, calculate the eligible loan amount, and process it immediately. In most cases, the funds are disbursed on the same day, so you can access your money without any delay.
For added convenience, you can also apply online through the Bajaj Finance App or website and get your loan from anywhere, at any time.
It takes just 2 steps to check your eligibility for a Bajaj Finance Gold Loan. Enter your mobile number now.
Frequently asked question
Loan Value
With Bajaj Finance, the maximum gold loan tenure goes up to Rs. 2 crore against your gold jewellery, ornaments or coins.
To obtain a gold loan urgently, visit the nearest Bajaj Finance Gold Loan branch with your gold and necessary KYC documents. We will assess the purity and weight of your gold, and upon approval, the loan amount will be typically disbursed within the same day*. This process involves minimal documentation and a quick appraisal, making it an ideal solution for immediate financial needs.
Yes, you can foreclose or prepay your Bajaj Finance Gold Loan at no additional cost.
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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. *