What is the part-release facility and how does it work

Learn how you can recover part of your gold jewellery without any hassle.
What is the part-release facility and how does it work
2 min read
28 Oct 2022

Suppose you have taken a gold loan and provided a necklace and a bracelet as collateral. A few months later, you need the necklace back for a family wedding.

The Bajaj Finserv Gold Loan comes with a convenient part-release facility for situations like these. When you opt for part-release, you can get back part of your jewellery from us. However, you will need to pay back the value of the jewellery as set at the time of taking the loan.

Let us say that your necklace was worth Rs. 1 lakh at the time of taking the loan, and your bracelet was valued at Rs. 50,000. You will therefore need to pay back Rs. 1 lakh for the release of your necklace.

However, suppose you need funds again. Not to worry. It is not possible to add released jewellery back to your existing loan, but you can take a fresh loan against the piece.

In such a situation, the gold jewellery that you want to re-submit as collateral is weighed again. It is re-valued as per the market rate for gold on the date of renewal. Your loan offer is based on this new value.

Therefore, if the current gold rates are higher, you will be given a higher loan value for your item. This gives you more money, in the event that you are short on funds. But if the gold rate is lower, your offer will decrease accordingly.

This means that if your necklace is valued at Rs. 1,20,000 when you re-apply for a gold loan against it, your new offer will be of this higher amount instead of Rs. 1 lakh. On the other hand, if the gold rate has dropped and your necklace is now worth only Rs. 75,000, your loan offer will be correspondingly lower.

Read Also: 5 benefits of pledging your gold jewellery for an instant loan


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