What is a gold loan scheme?

2 min read
08 May 2023

Financial institutions offer funds against gold under various gold loan schemes to cater to the varying needs of borrowers. These loans come with different features and facilities to suit distinct financing requirements and repayment conveniences. The best scheme for a gold loan brings out the right balance of factors such as per gram rate, flexibility of choosing the tenure, and the maximum loan cap.

You can choose from a comprehensive suite of repayment options that goes with your financial standing. This can help you meet the total repayment liability in time. To give you a wider understanding of the financing option, here is how you can avail of a gold loan.

What is the scheme of taking a Gold Loan?

You can also easily apply online by following these simple steps:

  • Step 1: Visit the Gold Loan section of the website
  • Step 2: Click on the online application form
  • Step 3: Enter your first and last name as it appears on your PAN card
  • Step 4: Enter your 10-digit mobile number and select your city
  • Step 5: Enter the OTP that was sent to your registered mobile number and submit the application
  • Step 6: Set up your appointment at the nearest gold loan branch office from the options displayed

After this, the lender proceeds to evaluate the pledged gold and decides on a suitable loan amount and other loan terms accordingly. Once verified, you receive the loan advance soon after.

Before applying for a gold loan, make sure to check the maximum loan availability with the help of a gold loan calculator. The financial tool also allows you to assess the instalments payable based on the loan amount available.

Read Also: A complete guide to gold loan balance transfer

Best Gold Loan Scheme in India

The best gold loan schemes available in India today come with the following top features and benefits:

  • High loan amount: You can avail of a loan starting from Rs. 5,000
    up to Rs. 2 crore to meet your expenses.
  • A high per gram rate: The best lending institutions extend high per gram rates on gold. This helps you maximise your loan accessibility. RBI caps this rate at up to 75%, with possible variations under specific circumstances.
  • Free gold insurance: We also provide free insurance coverage for the pledged gold to eliminate loss due to theft or misplacement.
  • A suite of repayment options: Borrowers can choose from a comprehensive suite of options for convenient and affordable repayment of gold loans.
  • Secured storage facilities: When handing over your pledged gold, be assured of the item’s storage in world-class vaults, under 24*7 surveillance.
  • Prepayment options: Choose to part-prepay your loan amount or foreclose the account at any time before the tenure’s end. This facility comes without any charges.
  • Part-release facility: Bajaj Finance also provides the option for part-release of pledged gold against an equivalent repayment made by you.
  • Attractive rates of interest: Top schemes of gold loans also offer the best gold loan interest rates to make financing affordable for all.

Compare different offers from available lenders to choose your gold loan scheme wisely. Use a gold loan calculator to estimate repayment liability and apply for a suitable loan accordingly.

Read Also: How does the gold rate affect your gold loan

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