The gold rate today in Malda can affect how much you may be eligible to borrow against your gold. A higher applicable gold value may support a higher loan amount, while a lower value may reduce your eligibility.
For example, if you are checking today's gold price in Malda for 22 carat, remember that the applicable value for your gold loan is based on the lender's valuation method, not simply the displayed market rate. The loan amount is not based on the price you originally paid for your gold. It depends on its eligible weight, purity, applicable gold value and the loan-to-value (LTV) ratio.
How is gold loan eligibility calculated?
Your eligible loan amount depends on:
- Gold weight
- Gold purity
- Applicable gold rate on the day of assessment
- Loan-to-Value (LTV) ratio
Only the pure gold content is assessed. Stones, enamel, and other decorations on your jewellery are not counted.
The final loan amount depends on the eligible LTV, actual gold purity, and the lower of either the previous day's closing price or the 30-day average closing price published by IBJA or a SEBI-regulated commodity exchange. The LTV ratio must be maintained throughout the loan tenure and may be revised as per RBI guidelines and lender policies.
Gold loan basics: What you should know before applying
With Bajaj Finance, you can get a gold loan of Rs. 5,000 to Rs. 2 crore by pledging your gold jewellery, ornaments, or gold coins. The gold loan interest rate starts from 9.50% per annum.
Gold jewellery and ornaments between 18-22 karat purity are accepted, along with gold coins of up to 24 karat purity. Your pledged gold remains stored in secure, insured vaults for the entire loan duration.
A few things worth knowing before you apply:
- Your loan amount is based on the weight and purity of your gold, not what you originally paid for it
- Bajaj Finance uses the lower of the previous day's closing price or the 30-day average closing price published by IBJA or a SEBI-regulated commodity exchange
- Only one valid KYC document is required: Aadhaar card, Voter ID, passport, driving licence, NREGA job card, or letter from the NPR
- Choose from multiple repayment options. With bullet repayment, both the principal and interest are paid at maturity. Under regular repayment, interest is paid half-yearly and the principal is repaid at maturity.
- There are no foreclosure charges; you can close the loan early without any penalty
Before applying, use the gold loan calculator to estimate your eligible amount, or check your gold loan eligibility online to understand your borrowing capacity based on today's gold rate in Malda, gold purity, and weight.
Curious about your loan eligibility? Enter your mobile number to see how much you can get for your gold.
