Quick disbursal
You can benefit from the quick disbursal of funds offered by gold loans, making them an ideal choice for unexpected financial emergencies. By pledging your gold assets as collateral, lenders can swiftly approve and disburse funds based on the market value of your gold.
As per RBI guidelines, lenders typically offer up to 75% of the gold's value, which is calculated based on the gold loan per gram rate. With Bajaj Finance, you can obtain a gold loan in as little as 15 minutes*. You can also use the Bajaj Finance Online Gold Loan Calculator to determine the loan amount you are eligible for.
Attractive interest rates
Due to the secured nature of gold loans, the interest rates offered are generally lower than those of unsecured loans like personal loans. Bajaj Finance offers gold loan interest rates starting at just 9.50% per annum.
No credit score dependency
One of the major advantages of instant gold loans is that they do not rely on your CIBIL Score. Regardless of whether you have no credit history or a low credit score, you can easily obtain these loans based on the value of your gold jewellery.
What is the minimum weight required for a gold loan?
The minimum weight required for a gold loan varies among lenders. However, in general, most lenders set a minimum weight threshold of around 1 gram for gold loans. This means that you can avail a gold loan by pledging gold jewellery or ornaments weighing at least 1 gram.
What kind of gold can be pledged as collateral?
In India, most financial institutions accept gold jewellery as collateral for gold loans. Gold coins, bars, or bullion are generally not accepted by most lenders. When pledging your gold ornaments, ensure that they meet the minimum purity criteria set by the lenders. Typically, lenders approve loans only on gold jewellery with a purity ranging from 18 karats. Also, if ornaments contain precious gems, they will not be considered when determining the loan value. The loan amount will be determined solely based on the weight and purity of the gold.
What is the minimum purity required for a gold loan?
When applying for a gold loan, one of the most important factors to consider is the purity of your gold. The minimum purity required for a gold loan typically starts from 18 karats, although most lenders prefer gold ranging from 18-22 karat purity for better loan value. Gold of lower purity may not be accepted, or the loan amount offered will be significantly lower.
Understanding how much gold is required for a gold loan helps you plan better. Most lenders require at least 1 gram of gold, but the actual minimum gold for gold loan approval may vary depending on the lender’s policy and the market value of gold on that day.
Here are some key points to remember:
Minimum purity: Generally, 18-22 karat gold is the minimum purity acceptable for loan.
Accepted form: Only gold jewellery is accepted—coins and bars are usually not eligible.
Loan value: The purer the gold, the higher the loan amount you may receive.
Evaluation method: Lenders assess the weight and purity using advanced tools before approving the loan.
Before applying, it is advisable to check with your lender about the minimum gold loan eligibility and requirements. You can also use our online gold loan calculator to get the estimates.
Easy application process
The eligibility criteria for a gold loan are fairly simple. If you are an Indian citizen aged between 21 to 70 years, you can easily apply by providing your KYC documents. Generally, a voter ID card, Aadhaar Card, passport, driver's licence, along with proof of residency, are sufficient documentation to secure the loan.
To apply for a gold loan, simply visit a nearby Bajaj Finance branch or choose the convenience of applying online through the Bajaj Finance website. Follow these easy steps to apply:
- Step 1: Visit the Gold Loan section of the website
- Step 2: Click on the online application form
- Step 3: Enter your 10-digit mobile number and click on ‘GET OTP’
- Step 4: Enter the OTP to verify your details
- Step 5: Select your state and city to locate your nearest branch
- Step 6: Enter your full name and date of birth as per your PAN
- Step 7: Set up your appointment at the nearest branch in your city
Apply now and handle your expenses with a quick and easy gold loan from Bajaj Finance.
Factors influencing gold loan amount
- Gold quality: The purity and quality of the gold jewellery or assets pledged significantly influence the loan amount. Higher purity gold typically fetches a higher loan amount.
- Gold weight: The weight of the gold jewellery or assets pledged directly affects the loan amount. Generally, higher gold weight translates to a higher loan amount.
- Current market value: The prevailing market price of gold determines the loan amount. Fluctuations in gold prices directly impact the loan amount, with higher gold prices resulting in higher loan amounts.
- Loan-to-value ratio: Typically you can get a loan amount based on a percentage of your gold's value, known as the loan-to-value (LTV) ratio. Higher LTV ratios result in higher loan amounts. As per RBI guidelines, you can get up to 75% of your gold’s value as loan against your gold jewellery.
