How does the BIS hallmark support gold loans?
Lenders primarily assess the weight and purity of your gold when determining your eligible loan amount. Since BIS hallmarked jewellery has verified purity, it helps simplify the valuation process and gives greater confidence during assessment.
If you plan to pledge your jewellery, checking today's gold rate and confirming the BIS hallmark can help you better estimate its value before applying for a gold loan.
Gold loan basics: What you should know before applying
With Bajaj Finance, you can borrow from Rs. 5,000 to Rs. 2 crore against your gold jewellery, ornaments, and gold coins. The gold loan interest rate starts from 9.50% per annum.
Jewellery and ornaments are accepted between 18-22 karat purity. Gold coins are accepted up to 24 karat purity. Your gold is stored in secure vaults with insurance cover 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 a letter from the NPR
- You can repay interest monthly, bi-monthly, quarterly, half-yearly, or annually, with the principal settled at the end of the tenure
- There are no foreclosure charges. You can easily 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 the purity, and weight of your gold.
Ready to unlock the value of your gold? Apply for Bajaj Finance Gold Loan today.