You may have an emergency fund set aside as part of your financial planning to protect yourself in the event of a crisis. For many people, such funds are kept in fixed deposits or other investment forms that can be liquidated quickly.
While such assets are handy, liquidating them means losing out on years of investment growth, and a direct hit to your savings. So how can you handle an emergency, while not sacrificing your funds?
A gold loan is the solution. Gold jewellery is an asset that usually sits in your wardrobe or your bank locker, without benefiting you in any way. Pledging it in return for dispensable cash is a smart move, especially if there is financial urgency.
Read Also: How do fluctuations in gold prices impact your gold loan?
Here are 6 reasons why you should consider a gold loan to manage an emergency
Read on to know how our gold loan can help you deal with any financial emergency.
1. Loan in just 15 minutes*
Gold loans have become one of the most secure, quick, and safe financing solutions, particularly when instant funds are needed. Unlike other credit facilities, the application process and documentation required to get a gold loan are very relaxed since you are pledging gold to get the loan. You can get the funds you need in just 15 minutes.
2. Apply with just your KYC documents
You can apply for our gold loan with just your KYC documents. All you need is your Aadhaar card, Voter ID card, passport, driver's license, NREGA job card, or a letter from the National Population Registration.
3. High loan sanction
If you use the potential of your gold ornaments correctly, they can be well utilised to cover your emergency cash needs. When you apply for a gold loan, your jewellery is weighed and given a value based on the current price of gold, not the price you paid for it. Since gold is an asset that is likely to appreciate in value, the loan amount you are likely to get may be higher than the amount you may have paid for it.
We offer gold loans of up to Rs. 2 crore against your 18-22 karat gold jewellery.
4. Easy application process
By virtue of it being a secured loan, the Bajaj Finserv Gold Loan does not need you to tick mark any special criteria. You do not need a strong CIBIL score for getting the loan approved, nor do you need to provide financial statements and proof of employment and income.
You only need the worth of your gold to decide how much money you can borrow. The overall process of checking the authenticity and worth of your valued gold commodity is transparent and at par with industry standards.
To get this loan, you simply need to complete an online application form. Following that, we will contact you to schedule an appointment at our nearest gold loan branch. You must bring your jewellery there for evaluation. This process only takes a few minutes.
Once your offer is ready based on the value of your jewellery, the funds are transferred to your bank account as soon as possible.
Read more about how you can apply for a gold loan online
5. Flexible terms
Our gold loan comes with several repayment options, to make it affordable for you in an emergency. You can choose to repay it in regular EMIs that comprise the principal and interest amounts together.
If your funds are tied up in other urgent needs, you can just repay the gold loan interest on a monthly, bimonthly, quarterly, half-yearly, or even annual basis. You will have to pay back the principal as a lump sum at the end of the loan term.
Once the emergency passes, you can release a portion of your pledged gold by paying back its value. The part-release and easy foreclosure facilities ensure that you can get your prized possessions back to you with utmost ease.
6. Free insurance of your gold
Bajaj Finance also offers the additional benefit of free insurance coverage for your pledged gold jewellery. By storing your jewellery in secure vaults with round-the-clock surveillance, we get you enhanced protection throughout your loan tenure.
Take advantage of Bajaj Finserv Gold Loan service
Get access to the funds you need with a loan against gold from Bajaj Finance. Use our app or website to book an appointment at any of our 800+ branches. Store your gold in our state-of-the-art lockers and get a loan with some of the best features including convenient tenures, instant approval, and quick loan disbursals.
Read Also: Gold Loan vs. Credit Card: Which one should you choose?
