Rs. 5,000 - Rs. 2 crore
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The rise of gold loans: A smart financing solution
Gold loans have become super popular in recent years, and for good reason. With gold prices going up, you can easily use your jewellery to get a loan at competitive interest rates. The best part? You get quick money, minimal paperwork, and multiple repayment options that fit your comfort.
Unlike other loans, you do not have to stress about your credit score here. The amount you get depends only on the value and purity of your gold. That means you can unlock funds without selling your precious jewellery. Whether it is an emergency or a planned expense, a gold loan gives you a smart, simple, and reliable way to manage your needs without parting with your assets.
What is the gold loan process?
A gold loan is a secured loan where gold jewellery is pledged as collateral. The lender evaluates the gold's purity and weight to determine its market value, which forms the basis of the loan amount. Typically, you can get up to 75% of the gold's value as loan. The borrower must repay the loan, including interest, within the agreed tenure to retrieve the gold jewellery. Gold loans are popular in India due to their quick processing, minimal documentation, and flexible repayment options.
With Bajaj Finserv Gold Loan, you can get a loan starting from Rs. 5,000 up to Rs. 2 crore, with interest rates starting at 9.50% going up to 24% p.a.
Documentation required for gold loan application
Applying for a gold loan requires minimal documentation, making the process swift and hassle-free. You only need any one of your basic KYC documents for gold loan, such as Aadhaar card, Voter ID, passport, driving licence, NREGA job card or letter from the National Population Registration. The simplicity of the documentation process is one of the reasons gold loans are a preferred choice for quick financial assistance in India.
Before you pledge your gold, know your options. Check your gold loan eligibility and choose the right amount and tenure.
Tips for a smooth gold loan application process
To ensure a smooth gold loan application process, consider the following tips:
- Check eligibility: Ensure you meet the lender's eligibility criteria, including the required gold purity.
- Organise documentation: Have all necessary documents, such as identity and address proof, ready for submission.
- Understand terms: Thoroughly read and understand the loan terms, including repayment options and gold loan rate of interest.
- Timely repayment: Plan your finances to ensure timely repayment, avoiding penalties and maintaining your credit score.
How to get the best interest rates on gold loans?
To secure the best gold loan rate of interest:
- Opt for higher loan amounts: Larger loan amounts often come with lower interest rates.
- Maintain a good relationship: Being an existing customer or having a strong repayment history can secure favourable rates.
- Choose the right tenure: Opting for a shorter gold loan tenure can sometimes result in lower interest rates.
- Pledge high-purity gold: Higher purity gold often qualifies for better interest rates.
By following these steps, you can maximise your chances of securing the best interest rates on your gold loan with Bajaj Finance.
Check your gold loan eligibility in seconds to know how much you can borrow—easy, accurate, and hassle-free.
Interest rate and applicable charges on gold loan
When you go for a Bajaj Finserv Gold Loan, the interest rate is the main part that affects how much you repay, and it stays competitive to keep borrowing affordable. We offer interest rate ranging from 9.50% to 24% p.a. There is a small processing fee on the loan amount, along with a few other minimal charges, all of which is mentioned upfront on our gold loan interest rate page. The best part is that there are no foreclosure charges, so you can repay your loan early without paying anything extra. Everything is clear and upfront, making it easy to plan your repayments.
Eligibility criteria for gold loans
Gold loans are relatively easy to obtain due to their simple eligibility criteria. The primary requirement is ownership of 18-22 karat gold jewellery. Any Indian citizen, aged between 21 to 70 years, can apply for a gold loan with Bajaj Finance. There is no strict criterion for credit score, making gold loans accessible to individuals with varying credit histories. Employment status is also not a major concern, as both salaried and self-employed individuals can apply. The value and weight of the gold determine the loan amount, with a maximum loan-to-value ratio usually capped at 75%.
It takes just 2 steps to check your eligibility for a Bajaj Finserv Gold Loan. Enter your mobile number now.
Step-by-step guide to the gold loan process
The process to avail of a gold loan is pretty straight forward:
- Apply online: Fill in the online application form to book your appointment to the nearest gold loan branch.
- Gold appraisal: On the scheduled day, visit the branch with your gold jewellery. The lender assesses the gold for purity and weight.
- Loan offer: Based on the appraisal, the lender proposes a loan amount as per your gold's value.
- Documentation: You have to submit any one of your basic KYC documents for verification.
- Loan approval and disbursement: Upon verification, the loan is approved, and the amount is disbursed, usually in just one branch visit*.
- Repayment: The borrower repays the gold loan interest rate in chosen loan tenure. Though, it is important to note that the principal amount and pending interest, if any, will be due for payment at the time of loan maturity.
- Gold retrieval: Once the loan is fully repaid, you can retrieve your pledged gold.
Ready to unlock the value of your gold? Apply for Bajaj Finserv Gold Loan today.
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Disclaimer
Bajaj Finance Limited has the sole and absolute discretion, without assigning any reason to accept or reject any application. Terms and conditions apply*.